Operator News
US – Bally’s downgrades full year forecasts despite doubling revenue year-on-year
By Phil - 4 August 2022
Bally’s Corporation almost doubled its second quarter revenue year-on-year, hitting $552.5m with the company saying its priority remained ‘getting into the right markets at the right depths.’
Gaming revenues more than doubled year-on-year to $455.1m with hotel revenue up by almost 50 per cent to $33.9m. Food and beverage increased to $27.4m whilst retail, entertainment and other revenue hit $36m. Bally’s land-based casinos remained its largest contributor generating $299.9m with the North American online business bringing in $18.1m.
Lee Fenton, Chief Executive Officer said: “Our second quarter results reflect continued strength in our Casinos & Resorts segment, record margins in our International Interactive segment and continued growth in our North America Interactive segment particularly in BallyCasino.com in New Jersey, despite headwinds from significant FX volatility and challenges in Atlantic City. We are pleased with the company’s record cash flow from operations in the quarter and are focused on continued incremental cash flow generation initiatives.”
Bally’s is downgrading its previous guidance provided on February 24, 2022 for the year ending December 31, 2022 with revenue in the range of $2.2bn to $2.3bn and Adjusted EBITDA in the range of $535 million to $550 million reflecting six months of results, adverse foreign exchange movements and lower expectations for our Atlantic City property.
