Bally's Corporation (BALY) Announces Preliminary Q1 Results; Provides Business Update

April 13, 2021 7:02 AM EDT
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Bally's Corporation (NYSE: BALY), a leading U.S. omnichannel provider of land-based gaming and interactive entertainment, today announced preliminary financial results for the first quarter ended March 31, 2021. Bally's currently estimates that for the three months ended March 31, 2021, consolidated revenue was greater than $185.0 million and Adjusted EBITDA was greater than $50.0 million, compared to revenue and Adjusted EBITDA of $109.1 million and $22.1 million, respectively, for the quarter ended March 31, 2020. These results were due in large part to a month-to-month revenue cadence that accelerated dramatically in March as more COVID-19 restrictions were relaxed across the country.

George Papanier, President and Chief Executive Officer of Bally's Corporation, said "We are extremely encouraged by our trends and March numbers. Increased demand assisted by a relaxation of COVID-19 restrictions contributed to outstanding performance toward the end of the quarter, which, based on early indications, has continued into April. We believe this combination of factors will set us up for a strong 2021 as we continue to welcome more and more Bally's customers back to our casinos, as well as enhance our iGaming platform."

Bally's actual operating results remain subject to the completion of our quarter-end closing process, which includes review by management, the audit committee and its independent auditor. While carrying out such procedures, Bally's may identify items that would require it to make adjustments to the preliminary estimates of its revenue and Adjusted EBITDA set forth above. As a result, Bally's actual revenue and Adjusted EBITDA could be different than the expectation set forth and such differences could be material. Additionally, Bally's estimates of revenue and Adjusted EBITDA are forward-looking statements based solely on information available as of the date of this release and may differ materially from its actual operating results as a result of developments that occur after the date of this release. Therefore, you should not place undue reliance on these preliminary estimates. See "Cautionary Note Regarding Forward-Looking Statements."

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