Workflow
Bally's (BALY)
icon
Search documents
Bally's (BALY) - 2024 Q1 - Earnings Call Presentation
2024-05-01 22:18
Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the securities laws. Forward-looking statements are statements as to matters that are not historical facts and include statements about Bally’s Corporation’s (“Bally’s”) plans, objectives, expectations and intentions. Forward-looking statements are not guarantees and are subject to risks and uncertainties. Forward-looking statements are based on Bally’s current expectations and assumptions. Although Bally’ ...
Bally's (BALY) - 2024 Q1 - Quarterly Results
2024-05-01 20:06
[Bally's Corporation Q1 2024 Earnings Release](index=1&type=section&id=BALLY%27S%20CORPORATION%20ANNOUNCES%20FIRST%20QUARTER%202024%20RESULTS) Bally's Corporation announces its first quarter 2024 results, detailing financial and operational performance, segment contributions, and reaffirmed full-year guidance [Financial & Operational Highlights](index=1&type=section&id=First%20Quarter%202024%20Financial%20Highlights) Bally's Corporation reported a 3.3% revenue increase to $618.5 million, driven by Casinos & Resorts and North America Interactive, resulting in a $173.9 million net loss compared to prior year's gain Q1 2024 Financial Summary (vs. Q1 2023) | Metric | Q1 2024 (in millions) | Q1 2023 (in millions) | Change | | :--- | :--- | :--- | :--- | | **Consolidated Revenue** | **$618.5** | **$598.7** | **+3.3%** | | Casinos & Resorts Revenue | $342.3 | $328.8 | +4.1% | | International Interactive Revenue | $234.7 | $245.6 | -4.4% | | North America Interactive Revenue | $41.5 | $24.4 | +70.2% | | **Net (Loss) Income** | **($173.9)** | **$178.3** | **N/A** | | **Adjusted EBITDAR** | **$148.1** | **N/A** | **N/A** | - Successfully launched iGaming in Rhode Island as the sole provider[2](index=2&type=chunk) - Closed the Tropicana Las Vegas on April 2nd to prepare for the Las Vegas A's stadium development on a portion of the site[2](index=2&type=chunk)[7](index=7&type=chunk) [Management Commentary & Segment Performance](index=1&type=section&id=Management%20Commentary%20%26%20Segment%20Performance) Management reported a solid start to 2024 with revenue growth in Casinos & Resorts and North America Interactive, while International Interactive's decline was a strategic shift towards profitability [Casinos & Resorts](index=1&type=section&id=Casinos%20%26%20Resorts) The Casinos & Resorts segment revenue grew 4.1% driven by the Chicago Temporary Casino, though Adjusted EBITDAR declined due to weather, adverse hold, and Tropicana wind-down - Segment revenue grew **4.1% YoY**, driven by the Chicago Temporary Casino[4](index=4&type=chunk) - Adjusted EBITDAR declined due to January weather, adverse hold, reduced access to the Twin River, RI property, and the Tropicana Las Vegas wind-down[4](index=4&type=chunk) - The Chicago Temporary Casino is showing positive results with month-over-month revenue improvement in Q1, driven by enhanced VIP amenities and improved property access[6](index=6&type=chunk) - The Tropicana Las Vegas officially closed on April 2nd, with demolition planned for later in the year to make way for the Las Vegas A's stadium[7](index=7&type=chunk) [International Interactive](index=1&type=section&id=International%20Interactive) International Interactive revenue decreased 4.4% to $234.7 million due to a strategic shift prioritizing profit, yet Adjusted EBITDAR grew 4.0% with strong UK performance International Interactive Q1 Performance | Metric | Q1 2024 (in millions) | Q1 2023 (in millions) | Change | | :--- | :--- | :--- | :--- | | Revenue | $234.7 | $245.6 | -4.4% | | Adjusted EBITDAR | $83.5 | $80.3 | +4.0% | - The revenue decline reflects a strategic shift to maximize profit yield instead of pursuing uneconomic growth, leading to challenging YoY comparisons[5](index=5&type=chunk) - Core UK interactive operations grew revenues by **12%** (**7%** on a constant currency basis) due to market share gains[3](index=3&type=chunk)[5](index=5&type=chunk) - The company anticipates benefits in Spain from the removal of advertising restrictions and plans to launch online sports betting (OSB) in the UK[5](index=5&type=chunk) [North America Interactive](index=2&type=section&id=North%20America%20Interactive) North America Interactive revenue surged 70.2% to $41.5 million, driven by market share gains in New Jersey and Pennsylvania, and