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Bally’s Corporation has released preliminary unaudited financial figures for the three months ended June 30, 2021, showing significant year-over-year improvement in the second quarter.
Bally’s expects total consolidated revenue of $258 million to $268 million in the second quarter of 2021, up from $28.9 million in the second quarter of 2020.
Meanwhile, the company’s adjusted EBITDA for the quarter was in the range of $80 million to $84 million, a significant improvement from the second quarter’s adjusted EBITDA of negative $10.7 million.
The company also offered an update on its financing arrangements for the acquisition of Gamesys Group plc, which was previously announced.
The company will not issue additional common stock or use the previously disclosed Gaming and Leisure Properties Inc commitment to fund the Gamesys purchase due to better-than-expected operating results at its land-based retail casinos and interactive operations.
It’s also also weighing investment alternatives with potential strategic partners, albeit one isn’t required to fund the transaction.
Financing for Gamesys deal
Bally’s obtained bridging financing for the Gamesys deal from Deutsche Bank AG, London Branch, Goldman Sachs USA, and Barclays Bank PLC, in accordance with UK regulatory requirements.
It plans to use one or more capital market transactions to refinance the bridge facility as well as its and Gamesys’ debt, which are currently expected to include public or private bond offerings and a company-wide bank credit facility.
The Gamesys acquisition is scheduled to close in the fourth quarter of 2021, subject to usual closing conditions, including regulatory approval.