Workflow
Bally's (BALY)
icon
Search documents
2 REITs That Offer Higher But Riskier Yields
Seeking Alpha· 2024-08-19 11:30
Andrii Dodonov Introduction As an analyst here on Seeking Alpha, my goal is to always maintain transparency with readers. No matter how much I like a company or even if I own them, I will always be transparent in my articles. If a stock is a riskier investment, I will share that. If one of my favorite holdings' fundamentals start to change for the worse, I will share that as well. I say that to say, in this article I give you two stocks that pay higher, attractive yields (above 5% is higher in my opinion), ...
Bally's (BALY) - 2024 Q2 - Quarterly Report
2024-08-02 13:31
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-38850 Bally's Corporation (Exact name of registrant as specified in its charter) Delaware 20-0904604 (State or other jurisdiction of incorporation or organization ...
Bally's (BALY) - 2024 Q2 - Earnings Call Transcript
2024-08-01 02:31
Bally’s Corporation (NYSE:BALY) Q2 2024 Earnings Conference Call July 31, 2024 4:30 PM ET Company Participants Charlie Diao - Senior Vice President of Finance and Corporate Treasurer Robeson Reeves - Chief Executive Officer George Papanier - President Marcus Glover - Chief Financial Officer Conference Call Participants Jeffrey Stanchill - Stifel Financial Corp. Chad Beynon - Macquarie Group Limited Jonnathan Navarrete - TD Cowen Colin Mansfield - CBRE Institutional Research Operator Good day, everyone, and ...
Bally's (BALY) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
ZACKS· 2024-08-01 01:01
Bally's Corporation (BALY) reported $621.66 million in revenue for the quarter ended June 2024, representing a year-over-year increase of 2.6%. EPS of -$0.83 for the same period compares to -$0.25 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $643.05 million, representing a surprise of -3.33%. The company delivered an EPS surprise of +43.54%, with the consensus EPS estimate being -$1.47.While investors closely watch year-over-year changes in headline numbers -- revenue and earn ...
Bally's Corporation (BALY) Reports Q2 Loss, Misses Revenue Estimates
ZACKS· 2024-07-31 23:26
Bally's Corporation (BALY) came out with a quarterly loss of $0.83 per share versus the Zacks Consensus Estimate of a loss of $1.47. This compares to loss of $0.25 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 43.54%. A quarter ago, it was expected that this hotel casino operator would post a loss of $1.13 per share when it actually produced a loss of $3.26, delivering a surprise of -188.50%.Over the last four quarters, the ...
Bally's (BALY) - 2024 Q2 - Quarterly Results
2024-07-31 20:07
[Second Quarter 2024 Results](index=1&type=section&id=BALLY%27S%20CORPORATION%20ANNOUNCES%20SECOND%20QUARTER%202024%20RESULTS) [Financial & Operational Highlights](index=1&type=section&id=Second%20Quarter%202024%20and%20Recent%20Highlights) Bally's reported a 2.5% year-over-year revenue increase to $621.7 million for Q2 2024, driven by a 94.7% surge in North America Interactive revenue and a 3.0% rise in Casinos & Resorts, tempered by a 7.4% decline in the International Interactive segment, while the company's net loss widened to $60.2 million, alongside key strategic developments including a $2.07 billion transaction with GLPI and a definitive merger agreement with The Queen Casino & Entertainment Inc Q2 2024 Financial Summary (vs. Q2 2023) | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | **Consolidated Revenue** | **$621.7M** | **$606.2M** | **+2.5%** | | Casinos & Resorts Revenue | $343.1M | $333.2M | +3.0% | | International Interactive Revenue | $229.4M | $247.8M | -7.4% | | North America Interactive Revenue | $49.2M | $25.3M | +94.7% | | **Net Loss** | **($60.2M)** | **($25.7M)** | **Worsened** | | **Adjusted EBITDAR** | **$161.8M** | N/A | N/A | - Announced aggregate transactions with GLPI totaling **$2.07 billion**, which includes **$940 million** in construction funding for the permanent Bally's Chicago Casino[2](index=2&type=chunk)[3](index=3&type=chunk) - Entered into a definitive merger agreement with The Queen Casino & Entertainment Inc (QC&E), where Bally's stockholders will receive **$18.25 per share** in cash or can elect to retain their