Bally's (BALY)

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Strength Seen in Bally's (BALY): Can Its 25.1% Jump Turn into More Strength?
ZACKS· 2024-07-26 16:01
Bally's Corporation (BALY) shares soared 25.1% in the last trading session to close at $16.91. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 15.7% gain over the past four weeks.Bally’s Corporation shares surged on the news of its merger agreement with Standard General L.P., valued at approximately $4.6 billion. The agreement involves combining Bally’s with The Queen Casino & Entertainment Inc., a regional casino operator. The c ...
Gaming and Leisure Properties Reports Record Second Quarter 2024 Results and Increases 2024 Full Year Guidance
Newsfilter· 2024-07-25 20:34
WYOMISSING, Pa., July 25, 2024 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) ("GLPI" or the "Company") today announced financial results for the quarter ended June 30, 2024. Financial Highlights Three Months Ended June 30,(in millions, except per share data) 2024 2023Total Revenue $380.6 $356.6Income from Operations $293.4 $238.3Net Income $214.4 $160.1FFO(1) (4) $279.2 $225.4AFFO(2) (4) $264.4 $250.4Adjusted EBITDA(3) (4) $340.4 $325.5Net income, per diluted common share and OP un ...
Bally's Corporation (BALY) Expected to Beat Earnings Estimates: Should You Buy?
ZACKS· 2024-07-24 15:07
The market expects Bally's Corporation (BALY) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on July 31, 2024, might help the stock move higher if these key numbers ...
Gaming and Leisure Properties Enters into Sale Leaseback and Development Funding Transactions with Bally's Corporation Totaling $1.585 Billion at Blended 8.3% Initial Cash Yield
Newsfilter· 2024-07-12 11:00
Multi-Faceted Transaction Further Expands and Diversifies GLPI's Industry-Leading Regional Property Portfolio; Provides Bally's with Financing for its Highly-Anticipated Flagship Chicago Casino Facility WYOMISSING, Pa., July 12, 2024 (GLOBE NEWSWIRE) -- Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) ("GLPI" or "the Company"), announced today that it has entered into a binding term sheet with Bally's Corporation (NYSE:BALY) ("Bally's") pursuant to which the Company intends to acquire the real property as ...
SHAREHOLDER ALERT: Kaskela Law LLC Announces Investigation of Bally's Corp. (NYSE: BALY) and Encourages Investors to Contact the Firm
GlobeNewswire News Room· 2024-07-08 12:00
PHILADELPHIA, July 08, 2024 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that it is investigating Bally’s Corp. (NYSE: BALY) on behalf of the company’s shareholders. Since May 2022, shares of Bally’s common stock have declined in value from a trading price of over $28.00 per share to a current trading price of less than $13.00 per share, a decline of over 53% in value. The investigation seeks to determine whether Bally’s and/or the company’s officers and directors violated the securities laws or breached t ...
Shareholders push casinos to reassess indoor smoking
CNBC· 2024-05-09 17:21
Core Viewpoint - A new strategy involving shareholder votes is emerging in the effort to ban smoking in casinos, with proposals being put forth by shareholders at Boyd Gaming, Bally's Entertainment, and Caesars Entertainment to assess the costs and potential savings of going smoke-free [1][2] Group 1: Shareholder Proposals - Shareholders at Boyd Gaming, Bally's, and Caesars will vote on proposals to study the financial implications of allowing indoor smoking versus adopting a smoke-free policy [1][2] - The proposals are backed by Trinity Health and the Americans for Nonsmokers' Rights Foundation, despite Trinity Health owning only a small fraction of shares in these companies [1] Group 2: Casino Operations and Legislation - The three companies operate a total of 75 casinos in the U.S. that permit indoor smoking, with approximately 14 states allowing such practices [2] - Some states, including Nevada and New Jersey, have broader smoking bans but allow exceptions for casinos, while legislation to end indoor smoking in casinos is being considered in several states [2] Group 3: Financial Implications and Research - Research by C3 Gaming indicates that smoke-free casinos can generate more revenue and outperform those that allow smoking [3] - Boyd Gaming claims that states with smoking bans have negatively impacted their business, arguing that decisions should be made based on local trends [3] Group 4: Industry Perspectives - Caesars board member Jan Jones Blackhurst stated that smoking ban decisions should be made by governments, acknowledging potential revenue drops of 20% to 25% if bans are enacted [4] - Workers' unions have mixed responses, with some concerned about job losses while others, like the United Auto Workers, are advocating against in-casino smoking due to health concerns [4] Group 5: Health Concerns and Market Responses - The CDC emphasizes that no level of secondhand smoke exposure is safe, advocating for 100% smoke-free environments [5] - Parx Casino, which remained smoke-free during the pandemic, reported no significant loss in market share and focused on guest satisfaction and employee morale [6]
Bally's (BALY) - 2024 Q1 - Quarterly Report
