Bally’s Corporation has announced its financial results for Q4 2022 as well as the full financial year. It reported revenue of $576m for the fourth quarter of last year, which represented a 5.3% year-on-year.
This revenue figure was in line with the preliminary results posted by Bally’s on February 13, although net losses were higher than anticipated.
The gaming entertainment company showed net losses of $487.5m, which was a dramatic 323.2% increase compared to the $115.3m in net losses amassed for Q4 2021. However, there were improvements in its adjusted EBITDA, which rose 22.8% to $145.8m.
Bally’s full financial year was also encouraging on the revenue and EBITDA fronts. Its FY2022 revenue stood at $2.3bn which represented a soaring 73% increase from 2021. Meanwhile, its adjusted EBITDA for the year was $548.5m – another rise, this time of 66% from FY2021.
Bally’s President Robeson Reeves commented: “As previously reported in our preliminary release of these financial results, we are pleased to have achieved record results in both our Casinos & Resorts and International Interactive segments. Our core businesses continue to generate fantastic cash flows.
“We remain committed to taking a deep dive approach in North America to ensure that investments we make in sports have a near-term path to profitability. In iCasino states, we've increased our market share in both New Jersey and Ontario as we integrate this business in a scalable way."
The positive results for the full financial year can be attributed to several factors. On January 3, 2023, Bally's finalized its previously announced sale-leaseback transaction with GLPI for the land and real estate assets of Bally's Tiverton and Hard Rock Biloxi for total proceeds of $609.1m.
It also repurchased 0.9 million shares of common stock for an aggregate purchase price of $20.8m during Q4 of 2022. For the full year, Bally’s repurchased 6.6 million shares.
