Bally’s Corporation more than quadruples its net income to $178.3m

May 9, 2023
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The company cites strong performance in its casino and resort segment, as well as iGaming growth.

Bally’s Corporation has released its 2023 Q1 financial results. The resort and casino operator owns 17 properties throughout the US, including Tropicana Las Vegas. The company has reported revenue of $598.7m, up 9.2% year-on-year.

Also increasing from Q1 of 2022 is Bally’s net income, which rose meteorically from $1.9m to $178.3m this year.

Robeson Reeves, Bally’s CEO, said, “We are pleased to have achieved strong results across all three of our segments: casinos & resorts, International Interactive and North America Interactive. Notably, our casinos & resorts segment saw continued momentum across the portfolio, generating record first quarter revenues of $328.8m and adjusted EBITDAR of $105.1m.”

Total adjusted EBITDA across all segments came to $126.4m, an increase of 10.2% from Q1 of last year, while EBITDAR reached $157.6m.

Bally’s sports betting platform, Bally Bet, also partnered with Kambi Group, with plans to be available online in at least seven states and at four retail locations, as well as recently signed a multi-year deal with White Hat Gaming.

The company has stated the importance of both its iGaming and non-US operations as well as land-based casinos. Reeves added, “As Ontario continues to progress, we look forward to our Pennsylvania launch in May as well. We are also closely monitoring the iGaming bill that was recently introduced into the Rhode Island legislature.”

George Papanier, Bally's President, said, “several of our growth projects have come to or are nearing completion. This includes an upgrade of our flagship Bally's Twin River in Rhode Island, which was completed in April, and our Kansas City expansion, which will conclude in July. We look forward to the opening of the Chicago temporary casino in late summer 2023.”

The company has also just named Marcus Glover as its new EVP and CFO, as well as appointed Jaymin B. Patel as its Vice Chairman.


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