Gaming and entertainment services provider Bally’s Corp. (NYSE:BALY) has delivered a better-than-anticipated set of first-quarter numbers.
Revenue rose 9.2% year-over-year to $598.7 million, outpacing estimates by $3.4 million. EPS at $3.24 too landed well past analysts’ expectations of a net loss per share of $0.32. The company saw gains across Casinos & Resorts, International Interactive as well as North America Interactive segments.
Impressively, Casinos & resorts segment saw record revenue of $328.8 million despite adverse weather conditions. Looking ahead, for the year 2023, Bally’s expects Adjusted EBITDA to hover between $665 million and $700 million. Revenue is anticipated to land between $2.5 billion and $2.6 billion.
Additionally, Robert Lavan is stepping down as the company’s CFO and Executive Vice President. Marcus Glover will be taking over these roles subject to regulatory approvals.
Overall, the Street has a $22 consensus price target on BALY pointing to a 38% potential upside in the stock.
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