Casino operator Bally’s fortunes turn around

Fortunes have started to turn around for Bally’s Corporation, with a much-improved second quarter report.

The giant casino operator saw its revenue forecast rise to $258m-$268m with adjusted EBITDA around $80m-$84m. These figures compare very favourably with the comparative Covid-hit quarter of 2020 when revenues totalled $28.9m and EBITDA a negative $10.7m.

At the same time, Bally’s has updated its financing plans for the Gamesys acquisition. It has organised bridging finance through Deutsche Bank in London, Goldman Sachs USA and Barclays Bank to refinance the debts of both itself and Gamesys through capital market transactions which will probably include public or private bond offerings.