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 ...

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. | | | | | | ...

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 ...

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 ...

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’ ...

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]

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]

分组1 - Bally's Corporation reported a quarterly loss of $0.86 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.55, and compared to a loss of $0.43 per share a year ago [1] - The company's revenues for the quarter ended December 2023 were $611.67 million, missing the Zacks Consensus Estimate by 2.39%, and up from $576.69 million year-over-year [1] - Bally's has not surpassed consensus EPS estimates over the last four quarters and has only topped consensus revenue estimates once in the same period [1] 分组2 - Bally's shares have declined approximately 24.3% since the beginning of the year, contrasting with the S&P 500's gain of 4.3% [2] - The company's earnings outlook, including current consensus earnings expectations for upcoming quarters, will be crucial for investors [2] - The current consensus EPS estimate for the next quarter is -$0.24 on revenues of $651.73 million, and for the current fiscal year, it is -$0.50 on revenues of $2.66 billion [4] 分组3 - The Zacks Industry Rank places Hotels and Motels in the top 25% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [4] - Civeo, another company in the same industry, is expected to report quarterly earnings of $0.07 per share, reflecting a year-over-year increase of 107.1% [5] - Civeo's anticipated revenues are $151.12 million, which represents a 6.8% decline from the year-ago quarter [5]

Revenue Performance - Consolidated revenues for Q4 2023 were $611.7 million, a 6.1% increase year-over-year, and full-year revenues increased by 8.6% to $2.45 billion[2]. - Casinos & Resorts revenues rose to $342.3 million in Q4 2023, up 7.2% year-over-year, with full-year revenues growing 11.1%[3]. - International Interactive revenues increased by 2.1% year-over-year to $236.0 million in Q4 2023, with full-year growth of 2.8%[4]. - North America Interactive segment saw revenues of $33.4 million in Q4 2023, a 26.9% increase year-over-year, and full-year revenues grew by 37.8%[4]. - Total revenue for Q4 2023 was $611,670,000, an increase of 6.1% from $576,689,000 in Q4 2022[21]. - Year-end 2023 total revenue reached $2,449,073,000, up 8.6% from $2,255,705,000 in 2022[21]. - The Casinos & Resorts segment generated revenue of $342,317,000 in Q4 2023, a 7.0% increase from $319,178,000 in Q4 2022[21]. - International Interactive revenue for Q4 2023 was $235,980,000, slightly up from $231,218,000 in Q4 2022[21]. - North America Interactive segment reported a revenue increase to $33,373,000 in Q4 2023 from $26,293,000 in Q4 2022, a growth of 27.5%[21]. Financial Metrics - Net loss for Q4 2023 was $263.49 million, compared to a net loss of $487.53 million in Q4 2022, representing a 45.9% improvement[20]. - Adjusted EBITDA for the year ended 2023 was $527.33 million, down from $548.52 million in 2022, reflecting a decrease of 3.9%[20]. - The company reported a net loss margin of (43.1)% for Q4 2023, an improvement from (84.5)% in Q4 2022[20]. - Total operating costs and expenses for Q4 2023 were $909.51 million, a decrease from $1,031.20 million in Q4 2022[18]. - Impairment charges for Q4 2023 were $122.07 million, significantly lower than $463.98 million in Q4 2022[18]. - Adjusted EBITDAR for Q4 2023 was $160,936,000, compared to $0 in Q4 2022[21]. Share Repurchase and Future Expectations - Bally's repurchased 5.8 million shares for $68.6 million in Q4 2023, totaling 7.6 million shares repurchased for $99.1 million for the full year[5]. - For 2024, Bally's expects revenues between $2.5 billion and $2.7 billion, with Adjusted EBITDAR projected between $655 million and $695 million[6]. - Bally's anticipates an Adjusted EBITDAR loss of approximately $30 million for North America Interactive in 2024, down from a loss of $55.7 million in 2023[4]. Operational Developments - Bally's plans to close Tropicana Las Vegas on April 2, 2024, to prepare for future developments related to Major League Baseball[4]. - The Chicago Temporary Casino achieved a record $10 million GGR in January 2024 after commencing 24/7 operations[2]. - Bally's plans to expand its casino operations to 17 casinos across 11 states upon completion of new facilities in Chicago, IL, and State College, PA[14]. - The company has access to Online Sports Betting licenses in 18 states, enhancing its market presence[14]. - Bally's Interactive International, formerly Gamesys Group, continues to be a key player in the online gaming sector, contributing to the company's growth strategy[14]. Cash and Debt Position - Cash and cash equivalents decreased to $163,194,000 as of December 31, 2023, down from $212,515,000 in 2022[22]. - Long-term debt, net of discounts and deferred financing fees, was $3,643,185,000 at year-end 2023, compared to $3,469,105,000 in 2022[22]. - Capital expenditures for the year 2023 totaled $311,483,000, an increase from $212,256,000 in 2022[23]. - The company made cash payments of $29,935,000 associated with triple net operating leases in Q4 2023, up from $17,446,000 in Q4 2022[23].

Group 1 - Bally's Corporation will release its financial results for Q4 2023 after market close on February 21, 2024 [1] - A conference call to discuss the results will be held on the same day at 4:30 p.m. EDT [1] - Access to the conference call can be obtained by dialing (800) 343-4136 and referencing conference ID BALYQ423 [1] Group 2 - Bally's Corporation is a global casino-entertainment company with an omni-channel presence in Online Sports Betting and iGaming [2] - The company currently owns and manages 16 casinos across 10 states and has access to OSB licenses in 18 states [2] - Bally's operates approximately 15,000 slot machines, 600 table games, and 5,300 hotel rooms, employing around 10,500 people [2] - Upon completion of new casino facilities, Bally's will manage 17 casinos across 11 states [2]