Q2 financial results announced by Bally’s Corporation
Positive results fuelled by improved consumer confidence, loosening of restrictions and new operating strategy.
Regional casino operator Bally’s Corporation has announced its financial results for the period ending June 30, 2021.
Revenue for the second quarter of 2021 saw a year-on-year increase of $238.8m, going from $28.9m to $267.7m. Regionally, revenue for Bally’s East segment increased from $122m to $132.4m. The Western segment also saw increases, going from $109.7m to $127.9m.
Net income for the second quarter of 2021 was $68.9 million, an increase of $92.5 million from a net loss of $23.6 million in the second quarter of last year.
Adjusted EBITDA also saw increases being recorded at $83.8m, a year-on-year increase of $94.5m.
Income from operations for Q2 increased by over $100m, being recorded at $80.5m.
Total debt for the company was $1.37bn as of June 30, increasing from the $1.13bn noted on December 31, 2020.
“We had record revenue and earnings performance in the quarter and remain confident that we will continue to benefit from rebounding demand across our land-based portfolio,” said George Papanier, president and CEO of Bally’s. “Improved consumer confidence, minimal capacity restrictions and our disciplined operating strategy all contributed to extremely strong numbers across the board in the second quarter. The closing of the Bet.Works acquisition was another significant step in our evolution to become a leading omni-channel provider. We continue to make progress on our transformative acquisition of Gamesys and look forward to closing that transaction during the fourth quarter.”
These positive results, Bally’s says, are due to the lessoning of Covid-19 restrictions creating a more confident consumer base combined with a disciplined operating strategy.
Bally’s currently owns and operates 14 casinos across 10 states. Its properties include 15,833 slot machines, 532 table games and 5,355 hotel rooms. The company also has a presence in the online sports betting market.
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