BALLY'S CORPORATION Item 2.02 Results of Operations and Financial Condition.
On
The information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and will not be deemed "filed" for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or under the Exchange Act, except as otherwise expressly stated in such filing.
Item 8.01 Other Events.
During the second quarter of 2021, the Company updated its reporting segments to better align with its strategic growth initiatives in light of recent and pending acquisitions. The growth and diversification achieved through the Company's recent and pending acquisitions has resulted in a change in the way the Company's chief operating decision maker makes operating decisions, assesses the performance of the business and allocates resources. As a result, the Company realigned its operating segments and determined it had two reportable segments: East and West. The Company conducts its business through these reportable segments and reports revenue and operating expenses associated with these reportable segments in its consolidated statements of operations.
The East reportable segment includes
The West reportable segment includes
The "Other" category includes the immaterial operating segments of SportCaller,
Monkey Knife Fight,
The main key performance indicator used in managing the Company's business and evaluating segment performance is adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA"), a non-GAAP measure. Adjusted EBITDA is defined as earnings for the Company, or where noted its reporting segments, before, in each case, interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating income, acquisition, integration and restructuring expense, share-based compensation, and certain other gains or losses, as well as, when presented for reporting segments, an adjustment related to the allocation of corporate cost among segments. The changes in the reportable segment structure discussed above affect only the manner in which the Company's reportable segments were previously reported.
Item 8.01 of this Current Report on Form 8-K provides a summary of the Company's
segment operating results and Adjusted EBITDA for the years ended
Item 8.01 of this Current Report on Form 8-K, including Exhibit 99.2 attached
hereto, does not restate the Company's previously reported consolidated
financial statements for any period, nor does it reflect any subsequent
information or events, other than as required to reflect the change in segments
as described above. Item 8.01 of this Current Report on Form 8-K, including
Exhibit 99.2, should be read in conjunction with the Company's Annual Report on
Form 10-K for the years ended
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit No. Description 99.1 Press Release of Bally's Corporation datedAugust 9, 2021 99.2 Recast Segment Information of Bally's Corporation. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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