PROVIDENCE, R.I., May 10, 2021 /PRNewswire/ -- Bally's Corporation (NYSE: BALY) (the "Company" or "Bally's"), today reported financial results for the first quarter ended March 31, 2021.

(PRNewsfoto/Twin River Worldwide Holdings, Inc.)

First Quarter 2021 and Recent Highlights

  • Income from operations of $29.5 million represents strongest quarter since second quarter 2019
  • Adjusted EBITDA of $52.5 million is up $30.4 million, or 137.9%, from the same period in 2020
  • Adjusted EBITDA margins of 27.29% represent an increase of 708 bps year-over-year
  • Announced transformational agreement to acquire Gamesys Group plc to further omni-channel strategy
  • Strengthened consumer confidence, limited entertainment options and disciplined operating strategy contributed to record results at many properties

George Papanier, President and Chief Executive Officer of Bally's Corporation, said, "This was a remarkable first quarter for Bally's. As COVID-19 vaccinations rolled out, and capacity restrictions and other protocols loosened, we experienced a strong rebound in demand that led to a significant increase in visitation. As a result, we achieved record Adjusted EBITDA and continued margin expansion. As we approach historical operating levels, we are encouraged by the performance at many of our properties this quarter, which when coupled with ongoing capital initiatives, offer tremendous growth opportunities and the potential to deliver strong results over the coming quarters."

Papanier continued, "During this quarter, we also continued to implement our disciplined M&A strategy. We closed our acquisition of Monkey Knife Fight, the fastest growing daily fantasy sports site in North America, and acquired SportCaller, a leading global B2B free-to-play game provider. We also announced an agreement to acquire Gamesys, a leading, global online gaming operator and the number one provider of bingo and casino games in the UK. The Gamesys transaction marks a transformational step in our drive to become the first truly, integrated, omni-channel gaming company with a B2B2C business model."

Summary of Financial Results




Three Months Ended March 31,



(in thousands, except per share amounts and percentages)

2021


2020


Change

Revenue

$

192,266



$

109,148



76.2

%

Income (loss) from operations

$

29,474



$

(3,169)



1,030.1

%

Income (loss) from operations margin

15.33

%


(2.90)

%



Net loss

$

(10,705)



$

(8,878)



20.6

%

Net loss margin

(5.57)

%


(8.13)

%



Adjusted EBITDA(1)

$

52,475



$

22,061



137.9

%

Adjusted EBITDA Margin(1)

27.29

%


20.21

%



Earnings (loss) per diluted share ("EPS")

$

(0.30)



$

(0.28)



(7.1)

%

Adjusted EPS(1)

$

0.28



$

(0.07)



500.0

%

 

(1) Refer to tables in this press release for a reconciliation of these non-GAAP financial measures to the most directly comparable measure calculated in
accordance with GAAP.

First Quarter 2021 Results

Revenue for the first quarter of 2021 increased 76.2% to $192.3 million from $109.1 million in the first quarter of 2020. Throughout the quarter, the Company experienced increased demand resulting from a rise in consumer confidence and reduction in COVID-19 restrictions. The incremental revenues of Casino KC, Casino Vicksburg, Bally's Atlantic City and Eldorado Shreveport, which were acquired in the second half of 2020, also positively impacted revenue for the first quarter of 2021.

The Company also continued to see strong operational efficiencies that positively impacted margins; a trend that has benefited the Company since re-opening from the pandemic. Income from operations in the first quarter of 2021 increased $32.6 million, or 1,030.1%, year-over-year to $29.5 million, while operating margins increased 1823 bps to 15.33% compared to the same period last year. Labor savings, reduced marketing and promotional spend, and the reduction in revenue on lower margin amenities continued to drive margin improvements.  

Net loss for the first quarter of 2021 was $10.7 million, an increase of $1.8 million, or 20.6%, from net loss of $8.9 million in the first quarter last year. Adjusted EBITDA for the first quarter of 2021 was $52.5 million, an increase of $30.4 million, or 137.9%, from Adjusted EBITDA of $22.1 million in the first quarter 2020.

Diluted loss per share for the first quarter of 2021 was $0.30 per share compared to diluted loss of $0.28 per share for the comparable period in 2020. Adjusted EPS was $0.28 for the first quarter of 2021 compared to a loss per share of $0.07 during the same period in 2020.

