Bally’s Corporation reports Q1 2023 results and two appointments
Bally’s has announced a new executive vice president and CFO and a vice chairman.
US.- Bally’s Corporation has reported financial results for the quarter ended March 31. The company has reported revenue of $598.7m, up 9 per cent compared to the same period last year. Adjusted EBITDA was $126.4m, up 10 per cent, and adjusted EBITDAR $157.6m. Bally’s reported net income of $178.3m, up from $1.9m.
Casino & Resorts revenue for the quarter grew 17.4 per cent to a record $328.8m. North America Interactive revenue was 60.5 per cent higher at $24.4m. However, International Interactive segment revenue decreased 4.1 per cent year-on-year to $245.6m.
Bally’s chief executive Robeson Reeves said: “We are pleased to have achieved strong results across all three of our segments, Casinos & Resorts, International Interactive and North America Interactive. Notably, our Casinos & Resorts segment saw continued momentum across the portfolio.
“In addition, North America Interactive significantly outperformed as cost-savings initiatives took hold faster than anticipated. We continue to be igaming first and are executing extremely well in New Jersey where our market share surpassed 4 per cent, well on our way to achieving our 6-8 per cent longer term goal.”
George Papanier, Bally’s president, added: “Importantly, our portfolio’s near-term capex cycle has peaked for our Casinos & Resorts segment as several of our growth projects have come to or are nearing completion.
“This includes an upgrade of our flagship Bally’s Twin River in Rhode Island, which was completed in April, and our Kansas City expansion that will conclude in July,” he said. We look forward to the opening of the Chicago temporary casino in late summer 2023, which is on track and on budget.
“We are also advancing the full build of our Bally’s Chicago permanent facility, which is slightly ahead of schedule and on budget for opening in the summer of 2026. There is significant consumer demand for this project, and we couldn’t be more excited to begin producing results.”
Bally’s makes appointments
Bally’s Corporation has appointed Marcus Glover as executive vice president and chief financial officer. Bobby Lavan, Bally’s current CFO, will be leaving the company to pursue another opportunity. Glover’s appointment is subject to receipt of customary regulatory approvals. He is a senior executive in the hospitality and gaming industry with more than 20 years of experience.
Reeves said: “On behalf of the Board of Directors and the entire leadership team, I want to express my gratitude to Bobby for his leadership and contributions since joining Bally’s in 2021. Notably, Bobby led the acquisition, financing, and integration of Gamesys, which has been instrumental to the growth and diversification of our business. We wish Bobby all the best in his next chapter.”
Glover said: “I am eager and honored to join the Bally’s team at such a transformative time for the company. I look forward to working alongside an outstanding and smart group of leaders to advance the company’s strategic goals, execute the strategic direction, implement operational efficiency and integration globally, and develop and invest in talent and innovation to best position the company for continued growth and success.”
Bally’s has also appointed H.C. Charles Diao as senior vice president, finance and corporate treasurer, reporting to Glover and Jaymin B. Patel as vice chairman of the board. Patel will chair the newly created Operational Integration Committee to oversee the company’s global process for streamlining operations and reducing costs and the creation of a global, coordinated corporate centre. Patel has over 25 years of experience in the gaming business having served in several public company executive and governance roles.
Soo Kim, chairman of Bally’s Board of Directors, added: “The Board is pleased to appoint Jaymin as Vice Chairman to oversee the integration of our business at a very exciting time for Bally’s as we execute our long-term growth strategy. These appointments add substantial financial depth and global gaming management experience to our team as we execute on the exciting growth opportunities.”
