Bally’s Corporation, the growing omni-channel casino entertainment company, has provided unaudited financial results for the three-month period ending 30 June 2021, alongside updating its financial plans for the previously announced acquisition of Gamesys Group PLC.
Bally’s estimated its total consolidated revenue to range between $258m and $268m, with adjusted EBITDA in the range of $80m to $84m. The consolidated revenue is compared to last year’s figures of $28.9m, with an adjusted EBITDA of negative $10.7m for the second quarter of 2020.
Historically, Bally’s management has used adjusted EBITDA to evaluate its operating performance. The notion that inclusion or exclusion of certain recurring and non-recurring items is vital in evaluating period-to-period company performance.
With operating performance exceeding expectations in land-based casino and interactive business, Bally’s shows no plans to issue incremental common equity or draw on Gaming and Leisure Properties to fund the Gamesys acquisition.
The arrangement of bridge financing for the Gamesys transaction from Deutsche Bank AG, London Branch, Goldman Sachs USA and Barclays Bank PLC stands consistent with UK regulatory requirements.
The aims to refinance the bridge facility alongside its and Gamesys’ debt are through one or more capital market transactions. These are expected to include public or private bond offerings and a company-wide bank credit facility.
The closing of the Gamesys transaction is subject to customary conditions including regulatory approval. This is expected to take place during the fourth quarter of 2021.