BALLYS Stock Price, News & Analysis

Bally's Corporation (NYSE: BALY) reported preliminary results for Q4 and full year ending December 31, 2022. Total revenue reached $576.7 million, but the company incurred a net loss of $476.8 million, heavily impacted by $464.0 million in non-cash impairment charges. Adjusted EBITDA stood at $145.8 million. For 2023, Bally's projects full-year revenues between $2.5 billion and $2.6 billion, with Adjusted EBITDAR of $660 million to $700 million. Key developments include a restructuring plan for the Interactive business and ongoing expansions in North America and International markets. Final results are expected on February 23, 2023.

Bally's Corporation (NYSE: BALY) announced that CEO Lee Fenton will step down on March 31, 2023, with Robeson Reeves, President - Interactive, succeeding him. Fenton led the integration of Gamesys and has been with Bally's since 2021. Chairman Soo Kim expressed gratitude for Fenton's contributions and confidence in Reeves' leadership abilities. Reeves, having been with Gamesys since 2005 and serving as COO since 2015, is expected to advance Bally's strategic objectives. Bally's operates 15 casinos across 10 states and is focused on expanding its online sports betting and iGaming offerings.

Bally's Corporation (NYSE: BALY) announced the appointment of Tracy Harris as an independent member of its Board of Directors, effective upon regulatory approval. Harris brings over 20 years of experience in finance and leadership roles within highly regulated sectors.

Previously, she served as Executive Vice President and CFO of MIB Group Holdings, leading financial transformation efforts. Harris has held CFO positions in various organizations and currently serves on several boards, enhancing her strategic insight.

Chairman Soo Kim praised her expertise in finance and strategy, indicating her potential contributions to Bally's growth and profitability.

Bally's Corporation has completed a sale leaseback transaction with Gaming & Leisure Properties, Inc. for its Tiverton Casino & Hotel and Hard Rock Hotel & Casino Biloxi, totaling $635 million. This tax-free capital contribution will significantly reduce Bally's debt. The deal increases the annual rent for Bally's Master Lease with GLPI by $48.5 million, now encompassing six properties. Bally's aims for continued growth following this crucial transaction, positioning itself strategically in the competitive gaming market.

Bally's Corporation (NYSE: BALY) has achieved a significant milestone with the Chicago City Council's approval of an amendment for the Bally's Chicago Casino, a $1.7 billion development. This project will include a 1 million square foot casino complex, a 500-room hotel, and a 3,000-person event space, generating 3,000 construction and permanent jobs along with substantial annual tax revenues. The development aims to transform an underutilized site into a major economic hub, enhancing the city's offerings in entertainment, dining, and culture.

Bally's Corporation (NYSE: BALY) announced a labor neutrality agreement with the International Union of Operating Engineers (IUOE) regarding its Tropicana Las Vegas property. This agreement allows employees to make informed decisions on union representation without pressure. Chairman Soo Kim emphasized the company's commitment to employee rights and positive labor relations. Bally's also entered a Multi-Project Labor Agreement with local unions for its Chicago casino's construction. Bally's operates 15 casinos in 10 states and has plans for further expansion, underscoring its strong position in the gaming industry.

Bally's Corporation (NYSE: BALY) announced the appointment of Kim Barker Lee as Executive Vice President, Chief Legal Officer, effective Dec. 7, 2022. With over 25 years of expertise in legal and business matters, particularly in lottery and gaming, Ms. Lee will enhance Bally's legal and public affairs teams in support of global initiatives. CEO Lee Fenton expressed confidence in her ability to navigate challenges in key markets like Rhode Island and Illinois. Bally's operates 15 casinos across 10 states and aims to expand its omni-channel gaming leadership.

Bally's Corporation (NYSE: BALY) reported third-quarter financial results, showing revenue of $578.2 million and net income of $0.6 million. Adjusted EBITDA stood at $151.0 million. The company noted strong performance in its Casinos & Resorts segment due to the integration of regional properties and the addition of Tropicana Las Vegas. However, the North America Interactive division faced challenges, requiring a focus on profitable ventures. Bally's updated its 2022 guidance, forecasting revenue of approximately $2.25 billion and Adjusted EBITDA of $540 million.

Bally's Corporation (NYSE: BALY) will announce its third-quarter 2022 financial results before the market opens on November 3, 2022. Following the announcement, management will hold a conference call at 8:00 a.m. EDT to discuss the results. Interested parties can join by calling (800) 274-8461 and referencing conference ID BALYQ322. Bally's operates 15 casinos in 10 states, employing approximately 10,500 staff, and plans to expand its operations with new developments in Chicago and State College, PA.