Bally’s Reports Q1 2023 Revenue Increase, Announces Senior Management Changes

Article ByDavid Weir

May 9, 2023

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Posted in: US Casino News, US Gambling News

US casino operator Bally’s Corporation has posted Q1 2023 revenue figures of $598.7 million. That’s up 9% over the same period in 2022.

Adjusted earnings before interest, taxes, depreciation, and amortization, or EBITDA, improved 10% year- on-year.

The company operates 15 land-based casinos across 10 US states. Its North American Interactive division of online operations includes online sports betting platform Bally Bet and online Bally Casino.

Strong Results

“We are pleased to have achieved strong results across all three of our segments, Casinos & Resorts, International Interactive, and North America Interactive,” said Bally’s CEO Robeson Reeves.

Part of the improved adjusted revenues posted would have been by cost cutting initiatives across the North American Interactive division.

A disastrous Q4 2022 saw the Interactive Division lose $428 million. However, Reeves said this year’s $24 million in positive revenues shows the division “significantly outperformed,” with a 60% swing year-on-year.

The lion’s share of the corporation’s revenue still came from its 15 US casino properties. It is also looking at upgrading its properties throughout 2023.

“Our portfolio’s near-term capex cycle has peaked for our Casinos & Resorts segment, as several of our growth projects have come to or are nearing completion. This includes an upgrade of our flagship Bally’s Twin River in Rhode Island, which was completed in April, and our Kansas City expansion which will conclude in July,” said Bally’s President George Papanier.

He also mentioned the company’s planned Chicago casino, with a temporary venue set to open in 2023 ahead of the permanent casino and resort in 2026.

Transformative Times

However, Bally’s management probably wouldn’t have highlighted the continued paltry revenues of its Bally Bet sportsbook in some markets.

For example New York recently posted its April gambling handle, and Bally Bet came in the bottom of the operator pile with revenues of just $20,000 for the month.

Bally’s does, however, plan to relaunch an upgraded version of its sportsbook model soon, and has partnered with Europe’s White Hat Gaming to make it happen.

This is just one of the changes the company has seen in its North American Interactive Division after that poor 2022.

On the same day of its Q1 2023 results, Bally’s also announced a change in senior management. Marcus Glover will replace outgoing Bobby Lavan as CFO, as well as taking up a vice president position.

Glover is an experienced casino gaming and hospitality executive who has previously worked in various high level positions for Caesars and Borgata.

“On behalf of the Board of Directors, I am excited to welcome Marcus to Bally’s. Marcus is a highly accomplished leader with a proven track record of driving transformational business strategies and demonstrated expertise in leading large, integrated resorts and casino gaming operations,” said Bally’s Chairman Soo Kim.

“I am eager and honored to join the Bally’s team at such a transformative time for the Company. I look forward to working alongside an outstanding and smart group of leaders to advance the Company’s strategic goals,” Glover said.