Bally’s Announces Improved Q2 Figures
US gaming company Bally’s Corporation announced preliminary unaudited financial results for the second quarter of 2021 ending June30 by stating their results are better than expected.
The casino firm said it estimates that revenues will be between $258 and $268 million for the period with Adjusted EBITDA in the range of $80 to $84 million. Results are in stark contrast to the same period in 2020 which showed revenues of$28.9 million and Adjusted EBITDA of minus $10.7 million due to the impact of the COVID-19 pandemic.
As a result of better than expected operating performance at its land-based retail casinos and interactive businesses, Bally’s does not plan to issue incremental common equity or draw on the previously disclosed Gaming and Leisure Properties, Inc. commitment to fund the Gamesys acquisition. Bally’s continues to evaluate investment options with potential strategic partners and such investment is not necessary to fund the Gamesys acquisition.
Consistent with U.K. regulatory requirements, Bally’s arranged bridge financing for the Gamesys transaction from Deutsche Bank AG, London Branch, Goldman Sachs USA and Barclays Bank PLC. Bally’s intends to seek to refinance the bridge facility and its and Gamesys’ debt through one or more capital market transactions, which are currently expected to include public or private bond offerings and a company-wide bank credit facility.
Full audited results will be announced on the 9th August 2021.
