Bally’s reports $10.7M loss in Q1

BALLY'S CORP. reported a $10.7 million loss in the first quarter of 2021. / AP FILE PHOTO/WAYNE PARRY

PROVIDENCE – Bally’s Corp. reported a $10.7 million loss in the first quarter of 2021, or 30 cents per diluted share, the company reported Monday.

The Rhode Island-based company, which owns the state’s two casinos and other gambling properties nationwide, reported an $8.9 million loss for the same period a year earlier, or 28 cents per diluted share.

Company revenue totaled $192.3 million, an increase of 76.2% year over year.

The company said earnings before interest, taxes, depreciation and amortization was $52.5 million for the quarter, an increase from $22.1 million one year prior.

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“This was a remarkable first quarter for Bally’s. As COVID-19 vaccinations rolled out, and capacity restrictions and other protocols loosened, we experienced a strong rebound in demand that led to a significant increase in visitation,” said George Papanier, CEO and president of Bally’s Corp. “As a result, we achieved record adjusted EBITDA and continued margin expansion. As we approach historical operating levels, we are encouraged by the performance at many of our properties this quarter, which when coupled with ongoing capital initiatives, offer tremendous growth opportunities and the potential to deliver strong results over the coming quarters.”

The company is also continuing its merger and acquisition strategy in the first quarter, Papanier said. In the quarter, the company completed an acquisition of the daily fantasy site Monkey Knife Fight, and business-to-business free-to-play game provider SportCaller. The company also entered into an agreement to acquire Gamesys, an online gaming operator.

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