Ballys Corporation is experiencing a surge following a stellar initial quarter in 2023, propelled by their thriving North American digital gaming sector. Their earnings escalated by 9% year-over-year, reaching an impressive $598.7 million. More remarkably, their adjusted profits surged to $126.4 million, a robust 10% increase. Their coffers are overflowing, boasting a net income of $178.3 million – a significant jump from the $19 million recorded in the same period last year.
Chief Executive Robeson Reeves attributes this triumph to their concentrated efforts on internet gaming within North America, coupled with astute cost-reduction strategies that yielded quicker-than-anticipated results. Their iGaming platform in New Jersey is excelling, securing over 4% of the market share and steadily progressing towards their ambitious objective of 6-8%.
To fortify their standing, Bally’s has joined forces with industry leaders Kambi and White Hat Gaming to modernize their Bally Bet platform. With these strategic alliances and their substantial investments yielding positive outcomes, company president George Papanier affirms that they are ideally situated for sustained expansion.
Significant capital was allocated to revamp our primary Bally’s Twin River location in Rhode Island, a venture that concluded successfully in April. Progress on our Kansas City expansion remains on schedule for a July finalization.
In Chicago, our interim casino is advancing without issues and is anticipated to be operational by summer, while the construction at the permanent site is presently ahead of projections,” Papineau added.
Bally’s Entertainment also revealed a restructuring of its upper management group today.
Marcus Glover will succeed Bobby Lavan as the incoming Executive Vice President and Chief Financial Officer.
Seasoned gaming sector expert, Jeremy B. Pattle, will also be entering the organization as Vice Chairman of the Board and will head a recently established operational consolidation committee.”
