Bally’s Corporation posts $576.7m in Q4 revenue; “unacceptable Interactive results”
The company said it will focus on North American restructuring this year.
Bally’s Corporation has published its fourth quarter preliminary financial results. The company said it plans to release its FY2022 report later this month.
Revenue during Q4 reached $576.7m, while adjust EBITDA was $145.8m. The company reported a net loss of $476.8m, a figure that includes both its asset impairment chares and non-cash goodwill of $464m.
Bally’s President – Interactive and incoming CEO Robeson Reeves said: “As our businesses continue to integrate, we are pleased to achieve record results in both our Casinos & Resorts and International Interactive segments. Our core businesses are generating fantastic cash flows.”
He went on to lay out an action plan to address the company’s concerns regarding the North American market.
He commented: “Simply put, our North America Interactive results in 2022 were unacceptable. In response, through our announced restructuring plan of the Interactive business in January, we are taking a deep dive in our approach to North America to ensure that investments we make in sports have a near-term path to profitability.
“In iCasino states, we continue to take share in New Jersey and Ontario as we integrate this business in a scalable way.
“As part of the restructuring, we are evaluating multiple options, including leasing technology structures that integrate quickly and effectively with our world-class iCasino and Marketing tech stacks. We also expect our restructuring efforts to drive benefits in our International Interactive segment.”
George Papanier, current Bally’s President – Casinos & Resorts, and incoming Bally’s President, elaborated about new facilities coming later this year.
He said: “Casinos & Resorts saw continued momentum across the portfolio as we welcomed new spa amenities in Lincoln. Additionally, we broke ground on the temporary facility in Chicago, which we expect will contribute to the business in the second half of 2023.
“Though it generated an expected loss during a slower fourth quarter, Atlantic City continues to progress, and we expect the property to be profitable in 2023.
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