Ballys Incorporated witnessed substantial expansion in 2022, posting $2.3 billion in earnings, a 73% surge compared to the prior year. This remarkable outcome was fueled partially by a robust final quarter, which yielded $576.7 million. Nevertheless, the corporation also declared a net deficit of $4.875 billion for the quarter and $4.255 billion for the entire year, chiefly attributed to a non-cash goodwill and property impairment expense.
Notwithstanding the shortfalls, Bally’s emphasized the favorable results of its primary enterprises, encompassing gaming venues and vacation destinations, as well as its global digital sector. The firm’s modified EBITDA for the year hit $548.5 million.
Robeson Reeves, Bally’s incoming Chief Executive, conveyed contentment with the unprecedented achievements attained by the casino and resort and international interactive divisions. He stressed the healthy cash stream generated by these fundamental operations.
Reeves further underscored the company’s dedication to broadening its footprint in the North American market, especially within the sports wagering arena. He recognized the regulatory hurdles but maintained a hopeful stance on reaching profitability in the foreseeable future.
Notably, Reeves’ remarks concerning Bally’s growth in the US market diverged somewhat from his earlier pronouncements made during the initial fourth-quarter earnings announcement. This implies a possible change in approach or perspective.
He deemed the United States interactive commercial results “lackluster.” Nevertheless, the comprehensive analysis Reeves pledged pertains to a reorganization strategy for the digital sector that Bally’s anticipates will render its sports wagering ventures lucrative in the near future.
