B
ally’s Corporation reported a net loss of $5.5 million for its 2020 financial year, as overall revenue for the 12 months through to December 31 amounted to $372.8 million, a 28.8% drop.
Revenue for the fourth quarter of 2020 decreased 9.4% year-over-year to $118.1 million, hit by various state limitations as a result of COVID-19, including the mandated closure of both Rhode Island properties for three weeks. The decrease in revenue was partially offset by incremental revenues from the recent acquisitions of Casino KC and Casino Vicksburg, which were acquired on July 1, 2020; Bally’s Atlantic City, acquired on November 18, 2020; and Eldorado Resort Casino Shreveport, which was acquired on December 23, 2020.
Loss from operations in the fourth quarter totaled $17.6 million, a decrease of $46.7 million, or 160.8%, year-over-year. Net income was $20.2 million, an increase of $6.9 million, from net income of $13.4 million in the fourth quarter last year. This income was driven primarily by bargain purchase gains totaling $63.9 million. Adjusted EBITDA for the fourth quarter of 2020 was $21.1 million, a decrease of $19.2 million, or 47.6%, from Adjusted EBITDA of $40.2 million in the fourth quarter 2019.
In full 2020, revenue was down across all business segments as the temporary closure of its casinos due to Covid-19 restrictions in states across the US. Gaming remained by far the operator’s primary source of income, but revenue fell 20.7% year-on-year to $291.7 million, while racing revenue more than halved from $13.1 million to $6.4 million.
