Bally’s Corporation announces Q1 2023 results and appoints new senior management

Earlier this year, Bally’s reported that it wanted to focus its efforts on the North American Interactive segments and iGaming markets.

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Bally’s has announced its financial results for the first quarter of 2023, with a revenue increase of 9% year-over-year totalling $598.7m.

An adjusted EBITDA of $126.4m reveals an increase of 10% when compared to 2022, with an adjusted EBITDAR of $157.6m.

Notably, Bally’s reported a net income of $178.3m, a significant rise from $1.9m.

Robeson Reeves, Bally's CEO, said: “North America Interactive significantly outperformed as cost-savings initiatives took hold faster than anticipated.

“We continue to be iGaming first and are executing extremely well in New Jersey where our market share surpassed 4%, well on our way to achieving our 6-8% longer-term goal.

Reeves continued: “Overall, our iGaming business is generating positive returns and we are very optimistic about the future of this business.”

As part of its strategy to relaunch Bally Bet, Bally’s also partnered with Kambi and White Hat Gaming.

George Papanier, Bally's President, said: "Importantly, our portfolio's near-term capex cycle has peaked for our Casinos & Resorts segment as several of our growth projects have come to or are nearing completion.

“This includes an upgrade of our flagship Bally's Twin River in Rhode Island, which was completed in April, and our Kansas City expansion that will conclude in July."

Papanier went on to discuss how Chicago’s temporary casino is on track to open in the summer, with the permanent venue ahead of schedule on construction.

Bally’s has also announced changes to its senior management team today.

Marcus Glover has been appointed as its new Executive Vice President and Chief Financial Officer, taking over the role from Bobby Lavan.

Jaymin B. Patel will also join the company as Vice Chairman of the Board and oversee the newly created Operational Integration Committee.

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