Bally’s Corporation Announces Fourth Quarter and Full Year 2023 Results
- Consolidated revenues increased by 6.1% YoY to $611.7 million in Q4 2023.
- Casinos & Resorts revenues grew by 7.2% YoY to $342.3 million in Q4 2023.
- International Interactive revenues increased by 2.1% YoY to $236.0 million in Q4 2023.
- North America Interactive revenues surged by 26.9% YoY to $33.4 million in Q4 2023.
- Bally's repurchased 5.8 million shares of common stock for $68.6 million.
- The company announced the closure of Tropicana Las Vegas to make way for the Las Vegas A's.
- Adjusted EBITDAR for Q4 2023 was $160.9 million.
- Bally's CEO, Robeson Reeves, highlighted the company's strong performance and revenue growth across all segments in 2023.
- None.
Insights
The reported financial results from Bally’s Corporation indicate a positive trend in revenue growth, both on a quarterly and annual basis. The 6.1% year-over-year increase for the fourth quarter and 8.6% for the full year suggest a resilient performance in the company’s core segments, particularly Casinos & Resorts, which saw a 7.2% rise in the fourth quarter. This growth trajectory is noteworthy considering the broader economic context, where consumer discretionary spending can be volatile. The repurchase of 5.8 million shares is a sign of management’s confidence in the company's intrinsic value and it can be perceived as a positive signal to investors. However, the net loss figures are concerning, with a substantial loss reported for the year, although it is a reduction from the previous year. Investors would need to weigh the revenue growth against the net losses to understand the company's potential for profitability.
Bally’s expansion into 24/7 operations at the Chicago Temporary Casino and the record $10 million GGR for its first full month are significant operational milestones. These developments could potentially lead to increased market share and customer loyalty in a competitive industry. The closure of Tropicana Las Vegas to make way for the Las Vegas A’s and potential future development is a strategic move that could reshape the company's asset portfolio and future revenue streams. It's essential to monitor how these strategic decisions will play out in terms of customer acquisition and retention, as well as the overall brand positioning of Bally’s in the market.
The gaming industry is highly sensitive to regulatory changes, economic factors and consumer preferences. Bally’s performance in exceeding the market GGR comp in 7 of its 10 markets is an indicator of strong operational execution and competitive positioning. The report of a profitable Adjusted EBITDAR for Atlantic City under Bally’s ownership is a positive sign of turnaround and effective management. It is also important to consider the Adjusted EBITDAR margin of 27.7% for the fourth quarter, which provides insight into the company's ability to manage expenses relative to revenue. The focus on customer feedback to enhance the guest experience in Chicago demonstrates a commitment to customer-centric growth, which is vital for long-term success in the gaming and hospitality sectors.
Fourth Quarter 2023 Results and Operating Highlights
-
Consolidated revenues of
$611.7 million 6.1% year-over-year and up8.6% for the full year -
Casinos & Resorts revenues of
$342.3 million 7.2% year-over-year -
International Interactive revenues of
$236.0 million 2.1% year-over-year -
North America Interactive revenues of
$33.4 million 26.9% year-over-year year -
Commenced 24/7 operations at the Chicago Temporary Casino on December 27th; property reached record
$10 million -
Repurchased 5.8 million shares of common stock for
$68.6 million - Subsequent to year-end, announced the April 2nd official closure of Tropicana Las Vegas to prepare for the welcoming of the Las Vegas A’s to the Tropicana site and potential future development
Summary of Financial Results
|
Quarter Ended December 31, |
|
Year Ended December 31, |
||||||||||||
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Consolidated Revenue |
$ |
611,670 |
|
|
$ |
576,689 |
|
|
$ |
2,449,073 |
|
|
$ |
2,255,705 |
|
Casinos & Resorts Revenue |
|
342,317 |
|
|
|
319,178 |
|
|
|
1,363,291 |
|
|
$ |
1,227,563 |
|
International Interactive Revenue |
|
235,980 |
|
|
|
231,218 |
|
|
|
973,210 |
|
|
|
946,442 |
|
North America Interactive Revenue |
|
33,373 |
|
|
|
26,293 |
|
|
|
112,572 |
|
|
|
81,700 |
|
Net loss |
|
(263,492 |
) |
|
|
(487,529 |
) |
|
|
(172,609 |
) |
|
|
(425,546 |
) |
Adjusted EBITDAR(1) |
|
160,936 |
|
|
|
|
|
653,104 |
|
|
|
||||
(1) Refer to tables in this press release for a reconciliation of this non-GAAP financial measure to the most directly comparable measure calculated in accordance with GAAP. |
|||||||||||||||
