Bally's (US:BALY)2025-05-12 20:42Revenue Performance - Total revenue for the first quarter of 2025 was $589.2 million, a decrease of 4.7% year over year from $618.5 million[3] - Casinos & Resorts revenue increased by 2.6% year over year to $351.2 million[5] - International Interactive revenue declined by 18.3% year over year to $191.7 million, primarily due to the divestiture of the Asia interactive business in 2024[5] - North America Interactive revenue rose by 12.5% year over year to $44.5 million, benefiting from the addition of the Queen interactive business[5] - Total revenue for the combined company for the three months ended March 31, 2025, was $611,068,000, compared to $674,730,000 for the same period in 2024, representing a decrease of approximately 9.4%[36][39] Adjusted EBITDAR - Adjusted EBITDAR for the Casinos & Resorts segment grew by 6.3% year over year to $95.1 million[8] - U.K. online revenue increased by 4.9% year over year, while overall International Interactive Adjusted EBITDAR was down 7.7% year over year to $77.1 million[9] - Adjusted EBITDAR for the combined company for the three months ended March 31, 2025, was $100,569,000, down from $107,001,000 in the same period in 2024, indicating a decline of about 6.7%[36][39] Cash and Debt Management - Cash and cash equivalents increased to $209,727,000 as of March 31, 2025, from $171,233,000 as of December 31, 2024, reflecting a growth of approximately 22.5%[29] - Long-term debt, net, rose to $3,430,709,000 as of March 31, 2025, compared to $3,299,323,000 as of December 31, 2024, marking an increase of about 4%[29] Capital Expenditures and Investments - Capital expenditures for the period from February 8, 2025, to March 31, 2025, were $30,457,000, compared to $28,053,000 for the same period in 2024, showing an increase of approximately 8.6%[32] - Bally's committed to a strategic capital investment of AUD $300 million in Star Entertainment Group, potentially owning approximately 38% of Star[11] Strategic Focus and Operations - The company is focusing on optimizing the results of its North America Interactive segment while growing its International Interactive business[6] - The construction of the permanent Chicago casino is ongoing, supported by Gaming and Leisure Properties, Inc.[5] - Bally's legacy properties outpaced market growth in seven of twelve jurisdictions during the first quarter[7] Financial Instruments and Risk Management - The company has entered into currency swaps to convert $500 million of its Term Loan Facility to €461.6 million fixed-rate Euro-denominated instrument due October 2028[32] - The company reported cash payments associated with triple net operating leases of $29,705,000 for the period from February 8, 2025, to March 31, 2025[32] - The company’s interest rate contract arrangements amount to an additional $1.0 billion notional, maturing in 2028, as part of its risk management program[32] Proforma Financial Information - Proforma combined financial information provides a baseline for future comparative results of Bally's and Queen, reflecting their merger as if it occurred on January 1, 2024[26] - Adjusted International Interactive revenue for the three months ended March 31, 2025, was $109,030,000, down from $170,017,000 in the same period in 2024, a decrease of about 35.9%[41]