Bally’s sees record earnings performance and revenue for Q2, with 826% growth

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ally’s Corporation on Monday reported its financial results for the second quarter. Revenue was $267.7 million, 826.3% up from $28.9 million for the same period last year, marking the single largest revenue quarter in history.

Net income for the period was $68.9 million, an increase of $92.5 million from a net loss of $23.6 million in second quarter 2020. Adjusted EBITDA was $83.8 million, an increase of $94.5 million from negative $10.7 last year.

The company attributes the positive results to a reduction in Covid restrictions, as all properties are now operating at full capacity when compared to 2020, which saw closures from March to June.

Another highlight of the report is the revenue increase for the East segment, which reached $132.4 million from $122.0, whereas the West segment increased $109.7 million to $127.9 million. These two segments are the result of a change in the company’s management structure in light of recent and pending acquisition.

Total revenue also found a helping hand in acquisitions completed in the second half of 2020 and the first half of 2021, the company says, including Bally’s Kansas City, Sport Caller, Casino Vicksburg and Bally’s Interactive, among others; which contributed to aggregate revenue of $134.6 million in second quarter 2021.

George Papanier, President and Chief Executive Officer for Bally’s said: “We had record revenue and earnings performance in the quarter and remain confident that we will continue to benefit from rebounding demand across our land-based portfolio. Improved consumer confidence, minimal capacity restrictions and our disciplined operating strategy all contributed to extremely strong numbers across the board in the second quarter.”

Two other key events for Bally’s in 2021 include the acquisition of Gamesys in April, a deal expected to be completed by the fourth quarter; and the closing of the Bet.Works acquisition, described by Papanier as a “significant step” in the company’s evolution to become a “leading omni-channel provider.”

Portion of the Gamesys acquisition price will be paid by the proceeds of new credit facilities plus other resources, as the company has obtained commitments, subject to satisfaction of customary closing conditions, for proposed senior secured credit facilities of up to $2.57 billion.

Other future plans for Bally’s include the work on potential uses for Tropicana Las Vegas’ land, which is being acquired for $308 million by the company.

The Chairman and CEO of Gaming and Leisure Properties, the real estate investment trust that owns the land where the casino is located, said on an earnings conference last week that his team is working on long-term plans with executives of Bally’s.

“Frankly, we’re working cooperatively with them to see how we can maximize whatever occurs there. We are considering the maximization of every inch of that property,” said CEO Peter Carlino.