Bally’s reports Q3 results

Bally's reported revenue of $578.2m.
Bally's reported revenue of $578.2m.

Revenue for the quarter increased 4.7 per cent from the last quarter.

US.- Bally’s Corporation has reported financial results for the quarter ended September 30. Revenue increased by 4.7 per cent from the previous quarter to $578.2m. Revenue was up 83.7 per cent year-on-year from $314.8m.

Operating expenses were $524.6m, with a further $51.9m in other expenses. This left a net income of $593,000. Adjusted earnings before interest, tax, depreciation or amortisation (EBITDA) stood at $151m for the quarter, compared to $78m last year. Earnings per share stood at $0.01. 

See also: Bally’s to sell two Rhode Island casino properties in $1bn deal

Lee Fenton, chief executive officer, said: “In the third quarter, Casinos & Resorts benefited significantly from the first full quarter of integration of our regional casino properties.

“We also welcomed Tropicana Las Vegas into the mix and will continue driving our omni-channel portfolio in the U.S. International Interactive returned to growth in the UK, with record margins across the platform, offset by foreign exchange headwinds, while North America Interactive experienced continued growth with New Jersey iGaming and the launch of our new combined app housing both Sports and igaming in Ontario

“We are evaluating our money losing businesses in North America Interactive and refocusing efforts where we have faster paths to profitability.”

Bally’s is updating the guidance it provided on August 4 for the year ending December 31, 2022 with revenue and adjusted EBITDA of approximately $2.25bn and $540m, respectively. Bally’s expenses the upfront costs related to the launch of interactive businesses in new jurisdictions prior to full operational commencement and no longer includes such costs as adjustments to adjusted EBITDA.

During the third quarter, the company repurchased 5.4m shares of its common stock, including shares repurchased from its tender offer completed on July 27, 2022, for an aggregate purchase price of $119.3m. Bally’s currently has $215.4m available for use under its capital return programme, subject to limitations in its regulatory and debt agreements.

See also: Bally’s reaches labour agreement for Chicago casino

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Bally’s Corporation