Bally’s Corporation reports 5.3% increase in Q4 revenue
Bally’s Corporation has reported revenue of $576.7m for the fourth quarter of 2022.
US.- Bally’s Corporation has reported financial results for the quarter ended December 31. The company reported revenue of $576.7m, up 5.3 per cent compared to the same period the previous year. Of that, $461.6m was attributed to gaming operations, up by 0.6 per cent year-on-year. Non-gaming revenue increased by 29.8 per cent to $115.1m.
Adjusted EBITDA for the quarter was $145.8m, up 22.8 per cent. Operating expenses increased 74.2 per cent to $1.03bn. Net loss was $487.5m, compared to $115.3m in 2021.
Robeson Reeves, Bally’s president for Interactive, and incoming chief executive officer, said, “As previously reported in our preliminary release of these financial results, we are pleased to have achieved record results in both our Casinos & Resorts and International Interactive segments.
“Our core businesses continue to generate fantastic cash flows. UK revenue grew 12% organically in the fourth quarter as regulations continue to play through, while in December, Asia saw positive year-over-year organic growth, proving that our initiatives to maintain a competitive advantage in that market are effective.
“We remain committed to taking a deep dive approach in North America to ensure that investments we make in sports have a near-term path to profitability. In iCasino states, we’ve increased our market share in both New Jersey and Ontario as we integrate this business in a scalable way.”
George Papanier, Bally’s president for Casinos & Resorts and incoming Bally’s president, added, “As previously noted, Casinos & Resorts saw continued momentum across the portfolio during the fourth quarter. We also broke ground on our temporary facility in Chicago, which we expect will contribute to the business in the second half of 2023. Though Atlantic City generated a loss during a slower fourth quarter, it continues to progress, and we expect the property to be profitable in 2023.
“Significant capital expenditures toward property improvements will decrease in 2023 as we focus on generating cash flows to invest in long-term growth opportunities for the entire Bally’s portfolio. Finally, business momentum continues to be strong into 2023, with no slowdown in the consumer, as we continue to closely monitor market macro dynamics.”
For the full year, Bally’s Corporation reported a revenue of $2.3bn, an increase of 70.7 per cent year-on-year. This included $1.85bn from gaming operations, up 75.3 per cent. Non-gaming revenue also increased by 52.3 per cent to $409.6m.
Adjusted EBITDA was up 66.3 per cent to $548.5m. Net loss was $425.5m, compared to a $114.7m loss in the previous year.
