Bally's Corporation on Thursday released its financial results for Q4 and full year ending 31 December, 2020.
The company changed its corporate name from Twin River Worldwide Holdings, Inc. to Bally's Corporation on 9 November, 2020.
Bally’s reported it had a net loss of $5.4m in 2020, compared to net income of $55.1m in 2019.
Adjusted EBITDA dropped 7.6% YOY to $21.1m.
Q4 2020 revenue was $118.1m, down 9.4% from $130.4m in the same quarter one year earlier.
The company said Q4 2020 revenue was negatively impacted by Covid-related limitations, including the mandated closure of both of its Rhode Island properties for three weeks. Those casinos reopened 22 December, and currently are operating 24/7.
Comparing YOY results is difficult, the company explained, as it made numerous changes in 2020, especially in the Q4. Among these were the November acquisitions of Bally's Atlantic City Hotel & Casino from Caesars Entertainment, Inc. and Vici Properties, Inc., for $25m, and of BetWorks, a US-based, sports betting platform provider to operators in New Jersey, Iowa, Indiana and Colorado, for $125m.
In addition, Bally’s entered a long-term strategic media partnership with Sinclair Broadcast Group, which the two parties said will combine Bally's proprietary sports betting technology and market access footprint with Sinclair's portfolio of local broadcast stations and live regional sports networks.
George Papanier, Bally’s president and CEO, said in a statement, "2020 was a truly remarkable year for Bally's. Amid the ongoing impact of the Covid-19 pandemic, we continued to systematically execute our strategic growth and development initiatives.”
Papanier noted Q4 results were impacted by various regional capacity and health limitations, but said the company expects to benefit from a “strong rebound in demand” across its properties in 2021.
“Market indications and preliminary results show markedly stronger consumer demand in January and February,” he added.