Robeson Reeves, Bally’s Chief Executive Officer, commented, “Bally’s completed a successful 2023 with healthy results across all our business segments. Revenues in the fourth quarter grew
“In the fourth quarter, Casinos & Resorts revenues rose
“International Interactive delivered another strong quarter, with revenues increasing
“North America Interactive generated fourth quarter revenues of
“Our corporate and property-level teams delivered on an active year of building our growth pipeline. This included the opening of the Chicago Temporary Casino, the approved relocation of the “Las Vegas” Athletics to our Tropicana site, the opening of our expanded and re-imagined Bally’s
George Papanier, Bally’s President, added, “The soft opening of the Chicago Temporary Casino on September 9th was a key 2023 milestone. Since opening, the team has worked to ramp up operations and move us closer to our targeted revenue run rate. Key improvements have included the expansion to 24/7 operations, the addition of VIP amenities, increased parking, added transportation options for guests, and enhancements to the hospitality product. Our operating team continues to refine all aspects of the Temporary Casino, while we simultaneously move forward with the financing and planning for the Permanent Casino.”
“At the end of January, we announced that on April 2nd, the Tropicana Las Vegas will officially close. While this will bring an end to this iconic property’s colorful history, closing the property will allow for preparations to welcome Major League Baseball and the A’s to
Marcus Glover, Bally’s Chief Financial Officer, added, “Bally’s operating teams have been focused on expense reduction and operating efficiency. To that end, we are evaluating all areas of the business and are executing initiatives to centralize certain functions and streamline others. We continue to make progress with our plans for the financing of the Chicago Permanent Casino and hope to provide additional details on those plans in the near term. In all, 2023 was an active and productive year for Bally’s and we are extremely excited by what the future holds.”
Capital Return Program
During the fourth quarter, Bally’s repurchased 5.8 million shares of its common stock for an aggregate purchase price of
2024 Guidance
Bally’s expects to generate full year 2024 revenues in a range of
Revenue and Adjusted EBITDAR ranges by segment:
-
Casinos & Resorts: revenues of
$1.4 billion $1.5 billion $410 $440 million -
International Interactive: revenues of
$950 million $1.0 billion $320 $350 million -
North America Interactive: revenues of
$150 million $200 million $25 million $35 million -
Corporate Expense:
$50 million $60 million
Additional factors considered in the Company’s outlook include:
-
Straight-line GAAP rent expense of approximately
$126 million $121 million -
Total capital expenditures of
$165 million - FX currency conversion for GBP at 1.27 and Euro at 1.10 based upon year-end 2023 prevailing rates
The guidance provided is based on current plans and expectations and contains several assumptions. It is subject to known and unknown uncertainties and risks, including those discussed under “Cautionary Note Regarding Forward Looking Statements” set forth below.
Impairment Charges
In the fourth quarter of 2023, Bally’s recorded total non-cash impairment charges of
Diamond Sports Group
Diamond Sports Group agreed in principle to settle its claims against all defendants, including Bally’s, that Diamond brought through an adversary proceeding in its bankruptcy case. Through the proposed settlement, Diamond would receive payments from Sinclair and would reject the Commercial Agreement, pursuant to which Bally’s acquired certain naming rights on Diamond’s RSNs. Bally’s would continue to have naming rights on Diamond’s RSNs through the 2024 major league baseball season at no cost to either party (unless Diamond agrees with a new counterparty that will pay for such naming rights). Bally’s, in turn, would receive a release of all claims Diamond may have against it. The agreement in principle is subject to the entry into definitive documentation and certain other conditions, including bankruptcy court approval. Bally’s obligation to pay for the naming rights would terminate immediately upon effectiveness of the agreement. Bally’s recorded a
Reconciliation of GAAP Measures to Non-GAAP Measures
To supplement the financial information presented on a generally accepted accounting principles (“GAAP”) basis, Bally’s has included in this earnings release non-GAAP financial measures for consolidated Adjusted EBITDA and segment Adjusted EBITDAR, which exclude certain items described below. The reconciliations of these non-GAAP financial measures to their comparable GAAP financial measures are presented in the tables appearing below.
