August 4, 2022 Land Based, Finance, Results

Bally’s Corporation Q2 2022 revenue reaches $552.5m

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Revenue during the second quarter was nearly twice what the company reported a year ago.

Bally’s Corporation has published its financial results for the 2022 second quarter, which ended June 30. The company reported significant increases in its overall revenue and adjusted EBITDA figures.

Company revenue in Q2 nearly doubled year-over-year, reaching $552.5m. Net income during the second quarter reached $59.5m, reflecting a decrease when compared to the prior year’s second quarter result of nearly $69m.

Adjusted EBITDA rose to $141.2m during Q2, while the adjusted EBITDA margin fell by nearly 5 percentage points to 25.6% when compared to 2021’s second quarter result.

Bally’s Chief Executive Officer Lee Fenton said the company is pleased with its results from the quarter.

He commented: "Our second quarter results reflect continued strength in our Casinos & Resorts segment, record margins in our International Interactive segment and continued growth in our North America Interactive segment particularly in BallyCasino.com in New Jersey, despite headwinds from significant FX volatility and challenges in Atlantic City.

“We are pleased with the company's record cash flow from operations in the quarter and are focused on continued incremental cash flow generation initiatives."

Bally's is a global casino and entertainment company that owns and manages 14 casinos in ten US states. Its casino operations have a total of 5,300 hotel rooms, 500 tables games and more than 15,800 slot machines.

It recently published the final figures from its tender offer, which was structured in a Dutch auction format.

Bally’s repurchased nearly 4.7 million common shares for purchase at a price of $22.00 per share. The aggregate purchase price totaled more than $103.3m, fees and expenses relating to the tender offer were considered.

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