Bally’s has projected a total consolidated revenue between $258m and $268m in its second quarter of 2021, a year-on-year improvement of up to 823.3% in a highly profitable quarter for the company.
Adjusted EBITDA is estimated to lie between $80m and $84m, another substantial increase of up to $73.3m compared to the same period of 2020.
Due to this increase in funds, Bally’s also announced that it will not go ahead with issuing shares or warrants to Gaming and Leisure Properties, in order to raise money for its Gamesys acquisition. It had agreed to issue up to $500m worth of warrants or shares to the property business when it announced the deal.
The Bally’s-Gamesys merger was first signed in April this year. The acquisition is set to close in the fourth quarter of 2021.
“Bally’s continues to evaluate investment options with potential strategic partners and such investment is not necessary to fund the Gamesys,” said Bally’s in a statement.
Through the deal, Bally’s will pay 1,850 pence per Gamesys share through Premier Entertainment.