Bally’s Corporation announced the results of the fourth quarter of 2022, as well as the whole year. The company has a quarterly loss of $0.43 per share, which was unexpected.
Only during the previous year, the earnings were $0.02 per share.
The hope for 2023:
The earnings surprise was -304.76% during the quarter. Only a quarter ago, it was -96.43%, when it was expected to earn $0.28 per share, and the earnings per share were $0.01. During the last four quarters, the estimated earnings were surpassed twice.
The revenues earned in the last quarter were $576.69 million, which is 0.15% more than expected. Last year’s revenue was $547.67 million.
These numbers will surely impact the stock’s prices, but the predictions for the future will mostly depend on the management’s response to these figures.
Since the year began, the shares have increased by 2.9%. S&P 500’s, just for the sake of the comparison, increased by 4%.
The current President – Interactive and CEO of Bally’s, Robeson Reeves, said that records had been hit in both Casinos & Resorts and International Interactive segments. During the fourth quarter, the revenue in the UK increased by 12%, and the growth is also noted in the Asian market. The company keeps growing its business in North America, with an accent on sports. The market share has already increased in New Jersey and Ontario.
The current President of Casinos & Reports at Bally’s, George Papanier, said: “As previously noted, Casinos & Resorts saw continued momentum across the portfolio during the fourth quarter. We also broke ground on our temporary facility in Chicago, which we expect will contribute to the business in the second half of 2023. Though Atlantic City generated a loss during a slower fourth quarter, it continues to progress, and we expect the property to be profitable in 2023.” Come from Sports betting site VPbet
The company is looking for new opportunities that will ensure the long-term growth of Bally’s. It will continue to monitor the macro dynamics of the market and keep an eye on the situation in the market.
The changes in the company:
Significant changes have already been made in the company. Bally’s owner is Zack’s Hotel and Motel industry, and it repurchased 0.9 million shares for the price of $20.8 million during the last quarter of the year. Since the beginning of 2022, the company has repurchased 6.6 million shares.
The leadership of the company has also gone through some changes. This month, the company announced that the new CEO would be Robeson Reeves instead of Lee Fenton. Additionally, the executive George Papanier will become the sole president of Bally’s.
These results made everyone ask the same question: what will happen next? There’s a lot in the game for shareholders, as well as for the company itself. The plans are huge, but will the results be as well? It’s to be seen.