the successful iGaming launch in Rhode Island North America Interactive Q1 Performance | Metric | Q1 2024 (in millions) | Q1 2023 (in millions) | Change | | :--- | :--- | :--- | :--- | | Revenue | $41.5 | $24.4 | +70.2% | | Adjusted EBITDAR | ($10.2) | ($10.6) | +3.8% | - Successfully launched iGaming in Rhode Island in early March, with revenues ramping up as expected through April[6](index=6&type=chunk) - iGaming operations in New Jersey and Pennsylvania continue to gain market share[6](index=6&type=chunk) [Corporate Strategy](index=2&type=section&id=Corporate%20Strategy) Bally's is committed to improving financial performance through disciplined cost management, streamlining, and centralizing operations to enhance efficiency - Bally's operating teams are focused on reducing expenses and enhancing operating efficiency by streamlining and centralizing operations[7](index=7&type=chunk) [2024 Guidance](index=2&type=section&id=2024%20Guidance) Bally's Corporation reaffirmed its full-year 2024 guidance, projecting revenues between $2.5 billion and $2.7 billion and Adjusted EBITDAR between $655 million and $695 million Full-Year 2024 Guidance (Unchanged) | Metric | Guidance Range | | :--- | :--- | | Revenue | $2.5 billion to $2.7 billion | | Adjusted EBITDAR | $655 million to $695 million | - Guidance incorporates the impact of the Tropicana Las Vegas closure, the ramp-up of the Chicago Temporary Casino, growth in International Interactive, and the new iGaming operations in Rhode Island[8](index=8&type=chunk) [Financial Statements & Reconciliations](index=3&type=section&id=Financial%20Statements%20%26%20Reconciliations) This section provides unaudited condensed consolidated financial statements for Q1 2024, including statements of operations, GAAP to non-GAAP reconciliations, segment performance, and selected balance sheet and cash flow data [Condensed Consolidated Statements of Operations](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Bally's reported Q1 2024 total revenues of $618.5 million, with a $74.0 million operating loss and $173.9 million net loss, primarily due to a prior-year sale-leaseback gain Q1 2024 Statement of Operations Highlights | Line Item | Q1 2024 (in millions) | Q1 2023 (in millions) | | :--- | :--- | :--- | | Total Revenue | $618.5 | $598.7 | | Total operating costs and expenses | $692.4 | $222.0 | | *Gain from sale-leaseback, net* | *$—* | *($374.2)* | | (Loss) income from operations | ($74.0) | $376.7 | | Interest expense, net | ($73.1) | ($63.3) | | **Net (loss) income** | **($173.9)** | **$178.3** | | **Diluted (loss) earnings per share** | **($3.61)** | **$3.24** | [Reconciliation to Adjusted EBITDA & EBITDAR](index=6&type=section&id=Reconciliation%20to%20Adjusted%20EBITDA%20%26%20EBITDAR) Bally's reconciled its Q1 2024 net loss of $173.9 million to Adjusted EBITDA of $116.5 million and Adjusted EBITDAR of $148.1 million, with an Adjusted EBITDA margin of 18.8% Q1 2024 Reconciliation from Net Loss to Adjusted EBITDAR | Line Item | Q1 2024 (in millions) | | :--- | :--- | | Net (loss) income | ($173.9) | | Interest expense, net | $73.1 | | Provision for income taxes | $31.4 | | Depreciation and amortization | $159.7 | | Other adjustments (restructuring, transaction costs, etc.) | $25.1 | | **Adjusted EBITDA** | **$116.5** | | Rent expense associated with triple net operating leases | $31.6 | | **Adjusted EBITDAR** | **$148.1** | [Segment Performance Data](index=7&type=section&id=Segment%20Performance%20Data) In Q1 2024, Casinos & Resorts led with $342.3 million revenue and $89.4 million Adjusted EBITDAR, followed by International Interactive, while North America Interactive reported a $10.2 million Adjusted EBITDAR loss Q1 2024 Revenue and Segment Adjusted EBITDAR | Segment | Revenue (in millions) | Adjusted EBITDAR (in millions) | | :--- | :--- | :--- | | Casinos & Resorts | $342.3 | $89.4 | | International Interactive | $234.7 | $83.5 | | North America Interactive | $41.5 | ($10.2) | | Other | N/A | ($14.7) | | **Total** | **$618.5** | **$148.1** | [Selected Balance Sheet & Cash Flow Data](index=8&type=section&id=Selected%20Balance%20Sheet%20%26%20Cash%20Flow%20Data) As of March 31, 2024, Bally's reported $169.4 million in cash and $3.68 billion in long-term debt, with Q1 capital expenditures of $28.1 million Balance Sheet Data | Item | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents (in millions) | $169.4 | $163.2 | | Long-term debt, including current portion (in billions) | $3.68 | $3.66 | Cash Flow Data | Item | Q1 2024 (in millions) | | :--- | :--- | | Capital expenditures | $28.1 | | Cash paid for capitalized software | $13.6 | [About Bally's Corporation & Disclosures](index=4&type=section&id=About%20Bally%27s%20Corporation%20%26%20Disclosures) Bally's Corporation is a global casino-entertainment company managing 15 casinos and interactive gaming platforms, pursuing growth through new developments, with this report containing forward-looking statements - Bally's currently owns and manages **15 casinos** across **10 states**, with approximately **15,000 slot machines**, **550 table games**, and **3,900 hotel rooms**[14](index=14&type=chunk)[15](index=15&type=chunk) - Future projects include a permanent casino in Chicago and a land-based casino in State College, PA, which will bring the total to **16 casinos** across **11 states**[15](index=15&type=chunk) - The press release includes a standard cautionary note regarding forward-looking statements, advising that actual results may differ materially from projections[16](index=16&type=chunk)
Bally's Atlantic City Celebrates 45th Anniversary
Newsfilter· 2024-04-17 14:00
Atlantic City, NJ, April 17, 2024 (GLOBE NEWSWIRE) -- Bally's Atlantic City is thrilled to commemorate its 45th Anniversary by introducing a range of new amenities and special offerings designed to enhance the guest experience. Building upon the successful completion of over $100 million in renovations in the summer of 2022, Bally's is excited to announce additional improvements that will take the customer experience to new heights. These enhancements are aimed at providing guests with even more exciting an ...
Bally's shareholders wage battle over ownership, 'unfunded development projects'
CNBC· 2024-04-02 12:03
In this articleBALYAn exterior view shows the Tropicana Las Vegas at dusk on March 29, 2024 in Las Vegas, Nevada. David Becker | Getty ImagesAs the famous Tropicana in Las Vegas closes its doors Tuesday, its operator Bally's Corporation is facing its own existential battle. At stake: ownership, its status as a publicly traded company and its highest-profile projects.Bally's Chairman Soo Kim and Standard General, the private equity fund he founded, last month made a bid to take the company private at $15 per ...
Bally's (BALY) - 2023 Q4 - Annual Report
2024-03-14 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-38850 | --- | --- | --- | --- | --- | |-----------------------------|-------|-------|-------------------------------|-------| | | | | | | | Exchange Act. | | | | | | ...
Bally's Forms Special Committee to Evaluate Preliminary, Non-Binding Acquisition Proposal by Standard General
Businesswire· 2024-03-12 14:43
PROVIDENCE, R.I.--(BUSINESS WIRE)--The Board of Directors of Bally’s Corporation (NYSE: BALY) today announced that it has formed a special committee of independent and disinterested directors that is authorized, among other things, to evaluate the preliminary, non-binding proposal, dated March 11, 2024, by Standard General to acquire all of the outstanding shares of Bally’s that it does not already own for $15.00 in cash per share, as well as any potential strategic alternatives to the proposal. A copy of ...
Bally's Stock Soars Nearly 30% on New Takeover Bid from Hedge Fund
Investopedia· 2024-03-11 21:35
Key TakeawaysBally's Corp. shares took off Monday, soaring almost 30%, after hedge fund Standard General made a new bid to take over the casino operator.Standard General offered $15 per share for Bally's, a 41% premium from Friday's closing price and above Monday's $13.64 close.The hedge fund had made a $38-a-share bid for the company in January 2022, which was rejected. Bally’s Corp. (BALY) shares skyrocketed almost 30% after hedge fund Standard General offered to buy the rest of the shares of the casino o ...
Bally's (BALY) - 2023 Q4 - Earnings Call Presentation
2024-02-22 01:11
Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the securities laws. Forward-looking statements are statements as to matters that are not historical facts and include statements about Bally’s Corporation’s (“Bally’s”) plans, objectives, expectations and intentions. Forward-looking statements are not guarantees and are subject to risks and uncertainties. Forward-looking statements are based on Bally’s current expectations and assumptions. Although Bally’ ...
