Bally’s reports Q2 revenue of $552.5m

By Gambling Insider

Bally’s Corporation has published its Q2 2022 financial results, with revenue amounting to $552.5m, a notable increase from the Q2 2021 total of $226.7m.

This result marks Bally’s as one the quarter’s best performers when compared to competitors: Caesars reported an 11% increase, MGM Resorts 44%, Penn Entertainment 5% and Boyd Gaming just 0.1%.

Bally’s net income stood at $59.5m, with a margin of 10.8%, representing a fall from the previous year’s $68.9m and a margin of 25.8%.

Adjusted EBITDA rose to $141.2m with a margin of 25.6%, from $82.8m with a margin of 30.9%.

Bally’s CEO Lee Fenton said: "Our second quarter results reflect continued strength in our Casinos and 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.

"We are pleased with the company's record cash flow from operations in the quarter and are focused on continued incremental cash flow generation initiatives."

Bally’s went on to confirm the July completion of its modified ‘Dutch auction’ tender offer, where it repurchased 4.7 million shares of its common stock for cash, at a price of $22.00 per share for an aggregate purchase price of $103.3m.

Bally’s recently signed a marketing partnership with the New York Yankees, in a deal that will see Bally Bet become the team’s official sports betting partner.

The agreement stood as the first deal between Bally's and a New York sports team, with the company becoming the ninth online sports betting operator to go live in the state in July 2022.

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