Bally’s continues its ‘disciplined’ M&A strategy in Q1
Operator seeks to become omni-channel gaming company with B2B2C model.
Bally’s Corporation on Monday said it is encouraged by its financial results for the first quarter of this year, and said its growth strategy has set up the company for “strong results over the coming quarters.”
George Papanier, president and CEO of Bally’s, noted during Q1, a three-month period ending March 31, the operator “continued to implement our disciplined M&A strategy.”
The company closed its acquisition of Monkey Knife Fight, a daily fantasy sports site in North America, and acquired SportCaller, a global B2B free-to-play game, Papanier said. Bally’s also announced an agreement to acquire Gamesys, a global online gaming operator and one of the top providers of bingo and casino games in the UK.
“The Gamesys transaction marks a transformational step in our drive to become the first truly, integrated, omni-channel gaming company with a B2B2C business model,” Papanier said in a statement.
Papanier also pointed to the positive contribution several casino properties that were acquired in the second half of 2020 made to Q1 2021 revenue, including Casino KC, Casino Vicksburg, Bally’s Atlantic City and Eldorado Shreveport.
Bally’s reported it continued to see strong operational efficiencies that positively impacted margins, a trend that has benefited the company since re-opening from the pandemic. Income from operations in Q1 2021 increased $32.6m YOY, or 1,030%, to $29.5 million, while operating margins increased 1823 bps to 15.33% compared to the same quarter last year.
Bally’s Corporation currently owns and manages 12 casinos across eight states, a horse racetrack and 13 authorized OTB licenses in Colorado. The company has more than 6,000 employees, 13,300 slot machines, 457 game tables and 3,342 hotel rooms.
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