Bally's Q1 2023 Earnings Report
Key Takeaways
Bally's Corporation reported a revenue increase of 9.2% year-over-year, reaching $598.7 million. Net income significantly increased to $178.3 million compared to $1.9 million in the prior year, and Adjusted EBITDA rose to $126.4 million, a 10.2% increase. The company also repurchased 1.0 million common shares for $19.8 million and announced partnerships to support the relaunch of Bally Bet.
Revenue increased by 9.2% year-over-year to $598.7 million.
Net income soared to $178.3 million, a substantial increase from $1.9 million in the previous year.
Adjusted EBITDA grew by 10.2% year-over-year to $126.4 million.
Casinos & Resorts segment achieved record first-quarter revenues of $328.8 million.
Bally's
Bally's
Bally's Revenue by Segment
Forward Guidance
Bally’s is raising the low end of its Adjusted EBITDAR guidance range it provided on February 13, 2023, for the year ending December 31, 2023, to a new range of $665 million to $700 million, including a range of $40 million to $50 million of Adjusted EBITDA losses in North America Interactive and before approximately $124 million of rent expense (cash rent of $119 million). Revenue estimates remain in the range of $2.5 billion to $2.6 billion. We are also reducing our 2023 capital expenditure guidance from $170 million to $160 million, with maintenance capital expenditures at the casinos of $50 million, growth capital expenditures at casinos of $70 million and lowering software development costs (SDC) to $40 million.