Bally’s updates 2022 revenue guidance as part of Q3 results
Operator cites strength in casino segment while hinting at potential change in online strategy
Thanks to the continued resurgence and expansion of its casino operations, Bally’s Corporation has updated its 2022 revenue guidance as part of its third-quarter results.
Citing “significant strength” in its casinos and resorts segment, Bally’s updated its 2022 revenue and adjusted EBITDA projections to approximately $2.25bn and $540m, respectively.
Its previous guidance, from August 4, had revenue in the range of $2.2bn to $2.3bn and adjusted EBITDA of $535m to $550m.
For the quarter ending September 30, Bally’s reported $578.2m in revenue, an 83.6% year-on-year increase from $314.8m during the same period in 2021.
Net income was $0.6m – compared to a net loss of $14.7m in Q3 2021 – while adjusted EBITDA totaled $151m, up from $78m in the third quarter of 2021.
“In the third quarter, casinos and resorts benefited significantly from the first full quarter of integration of our regional casino properties,” said Bally’s Corporation CEO Lee Fenton.
“We also welcomed Tropicana Las Vegas into the mix and will continue driving our omnichannel portfolio in the US.”
Bally’s completed the $148m cash Tropicana Las Vegas acquisition in late September, formally stamping the operator’s presence with a headline property on the Las Vegas Strip.
Fenton noted the addition of Tropicana will help drive Bally’s growing omnichannel strategy in the US.
He went on to detail the continued growth of the North America Interactive segment, citing New Jersey igaming operations and the launch of an integrated sports betting and igaming app in Ontario.
However, he also hinted at a potential shift in strategy for Bally Bet, the operator’s emerging online betting vertical and showpiece of the Interactive segment.
“We are evaluating our money losing businesses in North America Interactive and refocusing efforts where we have faster paths to profitability,” said Fenton.
Bally Bet is currently live in six states, including New York, which features a 51% tax rate on operator revenue.