Bally’s Corporation has published its Q1 2022 financial report. The company reported significant growth for the quarter and attributed its success to lifted pandemic restrictions.
During the first quarter, overall company revenue reached $548.3m, more than double what it generated during the previous year’s quarter.
Net income reached $1.9m in Q1. The company had reported a net loss during the prior year’s quarter.
Bally’s reported an adjusted EBITDA of $115m, almost twice the figure from last year’s Q1. The adjusted EBITDA for the first quarter of this year reached 21%.
Bally’s CEO Lee Fenton said: "Our Casinos & Resorts' results were strong as the US consumer returned to our properties as US Covid restrictions were lifted. International Interactive revenue was down 1% year over year on a constant currency basis due to tightened consumer spending in the UK that was offset by solid performance by our Asia business.
“North America Interactive continued to invest in the rollout plan that accelerated this month with the launch of our foundational 2.0 tech stack in Arizona yesterday."
Bally's also announced that its board of directors has decided the company should pursue initiating a cash tender offer for its shares, pending final approval and necessary financing. The company expects the tender will be structure in a Dutch auction format and the amount involved will range between $300m and $500m.
Fenton spoke about the impact this will have on business in North America. He commented: "The company has very substantial opportunities before it, including the integration of the Gamesys acquisition, the build-out of Bally's North American interactive business and the continued strategic expansion of our land-based footprint in the US. With these opportunities in front of us, we have great confidence in the future as we move forward."
Bally's is a global casino and entertainment company that owns and manages 14 casinos in 10 US states. Its casino operations have a total of 5,300 hotel rooms, 500 tables games and more than 15,800 slot machines.
The company owns a horseracing track in Colorado and has access to OSB licenses in 16 states.
Bally’s Corporation recently signed a purchase agreement to invest $5m in Snipp Interactive. The company is expected to own close to 9% of Snipp’s common and outstanding shares once the investment deal is complete.
As part of the agreement, Bally’s will receive a license for the SnippLOYALTY software program for a three-year term. The company will implement Snipp’s software across its online and physical properties. The first two deployments are expected to begin during the second quarter of this year.
