Bally’s (NYSE: BALY) stock rallied early Monday after the company unveiled bullish, preliminary fourth quarter and 2023 revenue guidance while announcing a key leadership change.
The regional casino operator forecast fourth-quarter revenue of $576 million, ahead of the $568.89 million analysts expected. Bally’s also projected 2023 sales of $2.5 billion to $2.6 billion, topping the consensus estimate of $2.46 billion. Full-year earnings before interest, taxes, depreciation, amortization, restructuring or rent costs (EBITDAR) are projected to be $660 million to $700 million.
Our core businesses are generating fantastic cash flows. UK revenue grew 12% organically in the fourth quarter as regulations continue to play through, while in December, Asia saw positive year-over-year organic growth, proving that our initiatives to maintain a competitive advantage in that market are effective,” said incoming CEO Robeson Reeves in a statement.
The regional casino operator forecast fourth-quarter revenue of $576 million, ahead of the $568.89 million analysts expected. Bally’s also projected 2023 sales of $2.5 billion to $2.6 billion, topping the consensus estimate of $2.46 billion. Full-year earnings before interest, taxes, depreciation, amortization, restructuring or rent costs (EBITDAR) are projected to be $660 million to $700 million.
Our core businesses are generating fantastic cash flows. UK revenue grew 12% organically in the fourth quarter as regulations continue to play through, while in December, Asia saw positive year-over-year organic growth, proving that our initiatives to maintain a competitive advantage in that market are effective,” said incoming CEO Robeson Reeves in a statement.
