PROVIDENCE – Bally’s Corp. on Thursday reported a $1.9 million profit in the first quarter of 2022 following a loss during the same period a year ago, or 3 cents per diluted share.
The company, which owns the state’s two casinos, Bally’s Twin River Lincoln Casino Resort and Bally’s Tiverton Casino & Hotel, and other gambling properties nationwide, reported a $10.7 million loss for the same period a year earlier, or 30 cents per diluted share.
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The results topped Wall Street expectations according to The Associated Press. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 43 cents per share.
Company revenue totaled $548.2 million, an increase of 65% year over year.
The company said earnings before interest, taxes, depreciation and amortization was $115 million for the quarter, an increase from $52.5 million one year prior.
“Our Casinos & Resorts’ results were strong as the U.S. consumer returned to our properties as U.S. COVID restrictions were lifted,” said Bally’s CEO Lee Fenton. “International Interactive revenue was down 1% year over year on a constant currency basis due to tightened consumer spending in the UK that was offset by solid performance by our Asia business. North America Interactive continued to invest in the rollout plan that accelerated this month with the launch of our foundational 2.0 tech stack in Arizona yesterday.”
Bally’s shares have decreased 21% since the beginning of the year. The stock has decreased 48% in the last 12 months.
(The Associated Press contributed to this report.)