“Adjusted EBITDA” is earnings, or loss, for Bally’s, or where noted Bally’s reportable segments, before, in each case, interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, acquisition and other transaction related costs, share-based compensation, and certain other gains or losses as well as, when presented for Bally’s reporting segments, an adjustment related to the allocation of corporate costs among segments.
“Segment Adjusted EBITDAR” is Adjusted EBITDA (as defined above) for Bally’s reportable segments, plus rent expense associated with triple net operating leases for the real estate assets used in the operation of the Bally’s casinos and the assumption of the lease for real estate and land underlying the operations of the Bally’s
Management has historically used consolidated Adjusted EBITDA and segment Adjusted EBITDAR when evaluating operating performance because Bally’s believes that these metrics are necessary to provide a full understanding of Bally’s core operating results and as a means to evaluate period-to-period performance. Management also believes that consolidated Adjusted EBITDA and segment Adjusted EBITDAR are measures that are widely used for evaluating operating performance of companies in Bally’s industry and a principal basis for valuing such companies as well. Consolidated Adjusted EBITDAR is used outside of our financial statements solely as a valuation metric. Management believes Consolidated Adjusted EBITDAR is an additional metric traditionally used by analysts in valuing gaming companies subject to triple net leases since it eliminates the effects of variability in leasing methods and capital structures. Consolidated Adjusted EBITDA and segment Adjusted EBITDAR should not be construed as alternatives to GAAP net income as an indicator of Bally’s performance. In addition, consolidated Adjusted EBITDA or segment Adjusted EBITDAR as used by Bally’s may not be defined in the same manner as other companies in Bally’s industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies.
Bally’s does not provide a reconciliation of Adjusted EBITDAR on a forward-looking basis to net income, its most comparable GAAP financial measure, because Bally’s is unable to forecast the amount or significance of certain items required to develop meaningful comparable GAAP financial measures without unreasonable efforts. These items include depreciation, impairment charges, gains or losses on retirement of debt, acquisition, integration and restructuring expenses, interest expense, share-based compensation expense, professional and advisory fees associated with Bally’s capital return program and variations in effective tax rate, which are difficult to predict and estimate and are primarily dependent on future events, but which are excluded from Bally’s calculation of Adjusted EBITDAR. Bally’s believes that the probable significance of providing this forward-looking valuation metric without a reconciliation to the most directly comparable GAAP metric, is that investors and analysts will have certain information that Bally’s believes is useful and meaningful in valuing its business. Investors are cautioned that Bally’s cannot predict the occurrence, timing or amount of all non-GAAP items that may be excluded from Adjusted EBITDAR in the future. Accordingly, the actual effect of these items, when determined, could potentially be significant to the calculation of Adjusted EBITDAR.
Fourth Quarter Conference Call
Bally’s fourth quarter 2023 earnings conference call and audio webcast will be held today, Wednesday, February 21, 2024 at 4:30 p.m. EDT. To access the conference call, please dial (800) 343-4136 (
About Bally’s Corporation
Bally’s Corporation is a global casino-entertainment company with a growing omni-channel presence of Online Sports Betting and iGaming offerings. It currently owns and manages 16 casinos across 10 states, a golf course in
