‘Remarkable’ quarter for Bally’s Corporation

Bally’s Corporation reported first quarter financial results with CEO and president George Papanier commenting: “This was a remarkable first quarter for us.”

Income from operations of $29.5m represents the strongest quarter since second quarter of 2019 and adjusted EBITDA of $52.5m is up $30.4m, or 137.9 per cent, from the same period in 2020.

Papanier continued: “As Covid-19 vaccinations rolled out and capacity restrictions and other protocols loosened, we experienced a strong rebound in demand that led to a significant increase in visitation.

“As a result, we achieved record adjusted EBITDA and continued margin expansion. As we approach historical operating levels, we are encouraged by the performance at many of our properties this quarter, which when coupled with ongoing capital initiatives, offer tremendous growth opportunities and the potential to deliver strong results over the coming quarters.

“During this quarter, we also continued to implement our disciplined M&A strategy. We closed our acquisition of Monkey Knife Fight, the fastest growing daily fantasy sports site in North America and acquired SportCaller, a leading global B2B free-to-play game provider.

“We also announced an agreement to acquire Gamesys, a leading, global online gaming operator and the number one provider of bingo and casino games in the UK.

“The Gamesys transaction marks a transformational step in our drive to become the first truly integrated, omnichannel gaming company with a B2B2C business model.”