Other Financial Information

As of March 31, 2021, the Company had $151.7 million in cash and cash equivalents, excluding restricted cash. In addition, the Company had $250.0 million of available borrowings under its credit facility and total debt of $1,167.7 million.

Interest expense, net of interest income, for the first quarter of 2021 increased $9.3 million to $20.8 million. This increase primarily resulted from the increase in debt obligations outstanding in each respective period coupled with timing and differences in interest rates.

Reconciliation of GAAP Measures to Non-GAAP Measures

To supplement the financial information presented on a generally accepted accounting principles ("GAAP") basis, the Company has included in this earnings release non-GAAP financial measures for Adjusted EBITDA, Adjusted EBITDA margin, gross gaming revenue, and adjusted earnings per diluted share, which exclude certain items described below. The Company believes these measures represent important measures of financial performance that provide useful information that is helpful in understanding the Company's ongoing operating results. The reconciliations of these non-GAAP financial measures to their comparable GAAP financial measures are presented in the tables appearing below.

"Adjusted EBITDA" is earnings, or loss, for the Company, or where noted the Company's reporting segments, before, in each case, interest expense, net of interest income, (benefit) provision for income taxes, depreciation and amortization, non-operating income, acquisition, integration and restructuring expense, expansion and pre-opening expenses, goodwill and asset impairment, share-based compensation, rebranding, change in fair value of naming rights liabilities, professional and advisory fees associated with capital return program, credit agreement amendment expenses, gain from insurance recoveries, net of losses, sports and iGaming licensing, Bet.Works and Sinclair, SportCaller and Monkey Knife Fight (MKF) transactions, and certain other gains or losses as well as, when presented for the Company's reporting segments, an adjustment related to the allocation of corporate costs among segments. Adjusted EBITDA margin is measured as Adjusted EBITDA as a percentage of revenue.

"Gross gaming revenue" represents total gaming revenue adjusted for the State of Rhode Island's and the State of Delaware's respective shares of net terminal income, table games revenue and other gaming revenue, and is being presented by the Company to reflect the unique structure of the Company's operations in those states where each state's share of the Company's revenues is retained at the gross revenue level rather than through taxes. Management believes that the presentation of gaming revenue on a gross basis allows for comparisons to gross gaming win data provided throughout the gaming industry.

"Adjusted EPS" represents net income, or loss, per diluted share before acquisition, integration and restructuring expense, goodwill and asset impairment, credit agreement amendment expenses, expansion and pre-opening expenses, rebranding, change in value of naming rights liabilities, other non-operating (income) expense, gain on insurance recoveries, net of losses, sports and iGaming licensing, Bet.Works and Sinclair, SportCaller and MKF transactions professional and certain other gains or losses.

Management has historically used Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EPS when evaluating operating performance because the Company believes that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of the Company's core operating results and as a means to evaluate period-to-period performance. Management also believes that Adjusted EBITDA is a measure that is widely used for evaluating operating performance of companies in our industry and a principal basis for valuing resort and gaming companies like the Company. Management of the Company believes that while certain items excluded from Adjusted EBITDA and Adjusted EPS may be recurring in nature and should not be disregarded in evaluating the Company's earnings performance, it is useful to exclude such items when comparing current performance to prior periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods presented or they may not relate specifically to current operating trends or be indicative of future results. Neither Adjusted EBITDA nor Adjusted EPS should be construed as an alternative to GAAP net income or GAAP diluted EPS, respectively, as an indicator of the Company's performance. In addition, Adjusted EBITDA or Adjusted EPS as used by the Company may not be defined in the same manner as other companies in the Company's industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies

First Quarter Conference Call

The Company's first quarter 2021 earnings conference call and audio webcast will be held today, Monday, May 10, 2021 at 8:00 AM EDT. To access the conference call, please dial (833) 570-1160 (U.S. toll-free) and reference conference ID number 7824207. The webcast of the call will be available to the public, on a listen-only basis, via the Internet at the Investors section of the Company's website at www.ballys.com. An online archive of the webcast will be available on the Company's website for 120 days. Supplemental materials have also been posted to the Investors section of the website, under Events & Presentations.

