Bally's Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Bally's Corp filed its 2023 10-K, detailing financial performance and historical company information.</b>

AI Summary

Bally's Corp (BALY) filed a Annual Report (10-K) with the SEC on March 15, 2024. Bally's Corp filed its 10-K for the fiscal year ending December 31, 2023. The company was formerly known as Twin River Worldwide Holdings, Inc. The filing includes data related to casino and non-casino members. Financial data points such as common stock, additional paid-in capital, and retained earnings are detailed for multiple fiscal years. The report covers the period from January 1, 2023, to December 31, 2023.

Why It Matters

For investors and stakeholders tracking Bally's Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Bally's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance. The inclusion of historical data and former company names offers context for the company's evolution and strategic direction, aiding in long-term investment analysis.

Risk Assessment

Risk Level: — Bally's Corp shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of financial and operational information, but lacks specific forward-looking guidance or immediate material events that would elevate the risk level beyond medium.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Bally's Corp's current financial position and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-15 — Filing Date (Date of submission)

Key Players & Entities

• Bally's Corp (company) — Filer name
• Twin River Worldwide Holdings, Inc. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-15 (date) — Filing date

FAQ

Industry Context

Bally's Corp operates within the hospitality and gaming industry, which is subject to significant regulatory oversight and economic sensitivity.

Regulatory Implications

The gaming industry is heavily regulated by state and local authorities, impacting licensing, operations, and revenue streams.

What Investors Should Do

1. Review the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Analyze the 'Risk Factors' section for potential challenges and uncertainties facing Bally's Corp.
3. Compare key financial metrics with previous years to identify trends and performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-15: Filing Date — Date Bally's Corp submitted its 10-K.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document type filed, containing detailed financial and operational information for the fiscal year.)

Fiscal Year End

The last day of a company's accounting year. (Indicates the period covered by the financial statements in the 10-K.)

Year-Over-Year Comparison

This filing is the annual 10-K for fiscal year 2023, following previous filings which would include quarterly reports (10-Q) and potentially other 8-K events.

Key Financial Figures

• $0.01 — registered Common Stock, par value of $0.01 per share BALY New York Stock Exchange
• $625.4 million — iloxi for an aggregate consideration of $625.4 million. This transaction was structured as a t
• $100 million — tnership with, and commitment to invest $100 million in, our home state of Rhode Island and

Filing Documents

• baly-20231231.htm (10-K) — 3149KB
• ex46-descriptionofregistra.htm (EX-4.6) — 30KB
• ex1048-riregulatoryagreeme.htm (EX-10.48) — 465KB
• ex211-2023subsidiaries.htm (EX-21.1) — 66KB
• ex231-2023consentofindepen.htm (EX-23.1) — 3KB
• ex311-2023ceocertification.htm (EX-31.1) — 10KB
• ex312-2023cfocertification.htm (EX-31.2) — 11KB
• ex321-2023ceocertification.htm (EX-32.1) — 7KB
• ex322-2023cfocertification.htm (EX-32.2) — 7KB
• ex971-compensationclawback.htm (EX-97.1) — 54KB
• ex991-2023descriptionofgov.htm (EX-99.1) — 46KB
• baly-20231231_g1.jpg (GRAPHIC) — 233KB
• baly-20231231_g2.jpg (GRAPHIC) — 118KB
• blys_lgxrgbxwhtxrevx210420.jpg (GRAPHIC) — 34KB
• 0001747079-24-000020.txt (&nbsp;) — 18981KB
• baly-20231231.xsd (EX-101.SCH) — 107KB
• baly-20231231_cal.xml (EX-101.CAL) — 151KB
• baly-20231231_def.xml (EX-101.DEF) — 672KB
• baly-20231231_lab.xml (EX-101.LAB) — 1267KB
• baly-20231231_pre.xml (EX-101.PRE) — 992KB
• baly-20231231_htm.xml (XML) — 2973KB

Business

Business 4 ITEM 1A.

Risk Factors

Risk Factors 13 ITEM 1B. Unresolved Staff Comments 37

C

ITEM 1 C . Cybersecurity 37 ITEM 2.

Properties

Properties 39 ITEM 3.

Legal Proceedings

Legal Proceedings 39 ITEM 4. Mine Safety Disclosures 39 PART II ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 40 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 41 ITEM 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 55 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 56 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 115 ITEM 9A.

Controls and Procedures

Controls and Procedures 116 ITEM 9B. Other Information 121 ITEM 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 121 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 122 ITEM 11.

Executive Compensation

Executive Compensation 122 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 122 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 122 ITEM 14. Principal Accounting Fees and Services 122 PART IV ITEM 15. Exhibits and Financial Statement Schedules 123 ITEM 16. Form 10-K Summary 129

SIGNATURES

SIGNATURES 130 2 Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K includes forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are statements as to matters that are not historical facts, and include statements about our plans, objectives, expectations and intentions. Forward-looking statements are not guarantees and are subject to risks and uncertainties. Forward-looking statements are based on our current expectations and assumptions. Although we believe that our expectations and assumptions are reasonable at this time, they should not be regarded as representations that our expectations will be achieved. Actual results may vary materially. Forward-looking statements speak only as of the time of this Annual Report on Form 10-K and we do not undertake to update or revise them as more information becomes available, except as required by law. Important factors beyond those that apply to most businesses, some of which are beyond our control, that could cause actual results to differ materially from our expectations and assumptions include, without limitation: unexpected costs, difficulties integrating and other events impacting our completed acquisitions and our ability to realize anticipated benefits; unexpected costs and other events impacting our planned construction projects, including Bally's Chicago; risks associated with our rapid growth, including those affecting customer and employee retention, integration and controls; risks associated with the impact of the digitalization of gaming on our casino operations, our expansion into online gaming ("iGaming") and sports betting and the highly competitive and rapidly changing aspects of our interactive businesses generally; the very substantial regulatory restrictions applicable to us, including costs of compliance; global economic challenges, including the impact of public health crises, global and regional conf

BUSINESS

ITEM 1. BUSINESS Bally's Corporation, a Delaware corporation, with global headquarters in Providence, Rhode Island, is referred to as the "Company," "Bally's," "we," "our" or "us." Our common stock is traded on the New York Stock Exchange (the "NYSE") under the symbol "BALY." Our Company We are a global gaming, hospitality and entertainment company with a portfolio of casinos and resorts and online gaming businesses. We provide our customers with physical and interactive entertainment and gaming experiences, including traditional casino offerings, iGaming, online bingo, sportsbook and free-to-play ("F2P") games. As of December 31, 2023, we own and manage 16 land-based casinos in 10 states across the United States ("US"), one golf course in New York, and one horse racetrack in Colorado operating under the Bally's brand. Our land-based casino operations include approximately 15,500 slot machines, 600 table games and 5,300 hotel rooms, along with various restaurants, entertainment venues and other amenities. In 2021, we acquired London-based Gamesys Group Ltd. ("Gamesys") to expand our geographical and product footprints to include an iGaming business with well-known brands providing iCasino and online bingo experiences to our global online customer base with concentrations in Europe and Asia and a growing presence in North America. Our revenues are primarily generated by these gaming and entertainment offerings. Our proprietary software and technology stack is designed to allow us to provide consumers with differentiated offerings and exclusive content. Our Strategy and Business Developments We seek to continue to grow our business by actively pursuing the acquisition and development of new gaming opportunities and reinvesting in our existing operations. We believe that interactive gaming represents a significant strategic opportunity for the future growth of Bally's and we will continue to actively focus resources in markets that we believe will regulate