Bally's reports $2.3 billion in revenue for fiscal 2022

Bally’s announced revenue of $2.3 billion for fiscal 2022, after generating $576.7 million in the fourth quarter. Full-year results were up 73% year-over-year, although fourth-quarter results were up just 5% in comparison.

The company attributes the losses to non-cash goodwill and an asset impairment charge of $464 million paid in the fourth quarter.

Elsewhere, adjusted EBITDA (earnings before interest, tax, depreciation and amortization) for the fourth quarter was $145.8 million and $548.5 million for the full year, while EBITDAR for the fourth quarter was US$164.4 million and US$601.8 million for 2022.

Bally’s CEO evaluates announced results

New Bally’s CEO and current president of its interactive division, Robeson Reeves, said: “We are pleased to have achieved record results in our casino and resort and international interactive segments.”

“Our core businesses continue to generate fantastic cash flows. UK revenue grew 12% organically in the fourth quarter as regulations remain in place, while in December Asia saw positive organic growth, proving that our initiatives to maintain a competitive edge in this market are effective.”

“We remain committed to taking a deep dive approach in North America to ensure the investments we make in sports have a short-term path to profitability,” added Reeves.

Reeves’ comments on Bally’s approach to the US marked a slight change in tone for the preliminary fourth quarter performance release – in which he called US Interactive’s results “unacceptable”.

However, the “deep dive” commitment Reeves is referring to is a restructuring plan for the interactive business, which Bally’s hopes will ensure that investments made “in sports have a short-term path to profitability”.