About Bally's Corporation

Bally's Corporation currently owns and manages 12 casinos across eight states, a horse racetrack and 13 authorized OTB licenses in Colorado. With more than 6,000 employees, the Company's operations include 13,300 slot machines, 457 game tables and 3,342 hotel rooms. Following the completion of pending acquisitions, which include Tropicana Evansville (Evansville, IN), Jumer's Casino & Hotel (Rock Island, IL), Tropicana Las Vegas Hotel and Casino (Las Vegas, Nevada) as well as the construction of a land-based casino near the Nittany Mall in State College, PA, Bally's will own and manage 16 casinos across 11 states. Bally's also maintains a multi-year market access partnership with Elite Casino Resorts through which it will provide mobile sports betting in Iowa. The Company also maintains a temporary sports wagering permit to conduct online sports betting in the Commonwealth of Virginia. Its shares trade on the New York Stock Exchange under the ticker symbol "BALY".

Investor Contact


Media Contact

Steve Capp


Richard Goldman / David Gill

Executive Vice President and Chief Financial Officer


Kekst CNC

401-475-8564


646-847-6102 / 917-842-5384

InvestorRelations@ballys.com


BallysMediaInquiries@kekstcnc.com

Cautionary Note Regarding Forward-Looking Statements

This document includes forward-looking statements within the meaning of the securities laws. Forward-looking statements are statements as to matters that are not historical facts, and include statements about Bally's plans, objectives, expectations and intentions.

Forward-looking statements are not guarantees and are subject to risks and uncertainties. Forward-looking statements are based on Bally's current expectations and assumptions. Although Bally's believes that its expectations and assumptions are reasonable at this time, they should not be regarded as representations that Bally's expectations will be achieved. Actual results may vary materially. Forward-looking statements speak only as of the time of this document and Bally's does not undertake to update or revise them as more information becomes available, except as required by law.

Important factors beyond those that apply to most businesses, some of which are beyond Bally's control, that could cause actual results to differ materially from our expectations and assumptions include, without limitation:

  • uncertainties surrounding the COVID-19 pandemic, including limitations on Bally's operations, increased costs, changes in customer attitudes, impact on Bally's employees and the ongoing impact of COVID-19 on general economic conditions;
  • unexpected costs, difficulties integrating and other events impacting Bally's recently completed and proposed acquisitions and Bally's ability to realize anticipated benefits;
  • risks associated with Bally's rapid growth, including those affecting customer and employee retention, integration and controls, and whether Bally's recently announced combination with Gamesys will be completed and its timing for completion;
  • risks associated with the impact of the digitalization of gaming on Bally's casino operations, Bally's expansion into iGaming and sports betting and the highly competitive and rapidly changing aspects of Bally's new interactive businesses generally;
  • the very substantial regulatory restrictions applicable to Bally's, including costs of compliance;
  • restrictions and limitations in agreements governing Bally's debt could significantly affect Bally's ability to operate our business and our liquidity; and
  • other risk factors as detailed under Part I. Item 1A.("Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 as filed with the Securities and Exchange Commission ("SEC") on March 10, 2021.

The foregoing list of important factors is not exclusive and does not include matters like changes in general economic conditions that affect substantially all gaming businesses.

You should not place undue reliance on Bally's forward-looking statements.

 

BALLY'S CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(In thousands, except share data)





March 31,
2021


December 31,
2020

Assets




Cash and cash equivalents

$

151,653



$

123,445


Restricted cash

3,818



3,110


Accounts receivable, net

24,894



14,798


Inventory

10,784



9,296


Tax receivable

82,417



84,483


Prepaid expenses and other assets

52,543



53,823


Total current assets

326,109



288,955


Property and equipment, net

753,601



749,029


Right of use assets, net

36,341



36,112


Goodwill

289,729



186,979


Intangible assets, net

726,991



663,395


Other assets

6,029



5,385


Total assets

$

2,138,800



$

1,929,855


Liabilities and Stockholders' Equity




Current portion of long-term debt

$

5,750



$

5,750


Current portion of lease obligations

1,578



1,520


Accounts payable

23,732



15,869


Accrued liabilities

131,850



120,055


Total current liabilities

162,910



143,194


Long-term debt, net of current portion

1,128,599



1,094,105


Lease obligations, net of current portion

62,720



62,025


Pension benefit obligations

8,941



9,215


Deferred tax liability

30,642



36,983


Naming rights liabilities

219,867



243,965


Contingent consideration payable

55,543



—


Other long-term liabilities

14,881



13,770


Total liabilities

1,684,103



1,603,257


Commitments and contingencies




Stockholders' equity:




Common stock, par value $0.01; 100,000,000 shares authorized; 31,894,222 and 30,685,938
shares issued as of March 31, 2021 and December 31, 2020, respectively; 31,894,089 and
30,685,938 shares outstanding as of March 31, 2021 and December 31, 2020, respectively.

