Bally’s Corporation on Thursday reported fourth-quarter net income of $20.2 million. The operator posted revenue of $118.1 million in the period, which did not meet forecasts.

The company reported a loss of $5.5 million, or 18 cents per share, swinging to a loss in the period. Revenue was reported as $372.8 million.

George Papanier, President and Chief Executive Officer, said, “2020 was a truly remarkable year for Bally’s. Amid the ongoing impact of the COVID-19 pandemic, we continued to systematically execute our strategic growth and development initiatives.

Though fourth quarter results were impacted by various regional capacity and health limitations, most notably in Rhode Island, we expect to benefit from a strong rebound in demand across our properties, as well as the operational efficiencies and strong margin improvements that we have seen as a continuing trend since re-opening from the pandemic. In fact, market indications and preliminary results show markedly stronger consumer demand in January and February.”

Papanier continued, “Without question, the highlights of the fourth quarter were our pending acquisition of Bet.Works, which will drive development of our interactive offerings, as well as our strategic media partnership with Sinclair Broadcast Group, which we expect will make Bally’s a common name in sports fans’ households across the United States.