ally's Corporation on Tuesday announced preliminary financial results for the first quarter ended March 31, 2021. During that period, the gaming operator currently estimates that consolidated revenue was greater than $185.0 million and Adjusted EBITDA was greater than $50.0 million, up from revenue and Adjusted EBITDA of $109.1 million and $22.1 million in Q1 2020, respectively.
These results were due in large part to a month-to-month revenue cadence that "accelerated dramatically" in March as more COVID-19 restrictions were relaxed across the country.
George Papanier, President and Chief Executive Officer of Bally's Corporation, said in a press release: "We are extremely encouraged by our trends and March numbers. Increased demand assisted by a relaxation of COVID-19 restrictions contributed to outstanding performance toward the end of the quarter, which, based on early indications, has continued into April. We believe this combination of factors will set us up for a strong 2021 as we continue to welcome more and more Bally's customers back to our casinos, as well as enhance our iGaming platform."
Bally's said its actual operating results remain subject to the completion of its quarter-end closing process, which includes review by management, the audit committee and its independent auditor.