Bally’s Corporation, a leading player in the gaming and entertainment industry, has unveiled its impressive financial results for the fourth quarter of 2022. The company’s revenue, robust operational performance, and strategic initiatives have contributed to a positive trajectory, reflecting both resilience and growth within the industry.
Solid Revenue Growth:
Bally’s Corporation achieved remarkable revenue growth in the fourth quarter of 2022, reporting a total revenue of $576.7 million. This represents a substantial increase of 5.3 per cent compared to the same period in the previous year. The revenue distribution highlights the company’s diversified business approach, with gaming operations accounting for $461.6 million, marking a notable 0.6 per cent year-on-year growth. Furthermore, non-gaming revenue demonstrated impressive growth, surging by 29.8 per cent to reach $115.1 million.
Enhanced Earnings and Performance:
Adjusted EBITDA, a critical indicator of operational performance, experienced a significant surge of 22.8 per cent, reaching $145.8 million. This positive trend underscores the effectiveness of Bally’s strategic initiatives and operational efficiencies. Despite the challenges and changes in the operating landscape, the company managed to maintain its financial trajectory with considerable success.
Strategic Insights from Leadership:
Robeson Reeves, the incoming CEO and current President for Interactive at Bally’s, emphasized the achievement of record results in both Casinos & Resorts and International Interactive segments. The company’s commitment to maintaining a competitive advantage in different markets, such as Asia and the UK, has yielded positive outcomes. The focus on enhancing market share, particularly in iCasino states like New Jersey and Ontario, showcases the dedication to sustainable growth.
Continued Momentum and Investment:
George Papanier, President for Casinos & Resorts at Bally’s, highlighted the ongoing momentum in the company’s portfolio during the fourth quarter. The commencement of construction for a temporary facility in Chicago signifies Bally’s commitment to expanding its footprint. The expectation of turning Atlantic City profitable in 2023 reflects the company’s strategic measures to ensure operational success even in challenging periods. The emphasis on generating cash flows and investing in long-term growth opportunities underscores the strategic direction for the future.
Strong Performance for the Full Year:
Bally’s Corporation’s financial success extends to the full year, with a total revenue of $2.3 billion, marking an impressive increase of 70.7 per cent year-on-year. The growth in gaming operations revenue and non-gaming revenue, both by 75.3 per cent and 52.3 per cent, respectively, underscores the company’s well-rounded business model. The robust Adjusted EBITDA of $548.5 million further cements Bally’s strong performance trajectory.
Bally’s Corporation’s financial results for the fourth quarter of 2022 not only signify a period of growth but also highlight the company’s resilience and strategic prowess. The impressive revenue figures, enhanced operational earnings, and the proactive approach to market expansion underscore Bally’s commitment to driving value for its stakeholders. The company’s strategic vision, coupled with its ability to navigate market dynamics, positions Bally’s Corporation as a formidable player in the gaming and entertainment landscape.