Bally's Corporation announced Thursday its financial results for the first quarter ending March 31. It also gave somewhat of an update on when its sportsbook — Bally Bet — eventually might launch in mobile New York sports betting.
Bally’s posted first quarter revenue of $548.3 million with a net income of $1.9 million and an adjusted EBITDA of $115 million.
“Our Casinos & Resorts’ results were strong as the US consumer returned to our properties as U.S. COVID restrictions were lifted,” said Lee Fenton, Bally’s CEO, in a news announcement. “International Interactive revenue was down 1% year over year on a constant currency basis due to tightened consumer spending in the UK that was offset by solid performance by our Asia business.
“North America Interactive continued to invest in the rollout plan that accelerated this month with the launch of our foundational 2.0 tech stack in Arizona.”
A tech stack is a set of technologies that are stacked together to build any company’s application.
Moving forward, Bally's will highlight its online casino gaming states for Bally Bet’s next launches under its new tech platform. That would include Michigan, New Jersey, Pennsylvania and West Virginia.
Wait . . . what about New York?
The company said it will continue to be cautious and continue to plan for its online sportsbook launch in the Empire State. No specific launch date was announced, but it more than likely will launch this quarter.
Bally’s Will Be Last of 9 Operators to Launch in New York
Bally’s is the only one of nine operators licensed by the New York State Gaming Commission to run mobile operations in New York that has not gone live.
FanDuel Sportsbook New York, DraftKings Sportsbook New York, Caesars Sportsbook New York and BetRivers Sportsbook New York were cleared right away when mobile sports betting began Jan. 8.
BetMGM Sportsbook New York joined on Jan. 17 and, since then, PointsBetSportsbook New York, WynnBet Sportsbook New York and Resorts World New York have joined the action.
That action had the eight operators combining for nearly $6 billion in total handle when the NYSGC released its most recent weekly report.
Earlier this year, Bally’s Chairman Soo Kim speculated in an interview with CNBC that Bally’s would be in the game by April. That, of course, has not happened.
Other Bally’s News from Call
Bally’s online sports betting and iGaming launch in Ontario will be sometime this summer, according to officials on the call.
Bally's also announced its board of directors determined Bally's should pursue initiating a cash tender offer for its shares. It is anticipated the tender offer will involve $300-$500 million.
“The Company has very substantial opportunities before it, including the integration of the Gamesys acquisition, the build-out of Bally's North American interactive business and the continued strategic expansion of our land-based footprint in the U.S.,” Fenton said in a separate news release. “With these opportunities in front of us, we have great confidence in the future as we move forward.”