PROVIDENCE – Bally’s Corp. on Thursday reported its year-end loss widened to $71.8 million in 2021, or $1.45 per diluted share.
The hotel casino operator reported a $5.5 million loss, or 18 cents per share in 2020.
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The Rhode-Island based company, which owns Twin River Casino and Bally’s Tiverton, earned $1.32 billion in 2021, compared to $372.8 million the year prior.
Gaming revenue was up in 2021. Bally’s took in $1.05 billion compared to $298 million in 2020 during the height of pandemic restrictions. Hotel revenue rose to $95 million in 2021 compared to $24 million in 2020. Food and beverage revenue went up to $92 million in 2021 compared to $32 million the year prior.
The company also reported a fourth-quarter loss of $115.3 million, after reporting $20.2 million profit in the same period a year earlier.
“Our quarterly results represent the first full quarter of the consolidated Bally’s group including our casinos & resorts, international interactive and North America interactive segments,” said Lee Fenton, Bally’s CEO. “During the quarter, we made significant progress on integration of our acquired assets, defining our strategic goals for 2022 and deploying capital strategically including progress in growth projects in Lincoln [Neb.], Atlantic City, [N.J.], and Kansas City [Mo.]. Additionally, we repurchased $87 million of our common shares during the quarter.”
The hotel casino operator posted revenue of $547.7 million in the fourth quarter of 2021 compared to $118 million the year prior.
On a per-share basis, Bally’s reported a loss of $1.87 in the fourth quarter of 2021. Earnings, adjusted to extinguish debt and for costs related to mergers and acquisitions, came to 2 cents per share.
The fourth quarter results missed Wall Street expectations for both earnings and revenue, according to The Associated Press. The company’s stock has declined 44% in the last 12 months.
(Material from The Associated Press was used in this report)
