Ballys Corporation Rides High on Q1 Success and Digital Growth Strategy

Ballys Corporation is experiencing a surge following a robust initial quarter in 2023, driven by their emphasis on the flourishing North American internet gaming sector. Their earnings escalated by 9% relative to the previous year, accumulating $598.7 million. Even more remarkable, they transformed their financial results from a deficit to a substantial $1.783 billion in net earnings. Chief Executive Robeson Reeves attributed this to their expense reduction initiatives and the initial triumph of their revitalized Bally Bet platform, especially within the fiercely contested New Jersey market. They are targeting a 6-8% market portion there, collaborating with industry leaders Kambi and White Hat Gaming to attain this objective. With significant investments in their casino and resort properties now finalized, Bally’s is strategically situated to intensify their digital expansion strategy.

Significant capital has been allocated to revamp our primary establishment, Bally’s Twin River Casino in Rhode Island, a project that concluded magnificently in April. Furthermore, the enlargement initiative in Kansas City is progressing as planned, aiming for a July completion.

Developments are also underway in Chicago! The interim casino is advancing according to schedule, with an anticipated summer debut. Moreover, the construction of the permanent venue is ahead of projections – a stroke of good fortune, indeed!

In addition to these updates, Bally’s is unveiling significant adjustments to its executive lineup today. Marcus Glover is assuming the position of Executive Vice President and Chief Financial Officer, succeeding Bobby Lavan. Another influential figure is joining the ranks: Jermaine B. Patel is coming aboard as Vice Chairman of the Board, where he will spearhead the newly established Operations Integration Committee.”