Bally’s second quarterly revenue surpasses $250m

Finance News

Bally’s Corporation has reported preliminary unaudited financial results for the three-month period ending June 30, 2021. 

For the three-month period ending June 30, 2021, Bally’s estimates that total consolidated revenue will be in the range of $258 to $268 million, with Adjusted EBITDA in the range of $80 to $84 million.This is compared to total consolidated revenue of $28.9 million and Adjusted EBITDA of negative $10.7 million for the second quarter of 2020.

As a result of better than expected operating performance at its land-based retail casinos and interactive businesses, Bally’s does not plan to issue incremental common equity or draw on the previously disclosed Gaming and Leisure Properties, Inc. commitment to fund the Gamesys acquisition.  Bally’s continues to evaluate investment options with potential strategic partners and such investment is not necessary to fund the Gamesys acquisition.

Consistent with U.K. regulatory requirements, Bally’s arranged bridge financing for the Gamesys transaction from Deutsche Bank AG, London Branch, Goldman Sachs USA and Barclays Bank PLC.  Bally’s intends to seek to refinance the bridge facility and its and Gamesys’ debt through one or more capital market transactions, which are currently expected to include public or private bond offerings and a company-wide bank credit facility.