Amid “a truly remarkable year” US casino operator Bally’s Corporation saw fourth quarter net income rise 51.4 per cent but EBITDA fall 47.6 per cent.
The conflicting results for the quarter were down to bargain purchase gains and margin improvements and operational efficiencies in the case of net income and an EBITDA fall through regional capacity and health limitations.
CEO George Papanier said: “Amid the ongoing impact of the Covid-19 pandemic, we continued to systematically execute our strategic growth and development initiatives.” He said the upward trend would continue.
The main highlight of the quarter was the pending acquisition of Bet.Works that will drive the development of Bally’s interactive offer.
The year results showed revenue down 28.8 per cent to $372.7m and a net loss of from operations of $18.3m compared with a profit of $29m.
Bally’s owns and manages 11 casinos across seven US states, a horse racetrack and 13 authorised on track betting licences in Colorado. It runs nearly 13,000 slots, 443 table games and nearly 3,000 hotel rooms.