Bally's revenues up 76.2% in Q1, driven by increased demand

Bally's Corporation saw revenue for the first quarter of 2021 increase 76.2% year-on-year to $192.3 million. Income from operations climbed 1,030.1% to $29.5 million.

Net loss was $10.7 million, an increase of $1.8 million, or 20.6% from the first quarter last year. Adjusted EBITDA was up 137.9% to $52.5 million.

The company said it experienced increased demand resulting from a rise in consumer confidence and reduction in COVID-19 restrictions. The incremental revenues of Casino KC, Casino Vicksburg, Bally's Atlantic City and Eldorado Shreveport, which were acquired in the second half of 2020, also positively impacted revenue for the first quarter of 2021, the operator said in a press release.

Bally's said it also continued to see "strong operational efficiencies that positively impacted margins; a trend that has benefited the company since re-opening from the pandemic." Labor savings, reduced marketing and promotional spend, and the reduction in revenue on lower margin amenities continued to drive margin improvements.  

"This was a remarkable first quarter for Bally's," said George Papanier, President and Chief Executive Officer of Bally's Corporation." As COVID-19 vaccinations rolled out, and capacity restrictions and other protocols loosened, we experienced a strong rebound in demand that led to a significant increase in visitation. As a result, we achieved record Adjusted EBITDA and continued margin expansion. As we approach historical operating levels, we are encouraged by the performance at many of our properties this quarter, which when coupled with ongoing capital initiatives, offer tremendous growth opportunities and the potential to deliver strong results over the coming quarters."

Papanier continued: "During this quarter, we also continued to implement our disciplined M&A strategy. We closed our acquisition of Monkey Knife Fight, the fastest growing daily fantasy sports site in North America, and acquired SportCaller, a leading global B2B free-to-play game provider. We also announced an agreement to acquire Gamesys, a leading, global online gaming operator and the number one provider of bingo and casino games in the UK. The Gamesys transaction marks a transformational step in our drive to become the first truly, integrated, omni-channel gaming company with a B2B2C business model."