Bally’s Corporation, a growing omnichannel casino entertainment company, has provided unaudited financial results for three months through June 30, 2021, along with updated financial plans for its previously announced acquisition of Gamesys Group PLC.
Bally’s estimates total consolidated revenue of between $258 million and $268 million and adjusted EBITDA between $80 million and $84 million. Consolidated revenue had a Q2 2020 adjusted EBITDA of negative $10.7 million compared to last year’s figure of $28.9 million.
Historically, Bally’s management used adjusted EBITDA to evaluate operational performance. The concept that the inclusion or exclusion of certain recurring and non-recurring items is important in evaluating company performance over time.
Exceeded operating performance in its terrestrial casino and interactive business demonstrates that Bally’s has no plans to issue incremental common stock or use Gaming and Leisure Properties to finance the Gamesys acquisition.
Deutsche Bank AG, London Branch, Goldman Sachs USA and Barclays Bank PLC’s bridge financing configuration for Gamesys transactions is consistent with UK regulatory requirements.
The goal of refinancing the Bridge facility and Gamesys’ debt is through one or more capital market transactions. This is expected to include public or private bond offerings and company-wide bank credit facilities.
Closing of Gamesys transactions is subject to customary conditions, including regulatory approvals. This is expected to happen in the fourth quarter of 2021.