With 10,500 employees, the Company’s casino operations include approximately 15,000 slot machines, 600 table games and 5,300 hotel rooms. Upon completing the construction of a permanent casino facility in
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may generally be identified by the use of words such as “anticipate,” “believe,” “expect,” “intend,” “plan” and “will” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by Bally’s in this press release, its reports filed with the Securities and Exchange Commission (“SEC”) and other public statements made from time-to-time speak only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for Bally’s to predict or identify all such events or how they may affect it. Bally’s has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include those included in Bally’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by Bally’s with the SEC. These statements constitute Bally’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
|
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
|||||||||||||||
(In thousands, except per share data) |
|||||||||||||||
|
Quarter Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
||||||||
Gaming |
$ |
502,955 |
|
|
$ |
461,601 |
|
|
$ |
1,992,041 |
|
|
$ |
1,846,124 |
|
Non-gaming |
|
108,715 |
|
|
|
115,088 |
|
|
|
457,032 |
|
|
|
409,581 |
|
Total revenue |
|
611,670 |
|
|
|
576,689 |
|
|
|
2,449,073 |
|
|
|
2,255,705 |
|
|
|
|
|
|
|
|
|
||||||||
Operating (income) costs and expenses: |
|
|
|
|
|
|
|
||||||||
Gaming |
|
223,206 |
|
|
|
192,459 |
|
|
|
888,937 |
|
|
|
812,918 |
|
Non-gaming |
|
53,578 |
|
|
|
55,803 |
|
|
|
216,239 |
|
|
|
196,318 |
|
General and administrative |
|
391,482 |
|
|
|
245,906 |
|
|
|
1,113,976 |
|
|
|
825,706 |
|
Gain from sale-leaseback, net |
|
— |
|
|
|
— |
|
|
|
(374,321 |
) |
|
|
(50,766 |
) |
Impairment charges |
|
122,072 |
|
|
|
463,978 |
|
|
|
131,725 |
|
|
|
463,978 |
|
Depreciation and amortization |
|
119,173 |
|
|
|
73,052 |
|
|
|
350,408 |
|
|
|
300,559 |
|
Total operating costs and expenses |
|
909,511 |
|
|
|
1,031,198 |
|
|
|
2,326,964 |
|
|
|
2,548,713 |
|
(Loss) income from operations |
|
(297,841 |
) |
|
|
(454,509 |
) |
|
|
122,109 |
|
|
|
(293,008 |
) |
|
|
|
|
|
|
|
|
||||||||
Other income (expense): |
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
(76,574 |
) |
|
|
(63,068 |
) |
|
|
(277,561 |
) |
|
|
(208,153 |
) |
Other non-operating income (expense), net |
|
(37,135 |
) |
|
|
129 |
|
|
|
(12,186 |
) |
|
|
46,692 |
|
Total other expense, net |
|
(113,709 |
) |
|
|
(62,939 |
) |
|
|
(289,747 |
) |
|
|
(161,461 |
) |
|
|
|
|
|
|
|
|
||||||||
Loss before income taxes |
|
(411,550 |
) |
|
|
(517,448 |
) |
|
|
(167,638 |
) |
|
|
(454,469 |
) |
(Benefit) provision for income taxes |
|
(148,058 |
) |
|
|
(29,919 |
) |
|
|
4,971 |
|
|
|
(28,923 |
) |
Net loss |
$ |
(263,492 |
) |
|
$ |
(487,529 |
) |
|
$ |
(172,609 |
) |
|
$ |
(425,546 |
) |
|
|
|
|
|
|
|
|
||||||||
Basic loss per share |
$ |
(5.11 |
) |
|
$ |
(8.87 |
) |
|
$ |
(3.24 |
) |
|
$ |
(7.32 |
) |
Weighted average common shares outstanding, basic |
|
51,582,156 |
|
|
|
54,969,976 |
|
|
|
53,350,817 |
|
|
|
58,111,699 |
|
Diluted loss per share |
$ |
(5.11 |
) |
|
$ |
(8.87 |
) |
|
$ |
(3.24 |
) |
|
$ |
(7.32 |
) |
Weighted average common shares outstanding, diluted |
|
51,582,156 |
|
|
|
54,969,976 |
|
|
|
53,350,817 |
|
|
|
58,111,699 |
|
|
|||||||||||||||
Revenue and Reconciliation of Net Loss and Net Loss Margin to |
|||||||||||||||
Adjusted EBITDA and Adjusted EBITDA Margin (unaudited) |
|||||||||||||||
(in thousands, except percentages) |
|||||||||||||||
|
Quarter Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
$ |
611,670 |
|
|
$ |
576,689 |
