The acquisitions of Bet.Works, Monkey Knife Fight, SportCaller, as well as f Bally’s Atlantic City Hotel & Casino and Eldorado Resort Casino Shreveport have boosted Bally’s Corporation outlook for the current year.
January and February Show Increase in Consumer Demand
On March 4, Bally’s Corporation posted its financial results for the fourth quarter and full year ended December 31, 2020. Revenue for the fourth quarter of 2020 was down from $130.4 million to $118.1 million, a 9.4% decrease year-over-year.
Net income during the quarter leapt 51.4% year-over-year to $20.2 million. The increase was mostly due to purchase gains, margin improvements, and increased operational efficiencies. However, pandemic-related restrictions dragged down adjusted Ebitda by 47.6% to $21.1 million in 4Q2020 compared to the same period in 2019.
Cash from operating activities amounted to $17.8 million in the fourth quarter of 2020 compared to $21.4 million for the same period 2019.
On November 9, 2020, the company officially changed its corporate name from Twin River Worldwide Holdings to Bally’s Corporation. Bally’s CEO George Papanier described 2020 as “an incredible and transformative year” for the operator. Papanier and the rest of the executives have a positive outlook for the company’s development in 2021, mostly due to the multiple acquisitions and partnerships the company made over the last year.
Bally’s Starts 2021 with New Partnerships
Bally’s Corporation continued to execute its growth and diversification strategy, which was supported by the acquisition of Bet.Works, Monkey Knife Fight and SportCaller, as well as the strategic media partnership with Sinclair Broadcast Group.
Net income in the fourth quarter increased from $13.4 million to $20.2 million in annual terms. The growth was boosted by the company’s fourth quarter 2020 acquisitions of Bally’s Atlantic City and Eldorado Resort Casino Shreveport, as well as a $50.9 million tax benefit recorded in the quarter.
“Though fourth quarter results were impacted by various regional capacity and health limitations, most notably in Rhode Island, we expect to benefit from a strong rebound in demand across our properties, as well as the operational efficiencies and strong margin improvements that we have seen as a continuing trend since reopening from the pandemic.”George Papanier, president and CEO, Bally’s Corporation
Bally’s Corporation started 2021 with a deal with real estate developer Ira Lubert. Under the agreement, the companies will jointly design, develop, construct and manage a Category 4 licensed casino in Centre County, Pennsylvania. The company’s most recent agreement is with NBA to and will see Bally’s Corporation become the association’s authorized sports betting operator.