If yesterday’s release of Bally Corporation’s preliminary fourth quarter and 2022 full year end results are any indication of what’s to come, then there are going to be changes going forward. This coincides with the
recent announcement by the company that Robeson Reeves will take over for Lee Fenton as CEO effective 31 March.
Bally’s assets within the U.S. are comprised of 15 casinos, including
Bally's Lake Tahoe,
Hard Rock Hotel & Casino - Biloxi, and
Tropicana Las Vegas, as well as a horse racing track, and access to online sports betting licenses in 18 states. Plans are currently underway to develop new properties in Chicago, Nevada and Pennsylvania.
The corporation had a banner Q4 for Casinos & Resorts and International Interactive as it recorded a total revenue of $319,178 for the former, while it took in $231,218 in total revenue in the latter. These results enabled the company to finish the year with $1,227,563 for Casinos & Resorts, while it recorded $946,442 for International Interactive, which includes brands such as
Jackpotjoy UK,
Virgin Games and
InterCasino.com.
"As our businesses continue to integrate, we are pleased to achieve record results in both our Casinos & Resorts and International Interactive segments,” said Reeves in a press release. “Our core businesses are generating fantastic cash flows. U.K. 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."
The same; however, can not be said for the North American ledger as Bally’s brought in only $26,293 for the last quarter and $81,700 for year ending 31 December 2022.
"Simply put, our North America Interactive results in 2022 were unacceptable,” said Reeves in a press release. “In response, through our announced restructuring plan of the Interactive business in January, we are taking a deep dive in our approach to North America to ensure that investments we make in sports have a near-term path to profitability. In iCasino states, we continue to take share in New Jersey and Ontario as we integrate this business in a scalable way. As part of the restructuring, we are evaluating multiple options, including leasing technology structures that integrate quickly and effectively with our world class iCasino and Marketing tech stacks. We also expect our restructuring efforts to drive benefits in our International Interactive segment."