Bally's (US:BALY)2023-02-23 22:36Business Overview & Strategy - Bally's operates three main businesses: regional casinos in the US, iCasino operations primarily in the UK and Asia, and interactive gaming including sports betting and iCasino in North America[3] - The company is evolving into a premier, omni-channel gaming leader with a focus on integrating physical and online experiences[4, 10] - Bally's is investing in new slot products to enhance player engagement and drive incremental revenue[16, 18, 20] - A unified gaming experience is being developed through a single wallet system to power cashless gaming and integrated play across physical and online platforms[26] Expansion & Development - Bally's Chicago is a flagship casino project expected to open in phases, with a temporary facility in Summer 2023 and a permanent facility in Summer 2026, targeting 45 million annual admissions[12] - The company acquired the Tropicana Las Vegas in September 2022 and is evaluating development opportunities[13] - Several property projects are underway, including redevelopment in Kansas City and Atlantic City, with the Chicago permanent facility expected to generate $250 million in EBITDAR at full run rate[9] Financial Performance & Outlook - The company provided 2023 guidance of $25 to $26 billion in sales and $540 to $580 million in Adjusted EBITDA[56] - Casinos & Resorts are expected to contribute over $14 billion in revenues and $460 million in EBITDAR in 2023[56] - North America Interactive is projected to have an Adjusted EBITDA loss of approximately $40 to $50 million in 2023[56] - The company has total net debt of $2987 billion as of January 3, 2023[58] - Bally's estimates a real estate value range of $12 to $14 billion based on monetizeable properties[62] Interactive Division & Cost Structure - Bally's is restructuring its North America Interactive business to improve profitability, with expected cost savings of $50 million through headcount reductions ($35 million net of growth) and disposition of non-core assets ($15 million)[45] - The company is live with iCasino in New Jersey with a 3%+ market share, aiming to grow to 6-8%, and is also live in Ontario[42] - Gamesys has a player-centric approach focused on enhancing the player journey, utilizing various tools such as incentive generators and churn predictors[49, 54]