Bally’s Corporation announced financial results for the fourth quarter and full year ending Dec. 31, 2022. The US gambling giant reported a 5.3% revenue increase for Q4, with a full-year revenue increase of over 76%.
Robeson Reeves, current Bally’s President – Interactive and incoming Chief Executive Officer, said via release:
“As previously reported in our preliminary release of these financial results, we are pleased to have achieved record results in both our Casinos & Resorts and International Interactive segments. Our core businesses continue to generate fantastic cash flows.
We remain committed to taking a deep dive approach in North America to ensure that investments we make in sports have a near-term path to profitability. In iCasino states, we’ve increased our market share in both New Jersey and Ontario as we integrate this business in a scalable way.”
Bally’s US gambling financial highlights for Q4
Bally’s reported $576.7 million in revenue for the last quarter of 2022. The figure compares to $547.67 million recorded during the last months of 2022.
The company shared net losses of $487.5 million. The figure was a major increase compared to the $115.29 million net losses reported throughout Q4 of 2021.
However, the US gambling firm saw progress in its adjusted EBITDA, reaching $145.82 million. That’s nearly a 23% increase from $118.7 which Bally’s reported in 2021’s Q4.
Bally’s Casinos & Resorts generated $319.2 million in revenue during the last quarter of 2022. In Q4 2021, that number stood at $277.8 million. George Papanier, current Bally’s President of Casinos & Resorts and incoming Bally’s President, explained:
“As previously noted, Casinos & Resorts saw continued momentum across the portfolio during the fourth quarter. We also broke ground on our temporary facility in Chicago, which we expect will contribute to the business in the second half of 2023.
Though Atlantic City generated a loss during a slower fourth quarter, it continues to progress, and we expect the property to be profitable in 2023. Significant capital expenditures toward property improvements will decrease in 2023 as we focus on generating cash flows to invest in long-term growth opportunities for the entire Bally’s portfolio.”
Summary of Bally’s full-year 2022 results
When looking at the company’s full-year revenue and EBITDA fronts, Bally’s ended its financial year on a positive note.
Its FY2022 revenue reached $2.3 billion, a significant increase from 2021’s $1.3 billion. In the meantime, Bally’s 2022 net loss came to $425.5 million from last year’s $114.7 million.
The company’s adjusted EBITDA for the year was $548.5 million, another rise from the last year’s $329.9 million.