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Bally's Corporation Sees Q2 Revenues Above View

Bally's Corporation (BALY), a casino-entertainment company on Monday reported preliminary revenue for the second quarter, that comes in above the Street estimates. The company also announced its intention to seek bridge finance to fund the Gamesys acquisition in the context of better-than-expected results.

For the three-month period ended June 30, 2021, the company expects consolidated revenue of $258 to $268 million as compared to $28.9 million in the period ending June 30, 2020.

On average, 5 analysts polled by Thomson Reuters are expecting the company to report revenues of $225.36 million.

Adjusted EBITDA is expected in the range of $80 to $84 million, as compared to Adjusted EBITDA loss of $10.7 million in the year-ago quarter.

The company has arranged bridge financing for the Gamesys acquisition from Deutsche Bank AG, London Branch, Goldman Sachs USA and Barclays Bank PLC. Bally's intends to seek to refinance the bridge facility and its and Gamesys' debt through one or more capital market transactions, which are currently expected to include public or private bond offerings and a company-wide bank credit facility. The transaction is expected to be closed in the fourth quarter of 2021.

The shares of Bally's are currently trading in pre-market at $47.70, up $1.33 or 2.87 percent from previous close.

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