Bally’s reports revenue of $185m in preliminary Q1 2021 results
The group is also set to purchase the Tropicana Las Vegas Hotel and Casino
Bally’s Corporation has announced its preliminary financial results for Q1 2021, with consolidated revenue estimated to be greater than $185m (£134.9m), a 41% increase from the prior-year period.
The group also estimates that adjusted EBITDA is greater than $50m, a 56% rise from the prior-year period.
A statement from Bally’s read: “These results were due in large part to a month-to-month revenue cadence that accelerated dramatically in March as more Covid-19 restrictions were relaxed across the country.”
George Papanier, president and CEO of Bally’s Corporation, commented: “We are extremely encouraged by our trends and March numbers. Increased demand assisted by a relaxation of Covid-19 restrictions contributed to outstanding performance toward the end of the quarter, which, based on early indications, has continued into April.
“We believe this combination of factors will set us up for a strong 2021 as we continue to welcome more and more Bally’s customers back to our casinos, as well as enhance our iGaming platform.”
Bally’s also announced it has agreed to purchase the Tropicana Las Vegas Hotel and Casino from Gaming and Leisure Properties, Inc. The transaction is valued at approximately $308m, and is expected to close in early 2022.
Located on the corner of Tropicana Boulevard and Las Vegas Boulevard, the facility includes 50,000 square feet of casino space with 1,000 gaming positions, 100,000 square feet of convention and meeting space, and 1,470 guest rooms.
Bally’s is already licensed in Nevada, having recently announced the acquisition of the MontBleu Resort Casino & Spa.
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