Bally’s declares intent to become global gaming power

Bally’s declares intent to become global gaming power

Bally’s has doubled down on its goal of becoming a “digital-first leader in global gaming entertainment” as the company continues to evolve from a regional casino operator to an omnichannel conglomerate.

Bally’s Major Acquisition

Over the past few years, the Providence-headquartered gaming and interactive entertainment company has documented key inroads that helped position the company to where it is today.  

However, Bally’s Corporation is raising the bar this year with its focus set on becoming a global gaming power.

The group pulled off a major coup in October with its acquisition of Gamesys Group for $2 billion. The purchase forms part of the firm’s strategy to ensure sustained growth of its interactive offerings in North America, which includes real-money gaming options in online sports betting and igaming. 

Bally’s made another crucial M&A move weeks later after buying out Degree 53. Based in Manchester, the company specializes in developing customized gambling and betting platforms, web and mobile solutions, and UX, design, and consultancy services.

To top it off, Bally’s Corporation announced its plan to build a $1.6bn casino resort at the heart of Windy City, Chicago.  

Strong Gains 

The company has just released its third-quarter report, which indicates an increased revenue of 169.9 percent year-on-year, while the net loss closed at $14.74m from 2020s $6.72m, and adjusted EBITDA increased 105.1 percent to $77.97m (2020: $38m).

Meanwhile, retail casinos registered a record high of $301.6m, with net income up 123.5 percent to $49.4m versus 2020’s $22.1m, as adjusted EBITDAR surged to $106.5m (2020: $43.5m).

For the year-to-date, revenue climbed 204.1 percent to $774.77m (2020: $254.69m), as net loss swung from $749,000 to record a Q3 income of $137.74m.

Quotes from the Press Release 

Lee Fenton, Bally’s Corporation CEO, commented on the transformational acquisition of Gamesys Group and how it gives Bally’s an optimistic outlook for its future. 

“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 $301.6m of revenue and $106.5m of adjusted retail casinos EBITDAR. The quarter was negatively impacted by approximately $6m of losses related to natural disasters, including two hurricanes and wildfires in Nevada. 

Felton added: “North America Interactive sales doubled from last quarter at $11.4m, with adjusted EBITDA of -$5.5m, which was in line with our expectations. Adjusted EBITDA for the company of $78m includes $11.4m of rent expense and $11.1m 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.”

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.