Bally’s Corporation reported mixed results in the company’s second-quarter earnings report.
The casino, gaming, and entertainment company, which has access to online sports betting licenses in more than 10 states, generated $552.5 million in revenue for the second quarter ending June 30.
The results were up from the $267.7 million in revenue the company reported in Q2 2021.
Bally’s North America Interactive segment — which covers sports betting, including online sportsbook Bally Bet — reported $18 million in revenue but posted a net loss of $24.8 million.
- Net income reached $59.5 million in Q2 2022, compared to $68.9 million in Q2 2021.
- Adjusted EBITDA hit $141.2 million, up from $82.8 million for the same period last year.
- Full-year revenue is projected to range between $2.2 billion and $2.3 billion in FY2022.
Bally’s latest earnings report follows previously announced plans to repurchase shares. Earlier this month, the company agreed to buy back $103 million worth of shares via Dutch auction.
It will repurchase 4.69 million common shares at $22 per share, excluding fees.
In January, investment firm Standard General LP — Bally’s largest shareholder — offered to buy the company’s remaining shares at $38 apiece, valuing Bally’s at nearly $2.07 billion.
Standard General, which holds a 21% stake in Bally’s, said it would fund the purchase of the company’s remaining shares through sale-and-lease-back and other long-term financing.
In May, Bally’s rejected Standard General’s takeover offer, saying it was deemed too low.