318



307


Additional paid-in-capital

434,457



294,643


Treasury stock, at cost, 133 and 0 shares as of March 31, 2021 and December 31, 2020,
respectively.

(9)



—


Retained earnings

24,087



34,792


Accumulated other comprehensive loss

(4,156)



(3,144)


Total stockholders' equity

454,697



326,598


Total liabilities and stockholders' equity

$

2,138,800



$

1,929,855


 


 

BALLY'S CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(In thousands, except per share data)




Three Months Ended March 31,


2021


2020

Revenue:




Gaming

$

152,909



$

75,836


Racing

2,369



2,957


Hotel

13,059



7,646


Food and beverage

15,500



15,316


Other

8,429



7,393


Total revenue

192,266



109,148






Operating costs and expenses:




Gaming

45,205



23,213


Racing

2,049



2,407


Hotel

5,149



3,292


Food and beverage

12,209



13,276


Retail, entertainment and other

1,797



1,930


Advertising, general and administrative

80,499



49,609


Goodwill and asset impairment

—



8,708


Expansion and pre-opening

603



—


Acquisition, integration and restructuring

12,258



1,786


Gain from insurance recoveries, net of losses

(10,676)



(883)


Rebranding

913



—


Depreciation and amortization

12,786



8,979


Total operating costs and expenses

162,792



112,317


Income (loss) from operations

29,474



(3,169)






Other income (expense):




Interest income

524



143


Interest expense, net of amounts capitalized

(20,798)



(11,516)


Change in value of naming rights liabilities

(27,406)



—


Other, net

2,671



—


Total other expense, net

(45,009)



(11,373)






Loss before provision for income taxes

(15,535)



(14,542)


Benefit for income taxes

(4,830)



(5,664)


Net loss

$

(10,705)



$

(8,878)






Net loss per share, basic

$

(0.30)



$

(0.28)


Weighted average common shares outstanding, basic

35,827



31,569


Net loss per share, diluted

$

(0.30)



$

(0.28)


Weighted average common shares outstanding, diluted

35,827



31,569


 


 

BALLY'S CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(In thousands)




Three Months Ended March 31,


2021


2020

Cash flows from operating activities:




Net loss

$

(10,705)



$

(8,878)


Adjustments to reconcile net loss to net cash provided by operating activities:




Depreciation and amortization

12,786



8,979


Amortization of operating lease right of use assets

159



256


Share-based compensation

4,483



5,542


Amortization of debt financing costs and discounts on debt

1,515



676


Gain from insurance recoveries

(10,513)



—


Foreign exchange loss

471



—


Bad debt expense

336



1,277


Net pension and other postretirement benefit income

40



—


Deferred income taxes

(6,341)



(3,954)


Gain on disposal of property and equipment

49



—


Goodwill and asset impairment

—



8,708


Accretion of trade name liability and naming rights

1,215



—


Change in value of naming rights liabilities

27,406



—


Change in contingent consideration payable

(3,142)



—


Changes in operating assets and liabilities:




Accounts receivable

(9,668)



14,400


Inventory

(1,471)



(146)


Prepaid expenses and other assets

3,977



4,949


Accounts payable

4,138



(6,582)


Accrued liabilities

11,135



(7,915)


Net cash provided by operating activities

25,870



17,312


Cash flows from investing activities:




Cash paid for acquisitions, net of cash acquired

(22,745)



(50,451)


Capital expenditures

(15,327)



(2,999)


Insurance proceeds from hurricane damage

10,513



—


Payments associated with licenses and market access fees

(1,325)



—


Net cash used in investing activities

(28,884)



(53,450)


Cash flows from financing activities:




Revolver borrowings

40,000



250,000


Term loan repayments

(1,438)



(750)


