Bally’s sees revenues surge against backdrop of Q4 and full-year losses

Bally's sign
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Casino, sports betting and entertainment operator Bally’s Corporation has posted its Q4 and full-year financial results today for the year ended December 31, 2021, showing major gains in revenue but still incurring losses along the way. 

Looking at Q4 headline figures, revenue came in at $547.7m, an increase of $429.6m year-on-year, while net loss stood at $115.3m versus net income of $20.2m for the comparable period in 2020. Adjusted EBITDA was $119.4m, ahead by $98.4m year-on-year.

In terms of full-year trading, revenue hit $1.322bn compared with $372.8m year-on-year, while net loss was $71.8m versus a net loss of $5.5m in 2020. Adjusted EBITDA came in at $333.7m, up on 2020’s $70.4m.

CEO Lee Fenton, updating investors, noted: “Our quarterly results represent the first full quarter of the consolidated Bally’s group including our Casinos & Resorts, International Interactive and North America Interactive segments. 

“During the quarter, we made significant progress on integration of our acquired assets, defining our strategic goals for 2022 and deploying capital strategically including progress in growth projects in Lincoln, Atlantic City and Kansas City. Additionally, we repurchased $87m of our common shares during the quarter.”

As part of the report, Bally’s offered a segment update, stating: “In the fourth quarter of 2021, in order to better align with strategic growth initiatives in light of recent and pending acquisitions, Bally’s realigned its operating segments and determined it had three reportable segments: Casinos & Resorts, North America Interactive and International Interactive.”

The casinos & resorts reportable segment includes: Bally’s Twin River, Bally’s Tiverton, Bally’s Dover, Bally’s Atlantic City, Bally’s Evansville, Hard Rock Biloxi, Bally’s Vicksburg, Bally’s Kansas City, Bally’s Black Hawk, Bally’s Shreveport, Bally’s Lake Tahoe, Bally’s Quad Cities, and Bally’s Arapahoe Park.

The North America interactive reportable segment includes the B2C and B2B results of Bally’s Interactive and other B2B interactive operations. The international Interactive reportable segment includes the non-North American operations of Gamesys.

The “other” category, said the firm, includes interest expense for Bally’s and certain unallocated corporate operating expenses and other adjustments. This includes eliminations of transactions among segments, to reconcile to Bally’s consolidated results.

Included in the update was Bally’s guidance on estimated revenue for the year ending December 31, 2022 which, it projected, will be in the range of $2.4bn to $2.5bn. It expects adjusted EBITDA to be in the range of $560m to $580m. The guidance, it added, is based on current plans and expectations and contains a number of assumptions.

Today’s financial update follows on from the news that Bally’s has this week established an official committee to oversee further development of its environment, social and governance (ESG) strategy. 

Robeson Reeves, President Interactive, will chair the ESG Committee, which will also include Soo Kim, Chairman of the Board; Lee Fenton, Bally’s CEO; and Wanda Y Wilson, an independent director of Bally’s since 2019. The committee will be responsible for continuing to formulate ESG strategies and goals, while identifying and evaluating related risks and impacts.