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Bally’s raises earnings guidance after Q1 growth


Bally’s Corporation has increased its full-year adjusted EBITDAR guidance following growth in the first quarter of its 2023 financial year.

The operator reported “strong” growth across all of its segments, but singled out Casino & Resorts in particular, with revenue within this area of the business reaching a new record-high.

Bally’s also hailed progress within its North America Interactive segment, while adding that the recent deal with Kambi Group and White Hat Gaming, under which the two providers will power its sports betting offering, will help support long-term growth.

“We are pleased to have achieved strong results across all three of our segments, Casinos & Resorts, International Interactive and North America Interactive,” Bally’s chief executive Robeson Reeves said. “Notably, our Casinos & Resorts segment saw continued momentum across the portfolio.

“In addition, North America Interactive significantly outperformed as cost-savings initiatives took hold faster than anticipated. We continue to be igaming first and are executing extremely well in New Jersey where our market share surpassed 4%, well on our way to achieving our 6-8% longer term goal.

“We are also excited about our recently announced partnerships with Kambi and White Hat Gaming to support our relaunch of Bally Bet, our online sports betting platform, fulfilling our promise to partner with best-in-class technology providers to get this business back up and running in an effective and efficient manner.”


Revenue in the three months through to March 31 was $598.7m, up 9.2% year-on-year. This included $486.9m in gaming revenue and a further $111.8m in non-gaming revenue.

Casino & Resorts revenue hiked 17.4% to a record $328.8m and North America Interactive revenue was 60.5% higher at $24.4m. However, International Interactive segment revenue slipped 4.1% year-on-year to $245.6m.

In terms of costs, operating expenses were 57.8% lower at $222.2m. This was primarily due to the impact of an additional $374.2m in net gain from sale-leaseback, which more than offset a rise in both non-gaming and general and administrative costs.

After accounting for a further $60.7m in finance costs, Bally’s was left with $316.1m in pre-tax profit, in contrast to the $2.7m loss posted at the same point in 2022.

The operator paid $137.7m in income tax, resulting in a net profit of $178.3m, up 9,284.2% from just $1.9m last year. In addition, adjusted EBITDAR climbed by 42.4% year-on-year to $105.1m.

In response, Bally’s raised the lower end of its adjusted EBITDAR guidance range for the full year, with this now set at between $665.0m and $700.0m. Revenue estimates remain in the range of $2.50bn to $2.60bn, while capital expenditure guidance was cut from $170.0m to $160.0m.


Meanwhile, Bally’s has announced the appointment of former MGM Resorts International and Caesars Entertainment executive Marcus Glover as executive vice president and chief financial officer.

Glover will replace Bobby Lavan, who is stepping down after just over one year in the role to pursue another opportunity away from the business.

A senior executive in the hospitality and gaming industry with over 20 years of experience, Glover joins Bally’s after most recently serving as chief strategy officer at Quality Packaging Specialists International.

Prior to this, he spent just over one year as a partner at Sorelle Capital, following almost five years at MGM, where he spent time as president and chief operating officer of both the Beau Rivage Resort & Casino and the Borgata Hotel Casino & Spa.

Glover also worked in a number of senior roles during 11 years with Caesars, including vice president and general manager at the Horseshoe Casino and Thistledown Racino in Ohio.

“I look forward to working alongside an outstanding and smart group of leaders to advance the company’s strategic goals, execute the strategic direction, implement operational efficiency and integration globally, and develop and invest in talent and innovation to best position the company for continued growth and success,” Glover said.

Bally’s chairman Soo Kim added: “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.”

Chief executive Reeves also paid tribute to the outgoing Lavan, saying: “I want to express my gratitude to Bobby for his leadership and contributions since joining Bally’s in 2021. Notably, Bobby led the acquisition, financing, and integration of Gamesys, which has been instrumental to the growth and diversification of our business. We wish Bobby all the best in his next chapter.”

Other appointments

Meanwhile, Bally’s also announced a number of other senior hires, including appointing HC Charles Diao as senior vice president for finance and corporate treasurer.

Reporting to Glover, Diao was most recently senior vice president for finance, corporate development and corporate treasurer for DXC Technology Company/Computer Sciences.

In addition, Bally’s named Jaymin Patel as vice chairman of its board. Patel will chair the new operational integration committee to oversee a global process for streamlining operations and reducing costs, as well as the creation of a global, coordinated corporate center.

“These appointments add substantial financial depth and global gaming management experience to our team as we execute on the exciting growth opportunities,” Kim said.

IPO for Bally’s Chicago

In other news, Bally’s has submitted a draft registration statement with the Securities and Exchange Commission (SEC) related to a proposed initial public offering (IPO) of ownership interests of Bally’s Chicago, its planned resort and casino in Chicago, Illinois.

Ownership interests would be offered to residents of Chicago that satisfy the qualification requirements in the Host Community Agreement between Bally’s Chicago and the City of Chicago.

Bally’s said the number of ownership interests to be offered, terms thereof and the price range for the proposed offering have not yet been determined, adding that the IPO would occur after the SEC completes its review process.

However, the operator also said there is no assurance the IPO will go ahead.