Bally's Sees Sharply Wider Loss In Q4, Expects Revenue Growth
(RTTNews) - While reporting preliminary results for the fourth quarter and full year 2022 on Monday, casino-entertainment company Bally's Corp. (BALY) said it expects to report a net loss of $476.80 million, including non-cash goodwill and asset impairment charges of $464.0 million, compared to a net loss of $115.29 million in the year-ago quarter.
The company also sees revenues of $576.7 million for the fourth quarter, compared to $547.67 million last year.
On average, analysts polled by Thomson Reuters expect the company to report a loss of $0.01 per share on revenues of $568.89 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2023, the company projects revenues between $2.5 billion and $2.6 billion for the year. The Street is looking for revenues of $2.46 billion for the year.
Separately, the company announced that CEO Lee Fenton will step down and Robeson Reeves, President - Interactive, will take over as the new CEO, effective March 31, 2023. Additionally, George Papanier, long-time Bally's executive, will become Bally's sole President.
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