PROVIDENCE – Bally’s Corp. reported a $5.5 million loss in 2020, or 18 cents per diluted share, the company reported Thursday.
The company earned $55.1 million one year prior, or $1.46 per share.
The company’s casino operations were significantly impacted due to COVID-19 restrictions. Company revenue declined 28.8% year over year to $372.8 million.
The company’s Rhode Island operations revenue declined 56% year over year in 2020 to $132 million, while net income in the state declined 71.5% year over year to $20.3 million.
CEO and President George Papanier said, “2020 was a truly remarkable year for Bally’s. Amid the ongoing impact of the COVID-19 pandemic, we continued to systematically execute our strategic growth and development initiatives. Though fourth-quarter results were impacted by various regional capacity and health limitations, most notably in Rhode Island, we expect to benefit from a strong rebound in demand across our properties, as well as the operational efficiencies and strong margin improvements that we have seen as a continuing trend since reopening from the pandemic. In fact, market indications and preliminary results show markedly stronger consumer demand in January and February.”
The company’s two Rhode Island casinos were mandated to close for three weeks in the fourth quarter due to COVID-19 restrictions, but have since reopened.
Bally’s earned a profit of $20.2 million in the fourth quarter, a rise of 51.4% year over year. Quarterly revenues declined 9.4% year over year to $118.1 million.
Panpanier also said that the highlight of the fourth quarter was the company’s pending acquisition of Bet.Works sports betting platform, as well as the acquisition of Bally’s Atlantic City Hotel & Casino in New Jersey and Eldorado Resort Casino Shreveport in Louisiana.
