Bally Technologies reported a 54 per cent jump in net income for the quarter ended June 30, helped in part by the sale of the Rainbow Casino in Vicksburg, US.
Net income for the quarter rose to $51m from $33.2m a year earlier, boosted by the $80m sale of the Rainbow Casino in June. Total revenues, meanwhile, decreased slightly to $195m, compared with $196m last year.
For the full year, Bally’s net income rose nine per cent to $137.5m from $126.3m, while total revenues decreased to $778m from $844m a year earlier.
"While market conditions remain challenging, Bally has been committed over the past two years to heavily investing in research and development to strongly position the company for the future," said Richard Haddrill, the company’s chief executive officer. "We now have a strong and diverse profile of premium participation games, including Cash Spin, and our September release of ALPHA 2 on our new Pro Series TM upright cabinet will allow us to compete more effectively."
"During the quarter, we successfully completed the sale of the Rainbow Casino, which we expect to result in net proceeds of $60 to $65m," added Robert C Caller, the company’s chief financial officer. "Since April 1, 2010, we repurchased over $62m of our common stock, effectively reinvesting all of the net proceeds of the Rainbow sale into share repurchases."
