The continued vaccine roll-out, as well as the relaxation of capacity limitations and other COVID-19 mitigation steps, has resulted in a “strong rebound” and a “significant increase in visitation,” according to Bally’s Corporation.
The operator has released its Q1 study, which praises a disciplined operating strategy for contributing to record results at many properties. Amid a continued ramp-up of M&A efforts, with multiple transactions either in the works or having recently nudged past the finishing post, the operator has published its Q1 report, which praises a disciplined operating strategy for contributing to record results at many properties.
Increased demand resulting from a rise in consumer trust and the removal of COVID-19 restrictions pushed revenue up 76.2 percent from $109.1 million to $192.3 million in the quarter ending March 31, 2021.
Casino KC, Casino Vicksburg, Bally’s Atlantic City, and Eldorado Shreveport, which were purchased in the second half of 2020, contributed to the company’s success.
High operating efficiencies
Furthermore, the company says it has continued to see high operating efficiencies that have positively impacted margins since reopening after the pandemic, a pattern it claims has benefited the company since the pandemic.
Bally’s had its best quarter since the second quarter of 2019, with income from operations of $29.5 million versus a loss of $3.1 million.
The net loss for the reporting period increased to $10.7 million from $8.7 million, with adjusted EBITDA increasing by 137.9 percent to $52.5 million, up from $22.1 million in 2020.
Bally’s Corporation President and CEO George Papanier explained: “This was a remarkable first quarter for Bally’s. As COVID-19 vaccinations rolled out, and capacity restrictions and other protocols loosened, we experienced a strong rebound in demand that led to a significant increase in visitation.
“record Adjusted EBITDA”
“As a result, we achieved record Adjusted EBITDA and continued margin expansion. As we approach historical operating levels, we are encouraged by the performance at many of our properties this quarter, which when coupled with ongoing capital initiatives, offer tremendous growth opportunities and the potential to deliver strong results over the coming quarters.
“During this quarter, we also continued to implement our disciplined M&A strategy. We closed our acquisition of Monkey Knife Fight, the fastest growing daily fantasy sports site in North America, and acquired SportCaller, a leading global B2B free-to-play game provider.
“We also announced an agreement to acquire Gamesys, a leading, global online gaming operator and the number one provider of bingo and casino games in the UK.
“The Gamesys transaction marks a transformational step in our drive to become the first truly, integrated, omnichannel gaming company with a B2B2C business model.”