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In its financial reports for the second quarter ending June 30, 2021, Bally’s Corporation reported record revenues and earnings.
Revenue jumped $238.8 million to $267.7 million in Q2 from $28.9 million the previous year, owing to a relaxation of COVID-19 restrictions. Compared to Q2 2020, sales for the East segment rose $122 million to $132.4 million, while revenue for the West segment increased $109.7 million to $127.9 million, marking the single greatest revenue quarter in the company’s history.
Acquisitions in the second half of 2020, such as Bally’s Kansas City, Casino Vicksburg, Bally’s Atlantic City, and Eldorado Shreveport, as well as those in the first half of 2021, such as SportCaller, MKF, Bally’s Interactive, Bally’s Lake Tahoe (formerly MontBleu Resort Casino and Spa), Tropicana Evansville, and Jumer’s Casino & Hotel, contributed to ag revenue.
Strong operational savings
Since reopening from the pandemic, the company has seen strong operational savings have a beneficial influence on profitability. Operating income climbed by $101.5 million to $80.5 million year over year, while operating margins increased to 30.1 percent from 72.5 percent the previous year.
Net profits for the second quarter was $68.9 million, up $92.5 million from the previous quarter’s net loss of $23.6 million. Several one-time events boosted net income in the quarter, including pre-tax gains of $77.5 million related to the acquisitions of Bally’s Lake Tahoe and Tropicana Evansville.
Adjusted EBITDA was $83.8 million, up $94.5 million from $10.7 million in negative adjusted EBITDA. The West segment’s adjusted EBITDA improved to $52.1 million from $4.7 million, while the East segment’s was $41.6 million versus $10.3 million in negative adjusted EBITDA.
Rebounding demand across our land-based portfolio
President and CEO George Papanier stated: “We had record revenue and earnings performance in the quarter and remain confident that we will continue to benefit from rebounding demand across our land-based portfolio. Improved consumer confidence, minimal capacity restrictions and our disciplined operating strategy all contributed to extremely strong numbers across the board in the second quarter.”
He added: “The closing of the Bet.Works acquisition was another significant step in our evolution to become a leading omni-channel provider. We continue to make progress on our transformative acquisition of Gamesys and look forward to closing that transaction during the fourth quarter.”
The firm had $195.8 million in cash and cash equivalents as of June 30, 2021, and $677.8 million in restricted cash, which includes $667.9 million in cash proceeds from the April 2021 common stock offering to fund the acquisition of Gamesys.
As of June 30, 2021, total debt was $1.37 billion, up from $1.13 billion as of December 31, 2020.