2024-05-03 13:12
Part I - Financial Information [Financial Statements](index=3&type=section&id=ITEM%201.%20Financial%20Statements) Bally's Corporation reported a **$173.9 million net loss** in Q1 2024, primarily due to an operating loss and the absence of a prior-year sale-leaseback gain [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Overview (in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$6,635,996** | **$6,861,103** | | Total Current Assets | $536,137 | $572,345 | | Property and equipment, net | $1,100,733 | $1,174,888 | | Goodwill | $1,914,853 | $1,935,803 | | Intangible assets, net | $1,812,638 | $1,871,428 | | **Total Liabilities** | **$6,186,191** | **$6,225,249** | | Long-term debt, net | $3,660,920 | $3,643,185 | | **Total Stockholders' Equity** | **$449,805** | **$635,854** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Total Revenue** | **$618,482** | **$598,720** | | (Loss) Income from Operations | $(73,955) | $376,732 | | **Net (Loss) Income** | **$(173,914)** | **$178,336** | | Diluted (Loss) Earnings Per Share | $(3.61) | $3.24 | - The significant decrease in income from operations is primarily due to a **$374.2 million gain** from a sale-leaseback transaction recorded in Q1 2023, which was not repeated in Q1 2024[7](index=7&type=chunk)[151](index=151&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(7,854) | $(16,112) | | Net cash (used in) provided by investing activities | $(43,401) | $319,636 | | Net cash provided by (used in) financing activities | $51,327 | $(173,568) | | **Net change in cash and restricted cash** | **$(4,373)** | **$131,678** | | Cash and restricted cash, end of period | $310,889 | $396,862 | - The significant variance in investing activities year-over-year is due to **$411.0 million in proceeds** from a sale-leaseback transaction in Q1 2023[16](index=16&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company operates through three reportable segments: Casinos & Resorts, International Interactive (primarily Europe and Asia), and North America Interactive[21](index=21&type=chunk)[22](index=22&type=chunk)[183](index=183&type=chunk) Revenue by Segment (in thousands) | Segment | Q1 2024 Revenue | Q1 2023 Revenue | | :--- | :--- | :--- | | Casinos & Resorts | $342,329 | $328,786 | | International Interactive | $234,683 | $245,572 | | North America Interactive | $41,470 | $24,362 | | **Total Revenue** | **$618,482** | **$598,720** | - In Q1 2024, the company incurred restructuring charges of **$18.6 million** for severance and recorded **$80.1 million** in accelerated depreciation related to the closure of the Tropicana Las Vegas property[130](index=130&type=chunk)[132](index=132&type=chunk) - The company has significant capital expenditure commitments, including approximately **$57.4 million** remaining for Bally's Twin River, **$5.5 million** for Bally's Atlantic City, and a minimum of **$1.34 billion** for the Bally's Chicago project[177](index=177&type=chunk)[178](index=178&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Total revenue increased by **3.3%** to **$618.5 million** in Q1 2024, but the company reported a **$173.9 million net loss** due to accelerated depreciation and the absence of a prior-year gain [First Quarter 2024 Results](index=44&type=section&id=First%20Quarter%202024%20Results) - Total revenue increased by **3.3%** to **$618.5 million** in Q1 2024, up from **$598.7 million** in Q1 2023, driven by the Bally's Chicago temporary casino and North American iGaming and sportsbook expansion[226](index=226&type=chunk) - The company reported a loss from operations of **$74.0 million**, compared to income from operations of **$376.7 million** in the prior year, largely due to a Q1 2023 sale-leaseback gain and **$80.1 million** in accelerated depreciation on the Tropicana Las Vegas property in Q1 2024[229](index=229&type=chunk)[230](index=230&type=chunk) - Net loss was **$173.9 million**, or **$(3.61)** per diluted share, a significant reversal from a net income of **$178.3 million**, or **$3.24** per diluted share, in Q1 2023[234](index=234&type=chunk) [Segment Performance](index=45&type=section&id=Segment%20Performance) Adjusted EBITDAR by Segment (in thousands) | Segment | Q1 2024 Adjusted EBITDAR | Q1 2023 Adjusted EBITDAR | | :--- | :--- | :--- | | Casinos & Resorts | $89,418 | $105,123 | | International Interactive | $83,532 | $80,301 | | North America Interactive | $(10,158) | $(10,563) | | **Total** | **$148,115** | **$157,593** | - The Casinos & Resorts segment's Adjusted EBITDAR decreased by **$15.7 million**, primarily due to winter weather impacts across multiple properties[234](index=234&type=chunk) - The North America Interactive segment's revenue grew **107.0%** year-over-year, and its Adjusted EBITDAR loss narrowed, driven by stronger performance in iGaming and sportsbook[223](index=223&type=chunk)[235](index=235&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) - The company ended Q1 2024 with **$310.9 million** in cash and restricted cash, with primary liquidity sources being cash from operations and borrowings under its Revolving Credit Facility[240](index=240&type=chunk)[241](index=241&type=chunk) - As of