Ballys Corporation significantly exceeded its earnings projections for the second quarter of 2022, achieving a substantial $552.5 million in revenue compared to $226.7 million during the corresponding period the previous year. This exceptional outcome propelled Bally’s to the forefront of the industry for the quarter. For comparison, Caesars Entertainment reported an 11% rise in revenue, MGM Resorts attained 44%, Penn Entertainment lagged with 5%, and Boyd Gaming experienced a marginal 0.1% gain.
Despite this, Bally’s net income reached $59.5 million, indicating a 10.8% profit margin. This signifies a decrease from the prior year’s $68.9 million and 25.8% margin.
Conversely, adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) surged to $141.2 million, demonstrating a robust 25.6% margin. This surpassed the previous year’s results of $82.8 million and a 30.9% margin.
Bally’s Chief Executive Officer, Lee Fenton, emphasized the company’s accomplishments, remarking, “Our Q2 results demonstrate sustained strength in our Casinos & Resorts division, unprecedented margins in our International Interactive division, and ongoing advancements in our North America Interactive division, particularly with the June introduction of BallyCasino.com in New Jersey; all while navigating substantial foreign exchange fluctuations and our obstacles in Atlantic City.”
Fenton further underscored their dedication to financial soundness, stating, “We are satisfied with our record operating cash flow this quarter and remain dedicated to advancing cash flow strategies moving forward.”
In a strategic maneuver, Bally’s announced the successful conclusion of its modified “Dutch auction” tender offer in July. The company repurchased an impressive 4.7 million shares of common stock at $22.00 per share, amounting to a considerable $1.033 billion.
Ballys has partnered with the iconic New York Yankees! They just inked an agreement to be the team’s authorized sports wagering provider. This is a major move for Bally’s, representing their initial collaboration with a New York sports franchise since their online sports betting platform debuted in the state in July 2022. It’s worth noting they were the ninth provider to enter the market.
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