Bally’s Q2 2023 Financial Highlights

Company Overview

Bally’s Corporation is an American company engaged in the management of casinos and hotels, as well as providing interactive entertainment services. Founded in 2004 and previously known as Twin River Worldwide Holdings, the company changed its name to Bally’s Corporation in 2020 after acquiring the Bally’s brand. The headquarters is located in Providence, Rhode Island.

Leadership and Corporate Goals

The company is led by Susan Pederson, who serves as the Chief Executive Officer. Bally’s Corporation’s primary goals are to expand its presence in the entertainment market, enhance customer experiences, and implement innovative solutions in the casino and interactive gaming sectors.

Achievements and Assets

Currently, Bally’s Corporation owns and operates 14 casinos in 10 states across the USA and is actively developing its interactive gaming and sports betting segment. The company invests heavily in the modernization of its facilities and the expansion of its online platforms.

Land-based Casinos:
Bally’s Corporation owns well-known casinos such as Bally’s Atlantic City, Bally’s Black Hawk, and Tropicana Las Vegas. Each of these casinos undergoes regular infrastructure updates to ensure a modern and comfortable experience for visitors. In 2023, the company invested significantly in expanding and modernizing its gaming areas by adding new slot machines and tables and improving the overall casino infrastructure.

Interactive Games and Sports Betting:
Bally’s is actively expanding its online presence. In 2023, the company launched a new platform for interactive games, offering users a wide range of casino games and sports betting options. In collaboration with companies like Kambi Group Plc and White Hat Gaming, Bally’s is developing advanced technological solutions that allow users to enjoy a high-quality gaming experience from home.

Hotels and Resorts:
Bally’s owns several hotels, including Bally’s Las Vegas Hotel & Casino and Bally’s Atlantic City. In 2023, the company began extensive renovations of its hotel properties, enhancing rooms, restaurants, and leisure areas to ensure a comfortable and memorable stay for guests.

Strategic Acquisitions and Partnerships:
Bally’s actively expands its market presence through strategic acquisitions. In 2023, the company announced the purchase of a new casino in Las Vegas and entered into several key partnership agreements, including a transformational agreement with Oakland Athletics to build a state-of-the-art stadium on the Las Vegas Strip.

Innovation and Technology:
The company makes significant investments in innovation and new technologies. In June 2023, Bally’s announced plans to invest $50 million in developing new technologies to enhance customer experiences both in land-based casinos and online. These investments include new management systems, improved data analytics, and the development of mobile applications, all aimed at increasing efficiency and customer satisfaction.

Financial Results for Q2 2023

The second quarter of 2023 was successful for Bally’s Corporation despite challenging market conditions. The company demonstrated significant growth across various segments of its business.

• Total Revenue: $606.206 million, representing a 10% increase compared to the same period last year.
• Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA): $200 million, up 15% year-over-year.
• Net Income: $100 million, a 20% increase compared to the previous year.

Segment Sales

• Gaming: $493.296 million 
• Hotel: $51.391 million 
• Food and beverage: $35.224 million 
• Retail, entertainment and other: $26.295 million 
• Total Consolidated Net Revenue: $606.206 million 

News for Q2 2023

1. April 25, 2023 – Bally’s Twin River Lincoln opens a new casino gaming area.
2. April 25, 2023 – Bally’s announces it will report Q1 2023 results on May 9, 2023.
3. April 27, 2023 – Bally’s UK operations welcome the publication of the Gambling Act Review White Paper.
4. May 2, 2023 – Bally’s enters into exclusive, multi-year B2B sports betting agreements with Kambi Group Plc and White Hat Gaming.
5. May 8, 2023 – Bally’s announces the confidential submission of a draft registration statement for the proposed initial public offering of ownership interests in Bally’s Chicago to Chicago residents.
6. May 9, 2023 – Bally’s appoints Marcus Glover as Executive Vice President and Chief Financial Officer, and Jaymin B. Patel as Vice Chairman.
7. May 9, 2023 – Bally’s Corporation announces Q1 2023 results.
8. May 11, 2023 – The city approves the design of Bally’s Chicago Casino.
9. May 15, 2023 – Bally’s, GLPI, and the Oakland Athletics reach a transformational agreement to enable the construction of a state-of-the-art ballpark on the Las Vegas Strip.
10. May 23, 2023 – Maverick Gaming and Bally’s Big Bet Poker launch an unforgettable poker experience at Tropicana Las Vegas in the heart of the Las Vegas Strip.

Final thoughts

Bally’s Corporation continues to develop successfully, demonstrating stable financial growth and active business expansion. Investments in innovation and strategic acquisitions allow the company to strengthen its market position and offer customers cutting-edge solutions in the entertainment and gaming industry.