investment[2](index=2&type=chunk)[4](index=4&type=chunk) - Demolition and site preparation are underway for the permanent Bally's Chicago Casino, which has a new site plan featuring a **single-phase 500-room hotel tower**[2](index=2&type=chunk)[8](index=8&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Executive leadership highlighted the portfolio's resilience and strategic progress, with the CEO emphasizing strong growth in North America Interactive and the UK offsetting challenges in Asia, while the President noted continued progress on the Chicago development and underlying growth in the core casino portfolio, and the CFO reiterated a focus on cost optimization and operating efficiency - CEO Robeson Reeves noted that **solid results** were driven by growth in Casinos & Resorts, North America Interactive, and a **record performance in the UK**, which was offset by declines in Asia and other international markets[3](index=3&type=chunk) - President George Papanier stated that excluding market-specific impacts and the Chicago ramp-up, the rest of the casino portfolio grew **3% year-over-year**, demonstrating its resilience[8](index=8&type=chunk) - CFO Marcus Glover emphasized that the diversity of the asset portfolio enabled **healthy financial performance** despite property-specific headwinds, with a continued focus on **optimizing the cost structure**[8](index=8&type=chunk) [Segment Performance](index=2&type=section&id=Segment%20Performance) [Casinos & Resorts](index=2&type=section&id=Casinos%20%26%20Resorts) The Casinos & Resorts segment revenue grew 3.0% year-over-year to $343.1 million, primarily due to the ongoing ramp-up of the Chicago Temporary Casino, though segment adjusted EBITDAR declined 10% to $99.8 million, impacted by the Tropicana closure, traffic disruptions from bridge construction affecting the Lincoln property, and increased promotional activity and marketing team turnover in Atlantic City Casinos & Resorts Q2 2024 Performance | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | $343.1M | $333.2M | +3.0% | | Adjusted EBITDAR | $99.8M | $111.0M | -10.1% | - The Chicago Temporary Casino continues to gain traction, having welcomed **over one million visitors**[5](index=5&type=chunk) - Performance was negatively impacted by the **Tropicana closure**, traffic disruptions in Rhode Island due to bridge construction, and **challenges in Atlantic City**[5](index=5&type=chunk) [International Interactive](index=2&type=section&id=International%20Interactive) International Interactive revenue fell 7.4% year-over-year to $229.4 million, driven by logistical and operational hurdles in the Asian market, partly mitigated by a strong 9% revenue growth in the UK, and despite lower revenue, segment adjusted EBITDAR margins improved by 130 basis points, resulting in a smaller 3.9% year-over-year decline in adjusted EBITDAR to $81.3 million International Interactive Q2 2024 Performance | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | $229.4M | $247.8M | -7.4% | | Adjusted EBITDAR | $81.3M | $84.6M | -3.9% | - UK revenue grew a healthy **9%** (**8% in constant currency**), reflecting **iGaming market share gains** and the initial results from a **new online sports betting offering**[6](index=6&type=chunk) - The business in Asia was **challenged** during the quarter due to **logistical and operational hurdles** that directly impacted players[6](index=6&type=chunk) [North America Interactive](index=2&type=section&id=North%20America%20Interactive) The North America Interactive segment delivered exceptional growth, with revenue surging 94.7% year-over-year to $49.2 million, and its Adjusted EBITDAR loss significantly narrowed to $6.8 million from a loss of $17.7 million in the prior year, driven by strong iGaming operations in Rhode Island, New Jersey, and Pennsylvania, and positive player feedback from the integration of Kambi and White Hat technology platforms North America Interactive Q2 2024 Performance | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue | $49.2M | $25.3M | +94.7% | | Adjusted EBITDAR | ($6.8M) | ($17.7M) | +61.8% | - The segment **outperformed internal expectations**, benefiting from **strong iGaming performance** in Rhode Island, New Jersey, and Pennsylvania[7](index=7&type=chunk) - The