2023-08-03 08:04:06 ET
Bally's Corporation ( NYSE: BALY ) gained in early trading on Thursday, despite falling slightly short of estimates with its Q2 earnings report .
Consolidated revenue rose 9.7% to $606.2M, led by 11.1% growth in the Casino & Resorts segment. International revenue was up 5.6% during the quarter. The North America Interactive iGaming business was noted to be ramping up positively, driven primarily by New Jersey and a successful June launch in Pennsylvania.
Bally's ( BALY ) had a consolidated net loss in the quarter of $25.7M and generated adjusted EBITDAR of $161.4M, up 8.7% from last year.
Looking ahead, Bally's ( BALY ) issued in-line guidance for FY23 for revenue of $2.5B to $2.6B vs. $2.5B consensus and reiterated an adjusted EBITDAR guidance range of $665M to $700M. The guidance includes somewhat better performance from BALY's core Casinos & Resorts and International Interactive business units in comparison to original expectations, as it now includes a new range of $50M to $60M of adjusted EBITDA losses in North America Interactive, a $10M higher loss at the midpoint. The guidance also captures expectations for the Pennsylvania iGaming launch, the Bally Bet rollout and the omni-channel performance. BAlly's ( BALY ) also maintained its 2023 capital expenditure guidance of $160M, with maintenance capex at Casinos & Resorts of $50M, growth capex at Casinos & Resorts of $70M, and Software Development Costs costs of $40M. The amount excludes the investment in the Chicago temporary casino development project which is largely complete.
Shares of Bally's ( BALY ) rose 1.15% in premarket trading on Thursday.
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Bally's pushes higher after backing full-year guidance