Bally’s revenue up to $1.32bn in 2021 as board mulls Standard General offer
Bally’s financial results will be of interest to Standard General, which made a $2bn acquisition proposal to acquire the operator at the start of the year.
$1.05bn of the revenue total came from gaming operations, up from $298.1m in 2020. Hotel revenue added $95.4m, food and beverage revenue totaled $92.9m, while retail, entertainment and other revenue came to $80.7m.
Operating costs for the year added up to $1.23bn, up significantly from $391.2m in 2020. General and administrative costs were the greatest expense at $511.7m, gaming costs came to $407.0m, while acquisition, integration and restructuring costs were $71.3m.
Food and drink expenses were $70.4m, hotel costs were $30.5m, and retail and entertainment expenses came to $27.1m.
After factoring in other expenses of $169.6m and income tax of $4.4m, Bally’s made net losses of $71.8m for the year, compared to losses of $5.5m in 2020.
For the fourth quarter of 2021, Bally’s reported revenue of $547.7m, up 363.8% when compared to the same period in 2020.
Operating expenses for the quarter amounted to $592.0m which, when combined with $92.1m of other expenses and $21.1m worth of income tax, led to losses of $115.3m – down from a profit of $20.2m in 2020.
2021 saw Bally’s complete its acquisition of Gamesys Group in a $2bn merger. The company was also able to expand across the US, launching its sportsbook in Colorado and Iowa with a scope to do the same in Kansas.
Bally’s also finalised its takeover of the Tropicana Evansville land-based casino in Indiana, and its purchase of the Association of Volleyball Professionals.
Bally’s CEO Lee Fenton said: “Our quarterly results represent the first full quarter of the consolidated Bally’s group including our Casinos & Resorts, International Interactive and North America Interactive segments.
“During the quarter, we made significant progress on integration of our acquired assets, defining our strategic goals for 2022 and deploying capital strategically including progress in growth projects in Lincoln, Atlantic City and Kansas City.”