{"id":259462,"date":"2023-02-13T10:25:36","date_gmt":"2023-02-13T16:25:36","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=259462"},"modified":"2023-02-13T15:53:39","modified_gmt":"2023-02-13T21:53:39","slug":"ballys-stock-gets-lift-from-2023-revenue-guidance","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ballys-stock-gets-lift-from-2023-revenue-guidance\/","title":{"rendered":"Bally\u2019s Stock Jumps on Bullish Guidance, CEO Change"},"content":{"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.<\/p>\n

\"Bally's
Bally’s Casino & Hotel in Shreveport, La. The company announced a CEO change and strong 2023 sales guidance. (Image: Shreveport-Bossier)<\/figcaption><\/figure>\n

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 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.<\/p>\n

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,\u201d said incoming CEO Robeson Reeves in a statement.<\/p><\/blockquote>\n

Reeves is replacing Lee Fenton, who is also resigning from the company\u2019s board of directors. Reeves, who, like Fenton, joined Bally\u2019s by way of the casino operator\u2019s $2.7 billion acquisition of Gamesys<\/a> in 2021, will assume the firm’s helm at the end of the first quarter.<\/p>\n

Bally\u2019s Looking to Shore Up North America Interactive Unit<\/h2>\n

Reeves is currently president of Bally\u2019s interactive division — a unit that\u2019s struggled in North America. The incoming CEO acknowledges as much, calling 2022 results from that division in that region \u201cunacceptable.\u201d<\/p>\n

Last month, the gaming company said it would 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":"\nBally's Stock Gets Lift From 2023 Revenue Guidance<\/title>\n<meta name=\"description\" content=\"Bally's stock bounces on 2023 revenue outlook, CEO change.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/ballys-stock-gets-lift-from-2023-revenue-guidance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bally's Stock Gets Lift From 2023 Revenue Guidance\" \/>\n<meta property=\"og:description\" content=\"Bally's stock bounces on 2023 revenue outlook, CEO change.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/ballys-stock-gets-lift-from-2023-revenue-guidance\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-13T16:25:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-13T21:53:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/bally-1024x718.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"718\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-stock-gets-lift-from-2023-revenue-guidance\/\",\"url\":\"https:\/\/www.casino.org\/news\/ballys-stock-gets-lift-from-2023-revenue-guidance\/\",\"name\":\"Bally's Stock Gets Lift From 2023 Revenue Guidance\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-stock-gets-lift-from-2023-revenue-guidance\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-stock-gets-lift-from-2023-revenue-guidance\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/bally.jpg\",\"datePublished\":\"2023-02-13T16:25:36+00:00\",\"dateModified\":\"2023-02-13T21:53:39+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Bally's stock bounces on 2023 revenue outlook, CEO change.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-stock-gets-lift-from-2023-revenue-guidance\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/ballys-stock-gets-lift-from-2023-revenue-guidance\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-stock-gets-lift-from-2023-revenue-guidance\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/bally.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/02\/bally.jpg\",\"width\":2250,\"height\":1578,\"caption\":\"Bally's Casino & Hotel in Shreveport, La. 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