4 days ago
After joining forces with the New York Yankees recently, Bally's reported strong revenue growth for the second quarter. Do you think the company will keep the positive momentum into Q3, 2022?
The leading casino-entertainment company, Bally's Corporation, released its financial results for the second quarter of 2022. On Thursday, the company said that for the three months ended June 30 this year, its revenue hit $552.5m. The recent result marked a strong 106% increase in revenue when compared to the same period in 2021 when the company's revenue halted at $267.7m.
Although Bally's revenue increased, its net income decreased when compared to Q2, 2021. For the second quarter last year, the company's net income was $68.9m, while in Q2, 2022, it halted at $59.5m. According to a statement released by Bally's, its net income margin this year was 10.8%, compared to a 25.8% net income margin from the same period in 2021.
Adjusted EBITDA for the three months ended June 30 this year hit $141.2m, marking an increase when compared to adjusted EBITDA of $82.8m for the same period last year. On the other hand, the adjusted EBITDA margin for Q2 2021 was 30.9%, while for the same period this year it was 25.6%.
A breakdown provided by Bally's reveals that all of its different revenue streams marked an increase in Q2, 2022. The company said that its gaming segment in Q2 this year hit $455.1m, up nearly 120% when compared to the $207.5m in gaming revenue reported for Q2 last year.
Bally's hotel revenue segment increased to $33.9m. When compared to the $22.3 reported in Q2, 2021, an increase of 52% was observed. Additionally, Bally's food and beverage revenue segment increased as well. In Q2, 2021, the revenue from food and beverage halted at $23.4m, while this year, it increased to $27.4m.
Last but not least, the company's retail, entertainment and revenue raised from "other" sources increased significantly in Q2 this year. While in the second quarter of 2021, the revenue from retail, entertainment and other halted at $14.5m, this year, it soared to $36.0m.
Besides its unaudited financial results for the second quarter, Bally's recently announced a new deal with the New York Yankees, the famous Major League Baseball team. The collaboration marked the company's first partnership with a sports team in New York and named Bally Bet an official sports betting partner of the team.
In a press release dated August 4, 2022, the company's Chief Executive Officer, Lee Fenton, said: "Our second quarter results reflect continued strength in our Casinos & Resorts segment, record margins in our International Interactive segment and continued growth in our North America Interactive segment particularly in BallyCasino.com in New Jersey, despite headwinds from significant FX volatility and challenges in Atlantic City."
He explained that the company is pleased with its record cash flow generated by operations during the quarter. Last but not least, Fenton said Bally's remains "focused on continued incremental cash flow generation initiatives."
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