reduce headcount by up to 15%<\/a> at the North American iGaming unit in a bid for profitability. Those layoffs could result in charges of up to $15 million.<\/strong><\/p>\n\u201cAs 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,\u201d added Reeves.<\/p>\n
The incoming CEO noted Bally\u2019s is gaining online casino market share in New Jersey and Ontario, Canada.<\/p>\n
Land-Based Casinos Could Boost Bally\u2019s Stock<\/h2>\n New amenities at one of its Rhode Island venues and the debut of a temporary casino in Chicago in the back half of this year could be catalysts for Bally\u2019s stock. The temporary space in Chicago is being used ahead of the debut of the operator\u2019s $1.7 billion integrated project in the third-largest US city.<\/p>\n
Incoming Bally\u2019s President George Papanier pointed out that while the company\u2019s namesake venue on the Atlantic City Boardwalk lost money in the fourth quarter, the property is expected to be profitable this year.<\/strong><\/p>\n\u201cSignificant capital expenditures toward property improvements will decrease in 2023 as we focus on generating cash flows to invest in long-term growth opportunities for the entire Bally’s portfolio. Finally, business momentum continues strong into 2023, with no slowdown in the consumer as we continue to closely watch market macro dynamics,\u201d he said in the statement.<\/p>\n
On Sunday, it was reported that the company may be in talks with the Trump Organization<\/a> regarding the development of excess land around the Trump Golf Links at Ferry Point in the Bronx, N.Y,, as the site of a casino hotel. The company didn\u2019t mention that effort in the statement discussing the financial guidance and executive changes.<\/p>\n","protected":false},"excerpt":{"rendered":"Bally\u2019s (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\u2019s also projected 2023 sales of $2.5 billion to $2.6 billion, topping the […]<\/p>\n","protected":false},"author":46,"featured_media":259464,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,33810],"tags":[81897,81903,81898],"acf":[],"yoast_head":"\n
Bally's Stock Gets Lift From 2023 Revenue Guidance<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n