While the company will be buoyed by this, and other strong results released as part of its full year and Q4 financial report, Bally’s also recorded a significant increase in net loss for the year.
In summary, Bally’s annual revenue figure represented a $900m, or 255%, improvement when compared with a pandemic-hit 2020, with the company also posting adjusted EBITDA of $334m; itself an increase of $263m, or 343%.
The company’s annual net loss, amounting to $72m, is largely attributed to the merger with Gamesys Group, for which Bally's paid $25.77 per share in October 2021. The company’s reacquisition of common shares, amounting to $87m, also contributes towards its net loss.
Bally’s also released figures for Q4 2021, which largely followed a similar pattern to its annual financials.
Lee Fenton, CEO, Bally’s, commented: “Our quarterly results represent the first full quarter of the consolidated Bally's group, including our Casinos & Resorts, International Interactive and North America Interactive segments.
“During the quarter, we made significant progress on integration of our acquired assets, defining our strategic goals for 2022 and deploying capital strategically, including progress in growth projects in Lincoln, Atlantic City and Kansas City. Additionally, we repurchased $87m of our common shares during the quarter.”
Bally’s posted revenue of $548m in Q4, an increase of $430m year-on-year; adjusted EBITDA hit $119m, an uplift of $98m compared with the same period in 2020.
Net loss for the quarter totalled $115m, itself an increase of $20m for the comparable period year-on-year.
The company also posted its projections for 2022, with revenue expected to land in the range of $2.4bn and $2.5bn, and EBITDA to land between $560m and $580m.
