Bally’s generates $2.3bn in revenue for FY2022
Bally’s has announced FY2022 revenue of $2.3bn, after generating $576.7m for Q4. Its full-year results were up 73% year-on-year, although Q4 results were only up 5% by comparison.
The fourth quarter of 2022 saw Bally’s record a net loss of $487.5m, greater than their overall losses for the year which stood at $425.5m.
The company attributes these losses to a non-cash goodwill and asset impairment charge of $464m paid out in the fourth quarter.
Elsewhere, adjusted EBITDA for Q4 was at $145.8m and $548.5m for the full year, while adjusted EBITDAR for Q4 stood at $164.4m and $601.8m for 2022.
Bally’s incoming CEO and current President of its Interactive division, Robeson Reeves, said: “We are pleased to have achieved record results in both our Casinos & Resorts and International Interactive segments.
“Our core businesses continue to generate fantastic cash flows. UK revenue grew 12% organically in the fourth quarter as regulations continue to play through, while in December, Asia saw positive year-over-year organic growth, proving that our initiatives to maintain a competitive advantage in that market are effective.
“We remain committed to taking a deep dive approach in North America to ensure that investments we make in sports have a near-term path to profitability.”
Reeves’ comments on Bally’s approach to the US marked a slight change of tune from his comments for the release of its preliminary results for Q4 – in which he called US Interactive results “unacceptable.”
However, the “deep dive” commitment Reeves refers to is a restructuring plan for the Interactive business, which Bally’s hopes will ensure investments made “in sports have a near-term path to profitability.”
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