Payment of financing fees

(5,840)



—


Share repurchases

—



(31,341)


Payment of shareholder dividends

—



(3,199)


Share redemption for tax withholdings - restricted stock

(990)



(2,483)


Stock options exercised

129



—


Net cash provided by financing activities

31,861



212,227


Effect of foreign currency on cash and cash equivalents

69



—


Net change in cash and cash equivalents and restricted cash

28,916



176,089


Cash and cash equivalents and restricted cash, beginning of period

126,555



185,502


Cash and cash equivalents and restricted cash, end of period

$

155,471



$

361,591






Supplemental disclosure of cash flow information:




Cash paid for interest

$

9,128



$

3,743


Cash paid for income taxes, net of refunds

(607)



(165)


 


 

BALLY'S CORPORATION



Reconciliation of Net Loss and Net Loss Margin to
Adjusted EBITDA and Adjusted EBITDA Margin (unaudited)




Three Months Ended March
31,

(in thousands, except percentages)

2021


2020

Revenue

$

192,266



$

109,148






Net income (loss)

$

(10,705)



$

(8,878)


Interest expense, net of interest income

20,274



11,373


(Benefit) provision for income taxes

(4,830)



(5,664)


Depreciation and amortization

12,786



8,979


Non-operating income

(2,671)



—


Acquisition, integration and restructuring expense

12,258



1,786


Goodwill and asset impairment

—



8,708


Expansion and pre-opening expenses

603



—


Share-based compensation

4,483



5,542


Rebranding

913



—


Change in value of naming rights liability

27,406



—


Professional and advisory fees associated with capital return program

—



(16)


Credit Agreement amendment expenses (1)

714



239


Gain from insurance recoveries, net of losses(2)

(10,676)



(883)


Bet.Works and Sinclair(3)

1,355



—


Sports and iGaming Licensing(4)

386



—


Other (5)

179



875


Adjusted EBITDA

$

52,475



$

22,061






Net loss margin

(5.57)

%


(8.13)

%

Adjusted EBITDA margin

27.29

%


20.21

%

__________________________________

(1)

Credit Agreement amendment expenses include costs associated with amendments made to the Company's Credit Agreement.

(2)

Represents insurance recovery proceeds received offset by losses attributable to damage at Hard Rock Biloxi from Hurricane Zeta in the first quarter of 2021 and a gain related to insurance recovery proceeds received for a
damaged roof at the Company's Arapahoe Park racetrack in the first quarter of 2020.

(3)

Expenses incurred to establish the partnership with Sinclair and acquisition costs attributable to the Bet.Works acquisition.

(4)

Represents costs incurred to apply for and obtain sports and iGaming licenses in various jurisdictions.

(5)

Other includes the following non-recurring items for the applicable periods (i) expenses incurred associated with the Rhode Island State Police investigation into a tenant in the Lincoln property and a former employee of
the Company, (ii) expenses incurred associated with the campaign attempting to create an open bid process for the Rhode Island Lottery Contract, (iii) non-routine legal expenses incurred in connection with certain
litigation matters (net of insurance reimbursements), and (iv) costs incurred in connection with the implementation of a new human resources information system.

 

 

BALLY'S CORPORATION



Revenue and Reconciliation of Net Income (Loss) to
Adjusted EBITDA by Segment (unaudited) (in thousands)



Three Months Ended March 31, 2021

Rhode
Island


Mid-
Atlantic


Southeast


West


Other


Total

Revenue

$

50,680



$

48,354



$

64,575



$

26,142



$

2,515



$

192,266














Net income (loss)

$

12,738



$

(1,469)



$

22,934



$

4,685



$

(49,593)



$

(10,705)


Interest expense, net of interest income

—



19



(8)



—



20,263



20,274


(Benefit) provision for income taxes

4,609



(815)



6,648



1,504



(16,776)



(4,830)


Depreciation and amortization

3,539



2,031



4,318



1,654



1,244



12,786


Non-operating income

—



—



—



—



(2,671)



(2,671)


Acquisition, integration and restructuring

—



—



—



—



12,258



12,258


Expansion and pre-opening expenses

603



—



—



—



—



603


Share-based compensation

—



—



—



—



4,483



4,483


Rebranding

—



—



—



—



913



913


Change in value of naming rights liabilities

—



—



—



—



27,406



27,406


Credit Agreement amendment expenses (1)

