Details emerged as a part of a trading update released on Thursday which saw the company report fourth quarter revenue of $576.7 million. This result, when compared to the Q4 2021 result of $547.7 million, marked a strong increase of more than 5%.
Adjusted EBITDA for the three months ended December 31, 2022, hit $145.8 million. When compared to the $118.7 million result from the corresponding period in 2021, the latest result marked an increase.
A breakdown of the total revenue of $576.7 million for Q4 2022 reveals Bally’s reported growth within its two main operating segments. For the period, the company’s gaming revenue increased to $461.6 million, while the non-gaming segment increased to $115.1 million, up from $458.9 million and $88.7 million respectively.
Focusing on the bigger picture, Bally’s recent report revealed data regarding the company’s overall performance in 2022. Last year, the company’s revenue soared to $2.3 billion. This result, when compared to the 2021 figure of $1.32 billion, marked a significant increase of more than 70% in revenue. Adjusted EBITDA in 2022 increased as well. Back in 2021, adjusted EBITDA halted at $329.9 million, while last year, it increased to $548.5 million.
The Results Bring Excitement to Bally’s
Earlier this month, Bally’s confirmed a planned C-level change. The company revealed that its current chief executive officer, Lee Fenton, would be stepping down from his role and will be replaced by Robeson Reeves. Although the leadership-level change was announced earlier this month, it will be in effect as of March 31, 2023, Bally’s explained.
“We remain committed to taking a deep dive approach in North America to ensure that investments we make in sports have a near-term path to profitability.“
Robeson Reeves, currently president of Bally’s and incoming CEO
Reeves commented in light of the recent financial update explaining that the company is excited to have “achieved record results in both our Casinos & Resorts and International Interactive segments.” Moreover, he pointed out that Bally’s continues to see strong cash flow generated by its core businesses.
According to Reeves, growing further into North America will be a key priority for the company. In conclusion, he pointed out that Bally’s online gambling operators have increased their share in Ontario, as well as New Jersey.