March 31, 2024, total debt consisted of a **$1.9 billion** Term Loan Facility, **$355 million** drawn on the Revolving Credit Facility, and **$1.49 billion** in Senior Notes[136](index=136&type=chunk)[248](index=248&type=chunk) - The company has significant capital commitments for major projects, including Bally's Chicago (**$1.34 billion** minimum), Bally's Twin River (**$57.4 million** remaining), and a potential **$120 million** project in Pennsylvania[257](index=257&type=chunk)[259](index=259&type=chunk)[260](index=260&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk on **$2.26 billion** of variable debt and foreign currency risk from UK operations, managed with derivatives - The company has **$2.26 billion** of variable rate debt outstanding, where a hypothetical **1%** increase in the effective interest rate would increase annual interest expense by approximately **$22.6 million**[266](index=266&type=chunk) - The company is exposed to foreign currency risk, primarily from its UK operations conducted in British Pound Sterling (GBP), and uses derivative financial instruments like cross-currency swaps to manage this exposure[268](index=268&type=chunk) [Controls and Procedures](index=54&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed ineffective as of March 31, 2024, due to material weaknesses, with remediation efforts underway - Management concluded that disclosure controls and procedures were not effective as of March 31, 2024, due to previously disclosed material weaknesses in internal control over financial reporting[269](index=269&type=chunk) - Ongoing remediation efforts include hiring qualified staff, enhancing journal entry and account reconciliation controls within the International Interactive segment, and implementing a new ERP system to improve segregation of duties[270](index=270&type=chunk)[271](index=271&type=chunk) Part II - Other Information [Legal Proceedings](index=56&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, not expected to materially impact financials, with a notable settlement with Diamond Sports Group in Q1 2024 - The company is party to various legal proceedings arising in the ordinary course of business, which are not expected to have a material impact on financial results[275](index=275&type=chunk) - In Q1 2024, the company settled litigation with Diamond Sports Group, which had commenced as part of Diamond's Chapter 11 bankruptcy proceedings, releasing Bally's from all claims and terminating its naming rights obligation[175](index=175&type=chunk) [Risk Factors](index=56&type=section&id=ITEM%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023 - There were no material changes to the company's risk factors from those disclosed in its 2023 Annual Report on Form 10-K[276](index=276&type=chunk) [Other Information](index=56&type=section&id=ITEM%205.%20Other%20Information) During the first quarter of 2024, no officers or directors of the company adopted or terminated any Rule 10b5-1 trading plans or any non-Rule 10b5-1 trading arrangements - No officers or directors adopted or terminated any Rule 10b5-1 trading plans during the three months ended March 31, 2024[277](index=277&type=chunk) [Exhibits](index=57&type=section&id=ITEM%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO as required by the Sarbanes-Oxley Act, and XBRL data files - The exhibits include certifications from the Principal Executive Officer and Principal Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[279](index=279&type=chunk)
Bally's (BALY) - 2024 Q1 - Earnings Call Transcript
2024-05-02 01:47
Bally’s Corporation (NYSE:BALY) Q1 2024 Earnings Conference Call May 1, 2024 4:30 PM ET Company Participants Charlie Diao – Senior Vice President and Treasurer Robeson Reeves – Chief Executive Officer George Papanier – President Marcus Glover – Chief Financial Officer Conference Call Participants Barry Jonas – Truist David Katz – Jefferies Jeff Stantial – Stifel Chad Beynon – Macquarie Colin Mansfield – CBRE Institutional Research Operator Good day, and welcome to Bally’s Corporation’s First Quarter 2024 Ea ...
Bally's (BALY) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
Zacks Investment Research· 2024-05-02 00:36
For the quarter ended March 2024, Bally's Corporation (BALY) reported revenue of $618.48 million, up 3.3% over the same period last year. EPS came in at -$3.26, compared to -$0.74 in the year-ago quarter.The reported revenue represents a surprise of -0.69% over the Zacks Consensus Estimate of $622.76 million. With the consensus EPS estimate being -$1.13, the EPS surprise was -188.50%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to W ...
Bally's Corporation (BALY) Reports Q1 Loss, Misses Revenue Estimates
Zacks Investment Research· 2024-05-01 23:36
Bally's Corporation (BALY) came out with a quarterly loss of $3.26 per share versus the Zacks Consensus Estimate of a loss of $1.13. This compares to loss of $0.74 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -188.50%. A quarter ago, it was expected that this hotel casino operator would post a loss of $0.55 per share when it actually produced a loss of $0.86, delivering a surprise of -56.36%.Over the last four quarters, the ...