—



—



—



—



714



714


Gain from insurance recoveries, net of losses(1)

—



—



(10,676)



—



—



(10,676)


Bet.Works and Sinclair(1)

—



—



—



—



1,355



1,355


Sports and iGaming Licensing(1)

—



—



—



—



386



386


Other(1)

—



—



—



29



150



179


Allocation of corporate costs

2,487



2,356



3,168



1,283



(9,294)



—


Adjusted EBITDA

$

23,976



$

2,122



$

26,384



$

9,155



$

(9,162)



$

52,475


_______________________________

(1)

See descriptions of adjustments in the "Reconciliation of Net Income and Net Income Margin to Adjusted EBITDA and Adjusted EBITDA Margin (unaudited)" table above.

 

 

Three Months Ended March 31, 2020

Rhode
Island


Mid-
Atlantic


Southeast


West


Other


Total

Revenue

$

56,279



$

21,086



$

25,482



$

4,463



$

1,838



$

109,148














Net income (loss)

$

8,083



$

205



$

1,408



$

(5,996)



$

(12,578)



$

(8,878)


Interest expense, net of interest income

(36)



41



(8)



—



11,376



11,373


(Benefit) provision for income taxes

2,958



78



378



(2,976)



(6,102)



(5,664)


Depreciation and amortization

4,782



1,454



2,263



415



65



8,979


Acquisition, integration and restructuring expense

—



20



—



—



1,766



1,786


Goodwill and asset impairment

—



—



—



8,708



—



8,708


Share-based compensation

—



—



—



—



5,542



5,542


Professional and advisory fees associated with capital
return program

—



—



—



—



(16)



(16)


Credit Agreement amendment expenses(1)

—



—



—



—



239



239


Gain from insurance recoveries, net of losses(1)

—



—



—



—



(883)



(883)


Other(1)

—



—



—



—



875



875


Allocation of corporate costs

2,754



1,032



1,247



218



(5,251)



—


Adjusted EBITDA

$

18,541



$

2,830



$

5,288



$

369



$

(4,967)



$

22,061


_______________________________

(1)

See descriptions of adjustments in the "Reconciliation of Net Income and Net Income Margin to Adjusted EBITDA and Adjusted EBITDA Margin (unaudited)" table above.


 

BALLY'S CORPORATION



Calculation of Gross Gaming Revenue (unaudited)




Three Months Ended March 31,



(in thousands, except percentages)

2021


2020


Change

Gaming revenue

$

152,909



$

75,836



101.6

%

Adjustment for State of RI's share of net terminal income, table games revenue and other gaming revenue (1)

77,694



81,984




Adjustment for State of DE's share of net terminal income, table games revenue and other gaming revenue at Dover Downs (1)

19,859



17,838




Gross gaming revenue

$

250,462



$

175,658



42.6

%

_______________________________

(1)

Adjustment made to show gaming revenue on a gross basis consistent with gross gaming win data provided throughout the gaming industry.

 

 

Reconciliation of Net Income (Loss) Per Diluted Share to
Adjusted Net Income (Loss) Per Diluted Share (unaudited)




Three Months Ended March 31,


2021


2020

Net loss per share

$

(0.30)



$

(0.28)


Acquisition, integration and restructuring

0.34



0.06


Goodwill and asset impairment

—



0.28


Credit Agreement amendment expenses (1)

0.02



0.01


Expansion and pre-opening expenses

0.02



—


Rebranding

0.03



—


Change in value of naming rights liabilities

0.76



—


Other non-operating income

(0.07)



—


Gain on insurance recoveries, net of losses(1)

(0.30)



(0.03)


Bet.Works and Sinclair(1)

0.04



—


Sports and iGaming Licensing(1)

0.01



—


Other (1)

—



0.03


Tax effect of adjustments

(0.26)



(0.13)


Adjusted net income (loss) per share

$

0.28



$

(0.07)


_______________________________

Note: Amounts in table may not subtotal due to rounding.

(1)

See descriptions of adjustments in the "Reconciliation of Net Income and Net Income Margin to Adjusted EBITDA and Adjusted EBITDA Margin (unaudited)" table above.

 

 

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SOURCE Bally's Corporation