
PROVIDENCE – Bally’s Corp. on Tuesday reported a $178.3 million profit in the first quarter of 2023, a sharp rise from $1.9 million a year ago.
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, on Tuesday reported $3.24 earnings per diluted share compared to 3 cents per diluted share in the first quarter of 2022.
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Company revenue totaled $598.7 million, an increase of 9.2% year over year.
The company said earnings before interest, taxes, depreciation and amortization was $126 million for the quarter, an increase from $115 million one year prior.
“We are pleased to have achieved strong results across all three of our segments, casinos and resorts, international interactive and North America interactive,” said Bally’s CEO Robeson Reeves. “International Interactive revenue also remained strong, increasing 7.2% overall, primarily driven by increased revenue activity in the U.K. totaling 9.6% on a constant currency basis … North America Interactive significantly outperformed as cost-savings initiatives took hold faster than anticipated.”
Bally’s shares have decreased 18% since the beginning of the year. The stock has dropped 45% in the last 12 months.
Also on Tuesday, Bally’s named Marcus Glover executive vice president and chief financial officer and appointed Jaymin B. Patel as vice chairman.
Glover will succeed Bobby Lavan, who is leaving the company to pursue another opportunity after being appointed to the position in March 2022.
“On behalf of the board of directors and the entire leadership team, I want to express my gratitude to Bobby for his leadership and contributions since joining Bally’s in 2021,” Reeves said. “Notably, Bobby led the acquisition, financing, and integration of Gamesys, which has been instrumental to the growth and diversification of our business.”
Glover is a senior executive in the hospitality and gaming industry with more than 20 years of experience. He most recently served as chief strategy officer for QPSI LLC, a supply chain solutions and contract packaging company. Prior to that, Glover was CEO and chief operating officer of the Borgata Hotel, Casino and Spa, and president and chief operating officer of the Beau Rivage Resort and Casino in Biloxi, Miss.
He was also a senior executive with Caesars Entertainment in various positions, including senior vice president and general manager for the Horseshoe Casino and Thistledown Racino in Ohio; assistant general manager at Harrah’s/Caesars Entertainment in St. Louis and vice president of operations at Harrah’s/Caesars Entertainment in Biloxi, Miss.
“I look forward to working alongside an outstanding and smart group of leaders to advance the company’s strategic goals, execute the strategic direction, implement operational efficiency and integration globally, and develop and invest in talent and innovation to best position the company for continued growth and success,” Glover said.
Patel will lead the newly created Operational Integration Committee to oversee the Bally’s global process for streamlining operations and reducing costs, as well as the creation of a global, coordinated corporate center. He has more than 25 years of global experience in the gaming business, having served in several public company executive and governance roles.
On Monday, Bally’s filed with the U.S. Securities and Exchange Commission for the initial public offering of its proposed casino resort in Chicago.
Ownership interests would only be offered to residents that satisfy the qualification requirements in the Host Community Agreement between Bally’s Chicago and the city of Chicago.
Bally’s has yet to determine both the price range for the offering, and the number of shares to be offered to residents that satisfy requirements under the Host Community Agreement between Bally’s Chicago and the city of Chicago.
The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions.
Bally’s Corp. was selected by Chicago Mayor Lori E. Lightfoot in May 2022 to build the city’s first casino the 30-acre site of the former Chicago Tribune Publishing Center along the Chicago River. The gaming facility will include 3,400 slots; 170 table games; 10 food and beverage venues; a 500-room hotel tower with rooftop bar; a 3,000-seat, 65,000-square-foot entertainment center; a 20,000-square-foot exhibition, outdoor music venue; and outdoor green space, including a public river walk with a water taxi stop.