The Ballys Corporation is experiencing a surge in success following an exceptional second quarter of 2022. Their earnings skyrocketed to $552.5 million, exceeding twice the amount generated during the corresponding period the previous year. This remarkable leap propels them far ahead of their rivals. For comparison, Caesars Entertainment witnessed an 11% revenue expansion, MGM Resorts observed a 44% surge, Penn Entertainment saw a marginal 5% rise, and Boyd Gaming experienced a negligible 0.1% uptick.
Although their net income for the quarter, reaching $59.5 million, dipped compared to the prior year, their adjusted EBITDA (a profitability indicator) ascended to a noteworthy $141.2 million.
Chief Executive Officer Lee Fenton ascribed this triumph to various elements: sustained expansion in their casino and resort ventures, unprecedented profitability within their global interactive sector, and consistent advancement in their North American interactive segment, particularly their recently debuted BallyCasino.com platform in the New Jersey market. He acknowledged the hurdles encountered, encompassing volatile currency shifts and intense competition within Atlantic City, yet maintained a positive outlook. He underscored the company’s emphasis on strategies that yield robust cash flow, highlighting their contentment with the record-shattering operational cash flow attained during the quarter.
Lastly, Bally’s affirmed the finalization of their modified “Dutch auction” tender offer in July. They repurchased a substantial 47 million shares at $22.00 apiece, amounting to a considerable $1.033 billion.
Ballys is aggressively entering the New York athletic arena! They recently collaborated with the Yankees, becoming their official sports wagering associate. This is a significant move for Bally’s, representing their initial major alliance in New York since the debut of their internet sportsbook platform there last summer.
