, bought the Trump Marina in Atlantic City and parlayed it into the $140 million Golden Nugget. “You can make a lot of bad decisions,” Kim says, “but that asset remains.”
Kim’s outsize ambitions first became evident in 2011, when he targeted Twin River Casino, a privately held company inTwin River had been hit by political and criminal scandals and spiraled into bankruptcy court with $590 million in debt. In other words, it was a perfect target for a shrewd vulture. Monopoly Money: Kim bought Bally's casino in Atlantic City—located at Boardwalk and Park Place—for $25 million.Eight years later, Twin River went public by acquiring Delaware-based casino Dover Downs for $116 million in stock and cash. In 2020, the company bought the struggling Bally’s hotel and casino in Atlantic Citywhich had lost nearly $100 million that year, from Caesars and New York-based real estate investment trust Vici Properties for a paltry $25 million.
Colin Mansfield, an analyst from Fitch Ratings, says Bally’s strategy of buying its way to a national footprint is part of the classic gambling empire playbook. “Caesars, previously Harrah’s, grew through acquisition,” says Mansfield, “the same could be said about MGM Resorts and more recently, Eldorado.” Bally’s is a “formidable competitor,” Mansfield adds.
building a baseball stadium on a portion of the Tropicana’s land. Kim expects the existing Tropicana—which was built in 1957 and was James Bond’s hotel of choice in—will be demolished and rebuilt as part of a plan to redevelop the entire property. Along with a newly built stadium for the NFL’s Raiders and an existing arena for the NHL’s Golden Knights, the prospect of baseball in Las Vegas is appealing to Kim and local leaders. As for luring the A’s to the city, Kim remains coy.