ongoing integration of Kambi and White Hat technology platforms has **enhanced the product offering** and received **positive player feedback**[7](index=7&type=chunk) [2024 Guidance](index=3&type=section&id=2024%20Guidance) [Financial Outlook and Capital Expenditures](index=3&type=section&id=Financial%20Outlook%20and%20Capital%20Expenditures) Bally's expects its full-year 2024 results to be at the lower end of its guidance range of $2.5-$2.7 billion for revenue and $655-$695 million for adjusted EBITDAR, leading the company to tighten capital allocation by reducing its 2024 core portfolio capital expenditure and software development cost targets by approximately $50 million to an expected $115 million, excluding funding for major development projects like the Tropicana and Chicago casino which are covered by separate agreements with GLPI 2024 Full-Year Guidance | Metric | Guidance Range | | :--- | :--- | | Revenue | $2.5B - $2.7B | | Adjusted EBITDAR | $655M - $695M | - The company currently expects to be at the **lower end of the guidance range** for the year[9](index=9&type=chunk) - Capital expenditure and software development cost targets for the core portfolio are **reduced by approximately $50 million** to an expected **$115 million** for 2024[10](index=10&type=chunk) - Developmental CapEx for the Tropicana demolition and Chicago casino construction is **not included** in the $115 million target and will be **largely funded by GLPI**[10](index=10&type=chunk) [Financial Statements & Reconciliations](index=3&type=section&id=Financial%20Statements%20%26%20Reconciliations) [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the second quarter ended June 30, 2024, Bally's reported total revenues of $621.7 million, up from $606.2 million in Q2 2023, with operating income slightly down at $5.6 million from $6.0 million in the prior-year quarter, and a wider net loss of $60.2 million, or ($1.24) per diluted share, compared to $25.7 million, or ($0.48) per share, in Q2 2023 Q2 2024 Statement of Operations (in thousands) | Metric | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | | :--- | :--- | :--- | | Total Revenue | $621,657 | $606,206 | | Income from Operations | $5,573 | $5,982 | | Net Loss | ($60,196) | ($25,651) | | Diluted Loss Per Share | ($1.24) | ($0.48) | [Reconciliation of GAAP to Non-GAAP Measures](index=7&type=section&id=Reconciliation%20of%20GAAP%20Measures%20to%20Non-GAAP%20Measures) The company reconciled its Q2 2024 GAAP net loss of $60.2 million to a non-GAAP Adjusted EBITDA of $130.1 million, which was nearly flat compared to the prior year, and after adding back $31.7 million in rent expenses associated with triple net operating leases, the Adjusted EBITDAR for the quarter was $161.8 million, with significant adjustments including interest expense, depreciation, transaction costs, and Tropicana demolition costs Q2 2024 Reconciliation of Net Loss to Adjusted EBITDAR (in thousands) | Metric | Three Months Ended June 30, 2024 | | :--- | :--- | | Net Loss | ($60,196) | | Interest expense, net | $74,200 | | Depreciation and amortization | $78,782 | | Transaction costs | $11,119 | | Tropicana Las Vegas demolition costs | $12,261 | | **Adjusted EBITDA** | **$130,062** | | Rent expense associated with triple net leases | $31,737 | | **Adjusted EBITDAR** | **$161,799** | [Segment Financial Data](index=8&type=section&id=Revenue%20and%20Segment%20Adjusted%20EBITDAR) This table details the revenue and Adjusted EBITDAR contributions from each of Bally's operating segments for the second quarter and first half of 2024, showing Casinos & Resorts as the largest contributor to both revenue ($343.1M) and Adjusted EBITDAR ($99.8M) for Q2, followed by International Interactive, while the North America Interactive segment demonstrated strong revenue growth despite operating at an Adjusted EBITDAR loss Q2 2024 Revenue and Adjusted EBITDAR by Segment (in thousands) | Segment | Revenue | Adjusted EBITDAR | | :--- | :--- | :--- | | Casinos & Resorts | $343,051 | $99,801 | | International Interactive | $229,396 | $81,292 | | North America Interactive | $49,210 | ($6,757) | | Other | N/A | ($12,537) | | **Total** | **$621,657** | **$161,799** | [Selected Balance Sheet and Cash Flow