Bally’s Corporation reported a profit of $29.5 million in the first quarter of 2021, the company’s best quarter since the second quarter of 2019.
Adjusted EBITDA was $52.5m, up 138% from the same period in 2020, while net loss was $10.7m, up 21%. Meanwhile, the diluted loss per share amounted to $0.30, compared to $0.28 per share for the same period in 2020.
The quarter’s revenue was $192.3 million, up 76 percent from the previous year. The increase in revenue was due to a rise in consumer confidence and a relaxation of Covid-19 restrictions.
The incremental revenues of Casino KC, Casino Vicksburg, Bally’s Atlantic City, and Eldorado Shreveport, which were acquired in the second half of last year, also had a positive impact on revenue.
Bally’s Corporation President and CEO George Papanier said, “This was a remarkable first quarter for Bally’s. As Covid-19 vaccinations became available and capacity restrictions eased, we saw a significant increase in demand and visitation levels.
“As we approach historical operating levels, we are optimistic by the performance of our properties this quarter. And when combined with ongoing capital initiatives, presents tremendous growth opportunities to deliver strong results.”