The preliminary results took a look at both the fourth quarter and the full year. In terms of four-quarter performance, the company posted revenue of $576.7 million, but net loss amounted to $476.8 million, the company said in the update shared with media late on Monday.
Fourth Quarter Sees “Unacceptable” Interactive Division Performance
Adjusted EBITDA stood at $145.8 million while adjusted EBITDAR was posted as $164.4 million. Bally’s President – Interactive and the company’s incoming chief executive officer – Robeson Reeves – commented on the results and what they meant for the business. Reeves focused on the company’s strengths at first, arguing that Bally’s has achieved record results in the Casinos & Resorts and International Interactive verticals.
He noted that revenue had a 12% organic growth in the fourth quarter, with Asia seeing positive year-over-year organic results as well. Reeves, though, spared no harsh words for the company’s domestic market where North America Interactive results were simply dubbed “unacceptable” by the executive, explaining the decision to cut 15% of its workforce.
Reeves assured that presently, the company is focusing on making executive decisions that will lead to a near-term path to profitability in sports. He remained confident that the company’s share in iGaming markets, such as New Jersey and Ontario, will continue to improve for Bally’s. However, there are difficult choices ahead, Reeves cautioned:
As part of the restructuring, we are evaluating multiple options, including leasing technology structures that integrate quickly and effectively with our world class iCasino and Marketing tech stacks.
Incoming Bally’s Corporation CEO Robeson Reeves
Land-Based Sector Likely to Keep Momentum in 2023
Bally’s President – Casino & Resorts, and incoming Bally’s President, George Papanier outlined the company’s land-based activities, arguing that while some additional loss was generated through the introduction of projects such as the company’s Chicago resort, the overall capital expenditures towards property improvements will begin to decline in 2023. If anything, Papanier expects the company’s momentum in the land-based sector to continue.
The company’s full-year preliminary results were posted at $2.25 billion for 2022, with expected net loss to decrease from the fourth quarter to $414.8 million. Adjusted EBITDA for the full-year is expected to be at $548.5 million, the company’s reported stated. Bally’s cautioned that once the final report is published, the results may change. Updates are forthcoming.