Bally’s touts integration of assets amid Q4 losses
Gaming operator reports net loss of $115.3m for final quarter of 2021 as interactive division gains steam
Bally’s Corporation announced its financial results for Q4 2021 and full year on February 24, reporting a net loss for the quarter while touting the continued ascent of its interactive division.
The operator reported revenue for the quarter of $547.7m – more than a four-fold increase from the $118.1m during the same period last year – but sustained a net loss of $115.3m. That is in contrast to a profit of $20.2m from Q4 2020. Adjusted EBITDA was $119.4m, a year over year increase of $98.4m.
For the year, revenue was $1.32bn, up from $372.8m in 2020. Adjusted EBITDA came in at $333.7m, compared to $70.4m in 2020.
Bally’s CEO Lee Fenton said: “Our quarterly results represent the first full quarter of the consolidated Bally’s group including our Casinos & Resorts, International Interactive and North America interactive segments.
“During the quarter, we made significant progress on integration of our acquired assets, defining our strategic goals for 2022 and deploying capital strategically including progress in growth projects in Lincoln, Atlantic City and Kansas City.”
Fenton, who added his firm also repurchased $87m worth of stock in Q4, was referencing Bally’s focus on the digital and igaming sector, which continues to grow exponentially as more US states roll out online sports betting.
Bally’s completed its acquisition of global gaming software developer and operator Gamesys Group in October. The additions of Gamesys as well as Bet.Works – a sports betting platform provider it also acquired in 2021 – represent two key pillars of Bally’s interactive strategy moving forward.
The acquisitions and greater shift to an omni-channel strategy spurred Bally’s Q4 realignment of its operating segments into its Casinos & Resorts, North America Interactive and International Interactive.
The Casinos & Resorts segment includes Bally’s portfolio of retail properties – such as Bally’s Twin River, Bally’s Atlantic City and Bally’s Lake Tahoe – spread across the country, with the non-North American operations of Gamesys making up the International Interactive segment.
The North America Interactive segment, which includes both B2B and B2C operations, has grown substantially in the past year.
Bally Bet, the mobile sportsbook of Bally’s Interactive, launched online operations in four states in 2021 – Colorado, Iowa, Virginia, and Indiana – before just recently going live in Arizona.