Rhode Island Casinos Make $57.4 Million in August, Bally’s Prepares Leaseback of Twin River

Rhode Island’s two Bally’s-owned casinos, Twin River and Tiverton, generated $57.4 million in revenue for August, up from the previous year’s figure of $54.5 million and representing a year-on-year increase of 5.2%. 

Compared to July’s figures, combined revenue increased 7.8% month-on-month, rising from $53.2 million to $57.4 million. 

The increase in revenue for the two casinos comes as Bally’s plans to enter a $735 million leaseback deal for its Twin River property. The proposed plan follows a similar move from Bally’s in 2023, in which the casino operator leased back its Tiverton casino after selling it to real estate investment trust Gaming and Leisure Properties Inc. (GLPI) in a $635 million deal, which included its Mississippi casino, Bally’s Biloxi Hard Rock. 

Twin River will also be sold to GLPI, with Bally’s stating that it plans to use the cash to limit its secured debt by $500 million, as well as lessen its credit line to around $574 million. On top of that, a Bally’s spokeswoman, Lauren Westerfield, told the Providence Journal that the leaseback would ensure that Bally’s could continue with any future developments it may have for the casino. 

"This is just a sale of a portion of the underlying real estate – the land and buildings. We (Bally's) would be retaining more than 100 acres of future developable parcels,” Westerman told the Journal. 

Twin River and Tiverton Enjoy Revenue Rises for August

Both Bally’s Twin River and Bally’s Tiverton recorded year-on-year revenue rises last month, with the figures, published by the Rhode Island Lottery, revealing that of combined revenue, video lottery terminals yielded $46.7 million, up 6.9% year-on-year from $43.7 million. On the other hand, table games generated $10.6 million, down from the previous year’s total of $10.8 million, a 1.6% decline. 

Bally’s Twin River, the bigger of the two casinos, led the way in August, reporting $43.6 million in revenue, a 5.3% year-on-year increase from $41.4 million. Video lottery terminals accounted for $35 million of the total, up from $32.7 million, a 6.9% year-on-year increase. In contrast, table games revenue remained stagnant at Twin River, dropping 0.5% year-on-year from $8.7 million to $8.66 million.

Bally’s Tiverton also reported a year-on-year increase in August, with revenues rising 4.8% year-on-year, increasing from $13.1 million to $13.7 million. Video lottery terminals produced $11.8 million of the total, up 6.9% year-on-year from $11 million. Yet, table games also fell for the Tiverton property, dropping from $2.1 million to $1.9 million, a 6.1% year-on-year decrease. 

Bally’s Leases Back Twin River Amid Financial Concerns

Although Bally’s plans to use the leaseback deal with GLPI as a way to “reduce secured debt and credit facilities” and reiterates that the deal is so far waiting for approval by the Rhode Island Lottery, some concerns have been brought to light over Bally’s finances. 

In June, the casino operator had its Secured Debt Rating lowered to a “B” by finance and insurance analysts S&P Global after Bally’s completed its $4.6 billion merger with investment firm Standard General LP. As well as having its credit rating lowered, total revenue for the 2025 financial year generated $646.4 million, with revenue forecasted to drop to $644.8 million for the 2026 financial year. 

Earlier in the year, Bally’s asked Rhode Island regulators to increase its marketing budget for its two casinos, with the Department of Revenue revealing that Bally’s sought an extra $2.8 million a year to promote its casinos, despite already getting $4 million a year from the Department. 

The increase came as Rhode Island’s Governor signed a bill in July that would ban smoking at the two casinos, starting in 2027. Bally’s claimed that this would ultimately result in a $20 million revenue loss for the state.