PROVIDENCE – Bally’s Corp. reported a profit of $593,000 in the third quarter of 2022 after reporting a $14.7 million loss in the same period a year ago.
The national casino and gaming company said it had a net income of 1 cent per diluted share, an increase from the loss of 30 cents per diluted share one year prior.
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The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 28 cents per share.
Quarterly revenue totaled $578.2 million an increase from $116.6 million reported one year prior. Of the total revenue for the quarter, $465.7 million was from gaming revenue.
Bally’s expects full-year revenue of $2.25 billion.
“In the third quarter, casinos and resorts benefited significantly from the first full quarter of integration of our regional casino properties,” said Bally’s CEO Lee Fenton. “We also welcomed Tropicana Las Vegas into the mix and will continue driving our omni-channel portfolio in the U.S. International Interactive returned to growth in the U.K., with record margins across the platform, offset by foreign exchange headwinds, while North America Interactive experienced continued growth with New Jersey iGaming and the launch of our new combined app housing both Sports and iGaming in Ontario. We are evaluating our money-losing businesses in North America Interactive and refocusing efforts where we have faster paths to profitability.”
Bally’s completed its acquisition of the Tropicana Las Vegas from Penn Entertainment and Gaming and Leisure Properties Inc. on Sept. 27. As part of the deal, Bally’s will pay $148 million for the nonland assets of the Tropicana, payable to Gaming and Leisure Properties Inc.
Bally’s will lease the 35-acre parcel at the corner of Tropicana Boulevard and Las Vegas Boulevard for 50 years at annual rent of $10.5 million.
On Sept. 16, Marc A. Crisafulli, head of Bally’s Corp.’s Rhode Island operations and who played a lead role in the casino operator’s 20-year contract with the state while battling cancer, announced his retirement.
Interesting article. I am going to Las Vegas for a foot care convention next month. I am sure I’ll contribute to Bally’s bottom line by loosing money.