Bally’s sets revenue record with 170% increase in Q3

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ally’s Corporation reported Thursday its financial results for the third quarter 2021, ended on September 30, with record revenue of $314.8 million, a 169.9% increase in a year-over-year comparison.

Net loss was of $14.7 million, in contrast to net income of $6.7 million for the comparable period; while Adjusted EBITDA accounted for $78 million, an increase of $40 million compared to 2020.

The company’s retail casinos segment revenue hit a record of $301.6 million, while their net income was of $49,4 million, versus $22.1 million for the comparable period. Adjusted Retail Casinos EBITDAR was $106.5, in contrast to $43.5 million in 2020. 

These figures came despite natural disasters striking during this period, which included two hurricanes and wildfires in Nevada. However, sales from its North America Interactive division doubled from last quarter to $11.4 million. 

The company also acquired software development firm Gamesys on October 1st, after reaching an agreement in April that would see Bally’s pay $25.46 pers share. Gamesys revenue of $248.6 million consists of a record high on a constant currency basis. Net loss and Adjusted EBITDA were $8.7 million and $83.8 million, respectively. The company’s results, however, are not included in Bally’s report. According to the company’s CEO, Lee Fenton, Gamesys’ numbers will be included in Q4. 

In an official press release, Fenton said: “On October 1, 2021, Bally’s completed its transformational acquisition of Gamesys Group – a strategic combination that further advances Bally’s global, data-driven, omni-channel strategy. As a result, our business is evolving from a regional casino operator into an industry leader in retail, sports, media and iGaming, which will see us harness a set of assets that provides a formidable platform for growth as a digital-first leader in global gaming entertainment.”

“This quarter, Retail Casinos had $301.6 million of revenue and $106.5 million of Adjusted Retail Casinos EBITDAR. The quarter was negatively impacted by approximately $6 million of losses related to natural disasters, including two hurricanes and wildfires in Nevada”, he added. 

“North America Interactive sales doubled from last quarter at $11.4 million, with Adjusted EBITDA of ($5.5) million, which was in line with our expectations. Adjusted EBITDA for the Company of $78.0 million includes $11.4 million of rent expense and $11.1 million of corporate expense. Gamesys had record Revenue and Adjusted EBITDA on a constant currency basis for the quarter, which will be consolidated into Bally’s results starting with the fourth quarter”, he concluded. 

In Nevada, Bally’s is acquiring the Tropicana Las Vegas from Gaming and Leisure Properties, which is expected to close in early 2022. The Rhode Island-based company already operates 14 casinos, has sportsbooks in the United States with its Bet.Works subsidiary, and daily fantasy sports games through subsidiary Monkey Knife Fight.