Record results steer Bally’s progression

Bally’s Corporation’s soon-to-be CEO Robeson Reeves said “record results” in the Casinos and Resorts and International Interactive segments have helped steer the company’s recent progress.

The company announced Q4 2022 revenue of US$576.7m in its latest report, a year-on-year increase from the $547.7m in Q4 2021.

Meanwhile, revenue for FY22 was $2.3bn, a jump from FY21’s figure of $1.3bn.

Reeves added that UK revenue grew 12 per cent organically in Q4 2022, while in December, Asia saw “positive year-over-year growth.”

In the US, Reeves said Bally’s remains “committed” to a “deep dive approach” to ensure its investments in sports have a “near-term path to profitability.”

As for igaming, Reeves noted Bally’s has increased its market share in Ontario and New Jersey as the company looks for “scalable” growth.

Net loss for Q4 and FY22 was $487.5m and $425.5m, respectively, while adjusted EBITDA was $145.8m in Q4 and $548.5m for FY22.

Bally’s said it estimates revenue for the year ending December 31 to be between $2.5bn and $2.6bn.