PROVIDENCE – Bally’s Corp. posted a profit of $59.5 million in the second quarter, a drop from $68.9 million one year prior, the company said Thursday.
Earnings per diluted share were 98 cents, compared to $1.40 per share in the second quarter of 2021.
Revenue totaled $552.7 million, an increase from $267.2 million one year prior.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.
“Our second quarter results reflect continued strength in our Casinos & Resorts segment, record margins in our International Interactive segment and continued growth in our North America Interactive segment, particularly in BallyCasino.com in New Jersey, despite headwinds from significant FX volatility and challenges in Atlantic City,” Bally’s CEO Lee Fenton said. “We are pleased with the company’s record cash flow from operations in the quarter and are focused on continued incremental cash flow generation.”
Bally’s expects full-year revenue in the range of $2.2 billion to $2.3 billion.
Bally’s shares have dropped 40% since the beginning of the year. The stock has dropped 52% in the last 12 months.
Bally’s recently signed a sports betting deal with the New York Yankees on Aug. 1 and on July 27 said it will spend $103 million in its “Dutch auction” tender offer to buy back a large chunk of its common shares.
Bally’s on June 28 agreed to sell the properties and buildings of its two Rhode Island casinos, Twin River Casino in Lincoln and Bally’s Tiverton Casino & Hotel in Tiverton to Gaming & Leisure Properties Inc. for $1 billion. Bally’s will lease back both Rhode Island properties and continue to own, control and manage all the gaming operations of the facilities uninterrupted.
(Material from The Associated Press was used in this report.)
