Acquisitions drive Bally ‘s first quarter revenue
Bally’s posted revenues of $192.27 million for the quarter ended March 2021 this compares to year-ago revenues of $109.15 million. The company has topped consensus revenue estimates three times over the last four quarters.
Income from operations of $29.5 million represents strongest quarter since second quarter 2019. Adjusted EBITDA of $52.5 million is up $30.4 million, or 137.9%, from the same period in 2020.
George Papanier, President and Chief Executive Officer of Bally’s Corporation, said, “This was a remarkable first quarter for Bally’s. As COVID-19 vaccinations rolled out, and capacity restrictions and other protocols loosened, we experienced a strong rebound in demand that led to a significant increase in visitation.
As a result, we achieved record Adjusted EBITDA and continued margin expansion. As we approach historical operating levels, we are encouraged by the performance at many of our properties this quarter, which when coupled with ongoing capital initiatives, offer tremendous growth opportunities and the potential to deliver strong results over the coming quarters.”
Papanier continued, “During this quarter, we also continued to implement our disciplined M&A strategy. We closed our acquisition of Monkey Knife Fight, the fastest growing daily fantasy sports site in North America, and acquired SportCaller, a leading global B2B free-to-play game provider. We also announced an agreement to acquire Gamesys, a leading, global online gaming operator and the number one provider of bingo and casino games in the UK. The Gamesys transaction marks a transformational step in our drive to become the first truly, integrated, omni-channel gaming company with a B2B2C business model.”