Bally’s Corporation has provided preliminary unaudited financial results for the three-month period ending June 30, 2021, posting vast improvements for the second quarter year-on-year.
For Q2 2021, Bally’s estimated that its total consolidated revenue will be in the range of $258m to $268m, up on the $28.9m it achieved in total consolidated revenue during Q2 2020.
Meanwhile, the firm recorded an adjusted EBITDA for the period in the range of $80m to $84m, a vast improvement on the adjusted EBITDA of negative $10.7m for the second quarter of 2020.
The firm also provided an update on its financing plans for its previously announced acquisition of Gamesys Group plc.
As a result of better than expected operating performance at its land-based retail casinos and interactive businesses, the firm does not plan to issue incremental common equity or draw on the previously disclosed Gaming and Leisure Properties Inc commitment to fund the Gamesys acquisition.
It also continues to evaluate investment options with potential strategic partners and such investment is not necessary to fund the acquisition.
Consistent with UK regulatory requirements, Bally’s arranged bridge financing for the Gamesys transaction from Deutsche Bank AG, London Branch, Goldman Sachs USA, and Barclays Bank PLC.
It 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 closing of the Gamesys transaction, which is subject to customary conditions including regulatory approval, is expected to take place during the fourth quarter of 2021.