Data](index=9&type=section&id=Selected%20Financial%20Information) As of June 30, 2024, Bally's reported $154.7 million in cash and cash equivalents and $3.67 billion in total long-term debt, with capital expenditures of $35.7 million and cash paid for capitalized software of $10.6 million for the second quarter of 2024 Balance Sheet Data (in thousands) | Metric | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $154,733 | $163,194 | | Long-term debt, including current portion | $3,673,131 | $3,662,635 | Cash Flow Data (in thousands) | Metric | Three Months Ended June 30, 2024 | | :--- | :--- | | Capital expenditures | $35,709 | | Cash paid for capitalized software | $10,626 | [Other Information](index=4&type=section&id=Other%20Information) [About Bally's Corporation](index=4&type=section&id=About%20Bally%27s%20Corporation) Bally's Corporation is a global casino-entertainment company that currently owns and manages 15 casinos across 10 states, along with a golf course, a horse racetrack, and Bally's Interactive International, employing approximately 10,600 individuals and operating 15,300 slot machines, 580 table games, and 3,800 hotel rooms - Bally's currently owns and manages **15 casinos in 10 states**, with plans to expand to **16 casinos in 11 states** upon completion of projects in Chicago, IL, and State College, PA[17](index=17&type=chunk)[18](index=18&type=chunk) [Conference Call Information](index=4&type=section&id=Second%20Quarter%20Conference%20Call) The company held its second quarter 2024 earnings conference call and webcast on July 31, 2024, at 4:30 p.m. EDT, with a webcast archive available on the Investors section of the company's website [Cautionary Note Regarding Forward-Looking Statements](index=5&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This press release contains forward-looking statements that involve risks and uncertainties, which are not guarantees of future performance, and actual results may differ materially, with the company not intending to update any forward-looking statements
Bally's Buyout Alert: Shareholders Concerned About $18.25 Deal Price Should Contact Julie & Holleman LLP Regarding Potential Legal Claims
Prnewswire· 2024-07-29 11:45
NEW YORK, July 29, 2024 /PRNewswire/ -- Nationally recognized shareholder rights firm Julie & Holleman LLP is investigating the proposed $18.25 per share buyout of Bally's Corporation (NYSE: BALY) by the company's largest shareholder, private equity firm Standard General L.P.For a free, no-risk consultation, please visit https://julieholleman.com/ballys-corporation/, or contact firm partner Scott Holleman by email at [email protected].Bally's is a global casino-entertainment company with a growing omni-chan ...
BALY INVESTIGATION: The M&A Class Action Firm Launches Investigation Merger of Bally's Corp.
GlobeNewswire News Room· 2024-07-27 11:50
NEW YORK, July 27, 2024 (GLOBE NEWSWIRE) -- NEW YORK, July 27, 2024 / GlobeNewswire/-- Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Bally’s Corp. (NYSE: BALY), relating to its proposed merger with Standard General L.P. Under the terms of the agreement, Bally’s Corp stockholde ...
STOCKHOLDER INVESTIGATION: The M&A Class Action Firm Investigates Merger of Bally's Corp. - BALY
Prnewswire· 2024-07-26 18:42
NEW YORK, July 26, 2024 /PRNewswire/ -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Bally's Corp. (NYSE: BALY), relating to its proposed merger with Standard General L.P. Under the terms of the agreement, Bally's Corp stockholders will receive $18.25 in cash per share they o ...
SHAREHOLDER ALERT: Kaskela Law LLC Announces Investigation of Proposed Bally's Corp. (NYSE: BALY) Shareholder Buyout and Encourages Investors to Contact the Firm
GlobeNewswire News Room· 2024-07-26 17:50
PHILADELPHIA, July 26, 2024 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that it has launched an investigation into the recently announced proposed buyout of Bally’s Corporation (“Bally’s”) (NYSE: BALY) shareholders. On July 25, 2024, Bally’s announced that it had agreed to be acquired by its largest shareholder, Standard General L.P., at a price of $18.25 per share. Following the closing of the proposed transaction, Bally’s shareholders will be cashed out of their investment position and the company’s sha ...