|
|
$ |
2,449,073 |
|
|
$ |
2,255,705 |
|
|
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(263,492 |
) |
|
$ |
(487,529 |
) |
|
$ |
(172,609 |
) |
|
$ |
(425,546 |
) |
Interest expense, net of interest income |
|
76,574 |
|
|
|
63,068 |
|
|
|
277,561 |
|
|
|
208,153 |
|
(Benefit) provision for income taxes |
|
(148,058 |
) |
|
|
(29,919 |
) |
|
|
4,971 |
|
|
|
(28,923 |
) |
Depreciation and amortization |
|
119,173 |
|
|
|
73,052 |
|
|
|
350,408 |
|
|
|
300,559 |
|
Non-operating (income) expense(1) |
|
26,216 |
|
|
|
(1,861 |
) |
|
|
12,688 |
|
|
|
(46,176 |
) |
Foreign exchange loss (gain) |
|
13,531 |
|
|
|
1,732 |
|
|
|
11,019 |
|
|
|
(516 |
) |
Transaction costs(2) |
|
20,971 |
|
|
|
46,009 |
|
|
|
80,376 |
|
|
|
85,604 |
|
Restructuring charges(3) |
|
10,341 |
|
|
|
— |
|
|
|
31,014 |
|
|
|
— |
|
Decommissioning costs(4) |
|
240 |
|
|
|
— |
|
|
|
2,583 |
|
|
|
— |
|
Share-based compensation |
|
5,487 |
|
|
|
9,780 |
|
|
|
24,074 |
|
|
|
27,912 |
|
Gain on sale-leaseback, net |
|
— |
|
|
|
— |
|
|
|
(374,321 |
) |
|
|
(50,766 |
) |
Planned business divestiture(5) |
|
— |
|
|
|
5,585 |
|
|
|
2,089 |
|
|
|
5,585 |
|
Impairment charges(6) |
|
122,072 |
|
|
|
463,978 |
|
|
|
131,725 |
|
|
|
463,978 |
|
Diamond Sports Group reserve(7) |
|
144,883 |
|
|
|
— |
|
|
|
144,883 |
|
|
|
— |
|
Other(8) |
|
1,375 |
|
|
|
1,923 |
|
|
|
868 |
|
|
|
8,651 |
|
Adjusted EBITDA |
$ |
129,313 |
|
|
$ |
145,818 |
|
|
$ |
527,329 |
|
|
$ |
548,515 |
|
Rent expense associated with triple net operating leases (9) |
|
31,623 |
|
|
|
|
|
125,775 |
|
|
|
||||
Adjusted EBITDAR |
$ |
160,936 |
|
|
|
|
$ |
653,104 |
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net loss margin |
|
(43.1 |
)% |
|
|
(84.5 |
)% |
|
|
(7.0 |
)% |
|
|
(18.9 |
)% |
Adjusted EBITDA margin |
|
21.1 |
% |
|
|
25.3 |
% |
|
|
21.5 |
% |
|
|
24.3 |
% |
| ________________________________ | ||
(1) |
Non-operating (income) expense includes: (i) change in value of naming rights liabilities, (ii) gain on extinguishment of debt, (iii) non-operating items of equity method investments including our share of net income or loss on an investment and depreciation expense related to our |
|
(2) |
Includes acquisition, integration and other transaction related costs, financing costs incurred in connection with the Hard Rock Biloxi and |
|
(3) |
Restructuring charges representing the severance and employee related benefits related to the announced Interactive business restructuring initiatives. |
|
(4) |
Costs related to the decommissioning of the Company’s sports betting platform in favor of outsourcing the platform solution to third parties. |
|
(5) |
Losses related to a North America Interactive business that Bally’s is marketing as held-for-sale as of December 31, 2023. |
|
(6) |
Non-cash impairment charges for 2023 included |
|
(7) |
Non-cash reserve to reflect the remaining Diamond commercial rights intangible asset offset by forgiveness of the liability. |
|
(8) |
Other includes the following items: (i) non-routine legal expenses and settlement charges for matters outside the normal course of business, (ii) storm related insurance and business interruption recoveries, and (iii) other individually de minimis expenses. |
|
(9) |
Consists of the operating lease components contained within our triple net master lease dated June 4, 2021 with GLPI for the real estate assets used in the operation of Bally’s |
|
Revenue and Segment Adjusted EBITDAR (unaudited)
|
Quarter Ended December 31, |
|
Year Ended December 31, |
||||||||||||
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue |
|
|
|
|
|
|
|
||||||||
Casinos & Resorts |
$ |
342,317 |
|
|
$ |
319,178 |
|
|
$ |
1,363,291 |
|
|
$ |
1,227,563 |
|
International Interactive |
|
235,980 |
|
|
|
231,218 |
|
|
|
973,210 |
|
|
|
946,442 |
|
