Bally’s Corporation has reported financial results for the first quarter ended March 31, with revenue of $598.7m marking an increase of 9.2 per cent year on year.
Net income was $178.3m compared to $1.9m in the prior year and adjusted EBITDA was $126.4m, an increase of 10.2 per cent year on year. Adjusted EBITDAR was $157.6m.
CEO Robeson Reeves said: “We are pleased to have achieved strong results across all three of our segments, casinos and resorts, international interactive and North America interactive.
"Notably, our casinos and resorts segment saw continued momentum across the portfolio, generating record first quarter revenues of $328.8m and adjusted EBITDAR of $105.1m, despite the impact of severe weather conditions that occurred in Lake Tahoe throughout the quarter and in Evansville in late March.
"International interactive revenue also remained strong, increasing 7.2 per cent overall, primarily driven by increased revenue activity in the UK totaling 9.6 per cent on a constant currency basis.
"We are also pleased that, on April 27, the UK government released its white paper review of the 2005 Gambling Act. After four years of ongoing consultation, we are hopeful this will now bring some clarity for UK gambling operators.
"In addition, North America interactive significantly outperformed as cost-saving 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 four per cent, well on our way to achieving our six to eight per cent longer term goal.
"As Ontario continues to progress, we look forward to our Pennsylvania launch in May as well. We are also closely monitoring the igaming bill that was recently introduced into the Rhode Island legislature. Overall, our igaming business is generating positive returns and we are very optimistic about the future of this business.
"We are also excited about our recently announced partnerships with Kambi and White Hat Gaming to support our relaunch of Bally Bet, our online sports betting platform, fulfilling our promise to partner with best-in-class technology providers to get this business back up and running in an effective and efficient manner.”
