Bally’s Corporation reports 76% increase in revenue for Q1 2021
Bally’s Corporation has reported income of $29.5m for the first quarter of 2021, the company’s strongest quarter since Q2 2019.
Adjusted EBITDA was $52.5m, a 138% increase from the same period in 2020, while net loss was $10.7m, an increase of 21%. Diluted loss per share meanwhile was $0.30 per share, compared to diluted loss of $0.28 per share for the comparable period in 2020.
Revenue for the quarter was $192.3m, a 76% increase from the prior-year period. The group said such revenue was achieved due to a rise in consumer confidence and a reduction in Covid-19 restrictions.
Also positively impacting revenue was the incremental revenues of Casino KC, Casino Vicksburg, Bally’s Atlantic City and Eldorado Shreveport, which were acquired in the second half of last year.
“This was a remarkable first quarter for Bally’s,” said Bally’s Corporation President and CEO George Papanier. “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.
“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.”
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