North America Interactive |
|
33,373 |
|
|
|
26,293 |
|
|
|
112,572 |
|
|
|
81,700 |
|
Total |
$ |
611,670 |
|
|
$ |
576,689 |
|
|
$ |
2,449,073 |
|
|
$ |
2,255,705 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDAR(1) |
|
|
|
|
|
|
|
||||||||
Casinos & Resorts |
$ |
94,656 |
|
|
$ |
95,517 |
|
|
$ |
428,968 |
|
|
$ |
398,930 |
|
International Interactive |
|
93,207 |
|
|
|
89,399 |
|
|
|
343,559 |
|
|
|
321,651 |
|
North America Interactive |
|
(9,844 |
) |
|
|
(5,858 |
) |
|
|
(55,653 |
) |
|
|
(65,729 |
) |
Other |
|
(17,083 |
) |
|
|
(14,644 |
) |
|
|
(63,770 |
) |
|
|
(53,024 |
) |
Total |
$ |
160,936 |
|
|
|
|
$ |
653,104 |
|
|
|
||||
| ________________________________ | ||
(1) |
Segment Adjusted EBITDAR is Bally’s reportable segment GAAP measure and its primary measure for profit or loss for its reportable segments. “Segment Adjusted EBITDAR” is Adjusted EBITDA (as defined above) for Bally’s reportable segments, plus rent expense associated with triple net operating leases for the real estate assets used in the operation of the Bally’s casinos and the assumption of the lease for real estate and land underlying the operations of the Bally’s |
|
Selected Financial Information (unaudited)
Balance Sheet Data
(in thousands) |
December 31,
|
|
December 31,
|
||||
Cash and cash equivalents |
$ |
163,194 |
|
|
$ |
212,515 |
|
Restricted cash |
$ |
139,191 |
|
|
$ |
52,669 |
|
|
|
|
|
||||
Term Loan Facility(1) |
$ |
1,906,100 |
|
|
$ |
1,925,550 |
|
Revolving Credit Facility |
|
335,000 |
|
|
|
137,000 |
|
|
|
750,000 |
|
|
|
750,000 |
|
|
|
735,000 |
|
|
|
750,000 |
|
Less: Unamortized original issue discount |
|
(23,756 |
) |
|
|
(27,729 |
) |
Less: Unamortized deferred financing fees |
|
(39,709 |
) |
|
|
(46,266 |
) |
Long-term debt, including current portion |
$ |
3,662,635 |
|
|
$ |
3,488,555 |
|
Less: Current portion of Term Loan and Revolving Credit Facility |
$ |
(19,450 |
) |
|
$ |
(19,450 |
) |
Long-term debt, net of discount and deferred financing fees; excluding current portion |
$ |
3,643,185 |
|
|
$ |
3,469,105 |
|
Cash Flow Data
|
Quarter Ended December 31, |
Year Ended December 31, |
|||||||||||||||
(in thousands) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
Capital expenditures |
$ |
45,252 |
|
$ |
44,893 |
|
$ |
32,393 |
|
$ |
311,483 |
|
$ |
212,256 |
|
$ |
97,525 |
Cash paid for capitalized software |
|
9,297 |
|
|
3,704 |
|
|
13,865 |
|
|
45,200 |
|
|
37,121 |
|
|
15,891 |
Acquisition of gaming licenses |
|
135,335 |
|
|
2,087 |
|
|
25,750 |
|
|
145,485 |
|
|
55,117 |
|
|
30,159 |
Cash payments associated with triple net operating leases(2) |
|
29,935 |
|
|
17,446 |
|
|
11,353 |
|
|
118,416 |
|
|
58,029 |
|
|
26,720 |
| ________________________________ | ||
(1) |
During the year ending December 31, 2023, the Company entered certain currency swaps to synthetically convert |
|
|
|
|
(2) |
Consists of payments made in connection with Bally’s triple net operating leases, as defined above. |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221389554/en/
Investor
Marcus Glover
Chief Financial Officer
(401) 475-8564
IR@ballys.com
James Leahy, Joseph Jaffoni, Richard Land
JCIR
(212) 835-8500
baly@jcir.com
Source: Bally’s Corporation
FAQ
What were Bally's Corporation's consolidated revenues for Q4 2023?
How much did Casinos & Resorts revenues grow by in Q4 2023?
What was the increase in International Interactive revenues in Q4 2023?
How much did North America Interactive revenues increase by in Q4 2023?
What was Bally's Corporation's Adjusted EBITDAR for Q4 2023?
What significant announcement did Bally's Corporation make regarding Tropicana Las Vegas?
How many shares of common stock did Bally's Corporation repurchase and at what cost?
Who is the CEO of Bally's Corporation and what comments did he make about the financial results?
