Ballys Corporation is experiencing a surge in momentum following an exceptional initial quarter of 2023, characterized by remarkable financial performance and a revitalized emphasis on its digital trajectory. Income surged by 9% year-over-year, approaching almost $600 million. Significantly, the corporation has shifted into profitability, reporting a net income of $1.78 billion subsequent to a moderate showing the previous year. Chief Executive Robeson Reeves ascribes this triumph to their flourishing North American online platform, which is surpassing projections in both expansion and cost reductions.
Their online gambling sector, notably within the New Jersey market, is a standout performer. They have already secured over 4% market share and are poised to achieve their objective of 6-8%. To further propel this digital growth, Bally’s has collaborated with industry leaders Kambi and White Hat Gaming, demonstrating a substantial dedication to their modernized Bally Bet platform.
Looking forward, Bally’s is strategically positioned for sustained achievements. With significant capital expenditures in their casinos and resorts nearing completion, the company can now allocate more resources toward its online expansion, paving the way for even greater victories in the times ahead.
Renovations have kept us occupied, notably a comprehensive revamp of our primary location, Bally’s Twin River in Rhode Island, finalized in April. Our enlargement initiative in Kansas City is progressing favorably and should conclude by July.
In Chicago, our interim casino remains on target for a summer debut, and the permanent site’s construction is surprisingly ahead of plan.
Regarding personnel, Bally’s is delighted to declare a few adjustments to our leadership group. Marcus Glover will assume the role of Executive Vice President and Chief Financial Officer, succeeding Bobby Lavan. We’re also greeting Jermaine B. Patel to the organization as Vice Chairman of the Board. He’ll be supervising our recently established Operational Integration Committee.”
