PROVIDENCE – Bally’s Corp. posted a second-quarter loss of $25.7 million after reporting a $59.5 million profit in the same period a year earlier.
The company reported a loss of 38 cents per diluted share after reporting earnings of $1.40 per share in the second quarter of 2022.
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Revenue totaled $606.2 million, an increase from $552.7 million one year prior but falling short of Wall Street forecasts. Five analysts surveyed by Zacks Investment Firm expected $613 million.
The revenue growth was offset by a $133 million increase in operating costs and expenses year over year, from $467.2 million to $600.2 million. The increase was due in part to general and administrative costs growing by $50.7 million, and the lack of financial benefit from the sale of properties that the company leased back. In the second quarter of 2022, Bally’s reported a $50.8 million gain from the sale-leaseback arrangement.
“Bally’s made significant strides this quarter, announcing new initiatives, achieving important project milestones, and building on our strong foundation for 2023 and beyond,” Bally’s CEO Robeson Reeves said. “Our core casinos and resorts segment produced record second-quarter revenues of $333.2 million, an 11.1% increase compared to the second quarter of 2022. International Interactive also remained solid, with revenues increasing 5.6% year-over-year, led by our robust U.K. business, which grew revenues by 11.5% year-over-year.”
Bally’s, which operates the two Rhode Island casinos, Bally’s Twin River and Bally’s Tiverton, expects full-year revenue in the range of $2.5 billion to $2.6 billion.
Bally’s shares have declined 19% since the beginning of the year. The stock has decreased 29% in the last 12 months.
On June 13, Bally’s announced it is partnering with a Netherlands-based live casino supplier Stakelogic following Rhode Island’s recent passage of legislation legalizing iGaming.
Bally’s said it plans for Rhode Island internet gaming to launch in April 2024 and will offer online slots and live casino games such as blackjack, roulette and baccarat. The amended state legislation required that table games be run by live dealers instead of computer software.
The multiyear deal marks Stakelogic’s first foray into North America. The company was founded in 2014.
Material from The Associated Press was used in this report.