Bally's (BALY) - 2023 Q4 - Earnings Call Transcript
2024-02-22 01:11
Financial Data and Key Metrics Changes - Bally's Corporation reported a 6% year-over-year revenue growth in Q4 2023, reaching $612 million, with a full-year revenue increase of 9% [5][21] - Adjusted EBITDA for the full year 2023 grew by 9%, with Q4 adjusted EBITDA reflecting strong performance across all segments [5][21] - The Casino & Resorts segment reported a 7% revenue increase in Q4 and an 11% increase for the full year, with adjusted EBITDA up 8% [14][21] Business Line Data and Key Metrics Changes - The Casinos & Resorts segment achieved revenues of $342.3 million in Q4, a 7% increase year-over-year, and $94.7 million in adjusted EBITDA [20] - International Interactive revenues increased by 2.1% year-over-year to $236 million in Q4, with record adjusted EBITDA of $93.2 million, a 4.3% increase [21] - North America Interactive generated $33.4 million in revenue, a 27% year-over-year increase, but reported an adjusted EBITDA loss of $9.8 million [22] Market Data and Key Metrics Changes - The UK operations within International Interactive saw a 10% revenue increase year-over-year, while Asia stabilized with expectations for consistent performance in 2024 [21][37] - The North American Interactive segment is expected to see significant adjusted EBITDA losses in 2024, estimated at $30 million, as the company continues to invest in market expansion [22][24] Company Strategy and Development Direction - Bally's Corporation is focused on a diverse operating model across Casinos & Resorts, International Interactive, and North America Interactive, viewing this diversity as a strength [6][10] - The company has a well-structured development pipeline, including the Chicago permanent casino project expected to begin construction in late 2024 and complete by late 2026 [8][10] - Bally's aims to enhance its market presence through strategic partnerships and technology improvements, particularly in the North American Interactive segment [12][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic challenges and highlighted a strong operational performance in 2023 [6][10] - The company anticipates continued growth in 2024, driven by the ramp-up of the Chicago temporary facility and the launch of iGaming in Rhode Island [24][25] - Management acknowledged the impact of severe weather on operations in January but noted a return to normal trends in February [32][19] Other Important Information - Bally's expects 2024 revenue in the range of $2.5 to $2.7 billion and adjusted EBITDA between $655 million and $695 million [24] - The company ended Q4 with $163.2 million in cash and $3.56 billion in net debt, reflecting ongoing investments and share repurchases [23] Q&A Session Summary Question: Insights on Chicago's player demographics and database transfer to the permanent facility - Management reported a growing database of 65,000 players, primarily younger demographics, with plans to transfer this database to the permanent facility [28] Question: Updates on Tropicana and ACE Stadium plans - Management confirmed the closure of Tropicana on April 2nd to prepare the site for ACE Stadium construction, with ongoing evaluations for development options [30] Question: Weather impact on guidance for Casinos & Resorts - Management estimated a 20% impact from weather in January but noted a bounce back in February, expecting to return to normal growth levels [32] Question: U.K. regulatory changes and their impact - Management expressed confidence in adapting to regulatory changes in the U.K., viewing them as opportunities to capture market share from smaller operators [35] Question: Chicago Temporary Facility EBITDA target - Management confirmed the target of $50 million EBITDA for the Chicago Temporary Facility remains intact [38] Question: Capital allocation and leverage strategy - Management emphasized a balanced approach to capital allocation, with ongoing investments in development while maintaining flexibility for share repurchases [70][72]
Compared to Estimates, Bally's (BALY) Q4 Earnings: A Look at Key Metrics
Zacks Investment Research· 2024-02-22 00:01
Core Insights - Bally's Corporation reported revenue of $611.67 million for the quarter ended December 2023, marking a year-over-year increase of 6.1% but falling short of the Zacks Consensus Estimate by 2.39% [1] - The company posted an EPS of -$0.86, which is a decline from -$0.43 a year ago, and the EPS surprise was -56.36% compared to the consensus estimate of -$0.55 [1] Revenue Performance - Revenue from Casinos & Resorts was $342.32 million, slightly below the two-analyst average estimate of $342.45 million, with a year-over-year change of +7.3% [2] - International Interactive revenue reached $235.98 million, underperforming the two-analyst average estimate of $243 million, with a year-over-year change of +2.1% [2] - North America Interactive revenue was $33.37 million, compared to the two-analyst average estimate of $34.75 million, reflecting a year-over-year change of +26.9% [2] Adjusted EBITDAR Metrics - Adjusted EBITDAR for Other was -$17.08 million, worse than the three-analyst average estimate of -$13.37 million [2] - Adjusted EBITDAR for International Interactive was $93.21 million, exceeding the three-analyst average estimate of $84.13 million [2] - Adjusted EBITDAR for North America Interactive was -$9.84 million, better than the average estimate of -$14.83 million [2] - Adjusted EBITDAR for Casinos & Resorts was $94.66 million, slightly below the three-analyst average estimate of $96.03 million [2] Stock Performance - Bally's shares have returned -6.6% over the past month, contrasting with the Zacks S&P 500 composite's +3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]