Bally’s Corporation Announces Preliminary Second Quarter Results
Bally’s Corporation have provided preliminary unaudited financial results for the three-month period ending June 30, 2021. Bally’s also updated its financing plans for its previously announced acquisition of Gamesys Group plc.
For the three-month period ending 30th June 2021, Bally’s estimates that total consolidated revenue will be in the range of $258 to $268 million (£194 million/€228 million), with Adjusted EBITDA in the range of $80 to $84 million (£61 million/€71 million). This is compared to total consolidated revenue of $28.9 million and Adjusted EBITDA of negative $10.7 million for the second quarter of 2020.
As a result of better than expected operating performance at its land-based retail casinos and interactive businesses, Bally’s does not plan to issue incremental common equity or draw on the previously disclosed Gaming and Leisure Properties, Inc. commitment to fund the Gamesys acquisition. Bally’s continues to evaluate investment options with potential strategic partners and such investment is not necessary to fund the Gamesys acquisition.
Consistent with U.K. regulatory requirements, Bally’s arranged bridge financing for the Gamesys transaction from Deutsche Bank AG, London Branch, Goldman Sachs USA and Barclays Bank PLC. Bally’s intends to seek to refinance the bridge facility and its and Gamesys’ debt through one or more capital market transactions, which are currently expected to include public or private bond offerings and a company-wide bank credit facility.
Closing of the Gamesys transaction, which is subject to customary conditions including regulatory approval, is expected to take place during the fourth quarter of 2021.