Founded in 1932 as a Chicago-based pinball manufacturer, Bally’s diversified into everything from casinos and health clubs to amusement parks over the years before selling off its parts and fading into corporate obscurity in the new millennium.
Subsequent titles such as Ms. Pac-Man and Galaga drew their own followings, but the arcade lost its luster as home gaming evolved, and Bally sold its pinball and video portfolio to rival WMS Industries in 1988.1979: Bally opens first casino in Atlantic City, but CEO forced to step down over alleged mob ties
O’Donnell was replaced as CEO by Robert Mullane, a Bally vice president and president of its distribution subsidiary, who presided over a decade of even more ambitious diversification, with decidedly mixed results.In January 1982, Bally acquired the Six Flags theme park chain from Penn Central Corp. for $147.4 million. Two years later, it bought the separately owned Six Flags Great America amusement park in north suburban Gurnee from Marriott Corp. for $113.2 million.
1987: Bally expands its casino holdings with Golden Nugget in Atlantic City, thwarting rival suitor Donald Trump, the Golden Nugget in Atlantic City, for $440 million, including the assumption of $300 million in debt. The deal was, in part, a move to thwart Donald Trump, who had a 9.9% stake in Bally and indicated he might try to take over the company. Trump, who already owned two Atlantic City casinos, was prevented by New Jersey regulations from owning more than three.
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