Bally's Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Bally's Corp has filed its Q1 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

Bally's Corp (BALY) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Bally's Corp filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's previous name was Twin River Worldwide Holdings, Inc. Bally's Corp is incorporated in Delaware. The company's principal business address is in Providence, RI.

Why It Matters

For investors and stakeholders tracking Bally's Corp, this filing contains several important signals. This 10-Q filing provides investors with the latest financial data for Bally's Corp, crucial for understanding its current performance and future outlook. The report includes details on revenue, assets, and liabilities, offering insights into the company's operational and financial health.

Risk Assessment

Risk Level: medium — Bally's Corp shows moderate risk based on this filing. The company operates in the highly competitive casino and gaming industry, which is subject to significant regulatory oversight and economic fluctuations, posing medium risk.

Analyst Insight

Monitor Bally's Corp's revenue growth and profitability in the upcoming quarters to assess the impact of market conditions and strategic initiatives.

Key Numbers

• 2024-03-31 — Period End Date (The 10-Q filing is for the period ending March 31, 2024.)
• 2024-05-03 — Filing Date (The 10-Q report was filed on May 3, 2024.)
• 2020-11-05 — Name Change Date (Date when Bally's Corp changed its name from Twin River Worldwide Holdings, Inc.)

Key Players & Entities

• Bally's Corp (company) — Filer of the 10-Q report
• Twin River Worldwide Holdings, Inc. (company) — Former name of Bally's Corp
• Providence, RI (location) — Business address of Bally's Corp
• 2024-03-31 (date) — Period of report for the 10-Q
• 2024-05-03 (date) — Filing date of the 10-Q

FAQ

Risk Factors

• Competition in the Gaming Industry [medium — market]: The company faces intense competition from other casino operators, which could adversely affect its market share and profitability.
• Regulatory Changes [medium — regulatory]: Changes in gaming laws and regulations, or the interpretation thereof, could impact the company's operations and financial results.

Industry Context

Bally's Corp operates within the highly regulated casino and integrated resort industry, facing competition from established players and evolving consumer entertainment preferences.

Regulatory Implications

The gaming industry is subject to stringent state and federal regulations, including licensing requirements, operational standards, and responsible gaming initiatives.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for revenue, expenses, and profitability trends.
2. Analyze any new risk factors or updates to existing risks disclosed in the filing.
3. Compare the reported figures to previous quarters and the same quarter in the prior year to identify performance changes.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of a company's financial performance during a specific quarter.)

Year-Over-Year Comparison

This filing is the first 10-Q for the fiscal year 2024, following the 10-K annual report filed previously.

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value BALY New York Stock Exchange

Filing Documents

• baly-20240331.htm (10-Q) — 1682KB
• baly-2024331x10qxex311.htm (EX-31.1) — 10KB
• baly-2024331x10qxex312.htm (EX-31.2) — 10KB
• baly-2024331x10qxex321.htm (EX-32.1) — 7KB
• baly-2024331x10qxex322.htm (EX-32.2) — 7KB
• baly-20240331_g1.jpg (GRAPHIC) — 233KB
• 0001747079-24-000055.txt (&nbsp;) — 11339KB
• baly-20240331.xsd (EX-101.SCH) — 71KB
• baly-20240331_cal.xml (EX-101.CAL) — 99KB
• baly-20240331_def.xml (EX-101.DEF) — 432KB
• baly-20240331_lab.xml (EX-101.LAB) — 857KB
• baly-20240331_pre.xml (EX-101.PRE) — 669KB
• baly-20240331_htm.xml (XML) — 1856KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets (unaudited) 3 Condensed Consolidated Statements of Operations (unaudited) 4 Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) 5 Condensed Consolidated Statements of Stockholders' Equity (unaudited) 6 Condensed Consolidated Statements of Cash Flows (unaudited) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 9 ITEM 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 ITEM 4.

Controls and Procedures

Controls and Procedures 53

- OTHER INFORMATION

PART II - OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 55 ITEM 1A.

Risk Factors

Risk Factors 55 ITEM 5. Other Information 55 ITEM 6. Exhibits 56

Signatures

Signatures 57 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements BALLY'S CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands, except share data) March 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 169,356 $ 163,194 Restricted cash 141,533 152,068 Accounts receivable, net 66,931 70,328 Inventory 15,719 14,629 Tax receivable 32,491 62,215 Prepaid expenses and other current assets 110,107 108,096 Assets held for sale — 1,815 Total current assets 536,137 572,345 Property and equipment, net 1,100,733 1,174,888 Right of use assets, net 1,144,815 1,160,288 Goodwill 1,914,853 1,935,803 Intangible assets, net 1,812,638 1,871,428 Deferred tax asset 13,245 36,034 Other assets 113,575 110,317 Total assets $ 6,635,996 $ 6,861,103 Liabilities and Stockholders' Equity Current portion of long-term debt $ 19,450 $ 19,450 Current portion of lease liabilities 53,216 54,842 Accounts payable 59,401 69,161 Accrued income taxes 41,150 78,301 Accrued and other current liabilities 702,560 651,719 Liabilities related to assets held for sale — 1,307 Total current liabilities 875,777 874,780 Long-term debt, net 3,660,920 3,643,185 Long-term portion of financing obligation 200,000 200,000 Long-term portion of lease liabilities 1,139,685 1,148,407 Deferred tax liability 150,520 125,590 Commercial rights liabilities 62,503 113,626 Other long-term liabilities 96,786 119,661 Total liabilities 6,186,191 6,225,249 Commitments and contingencies (Note 17) Stockholders' equity: Common stock ($ 0.01 par value, 200,000,000 shares authorized; 40,483,375 and 39,973,202 shares issued; 40,483,375 and 39,973,202 shares outstanding) 405 400 Preferred stock ($ 0.01 par value; 10,000,000 shares authorized; no shares outstanding) — — Additional paid-in-capital 1,402,384 1,400,479 Treasury stock, at cost, no shares outstanding as of March 31, 2024 and December 31, 2023 — — Accumulated deficit ( 729,809 ) ( 555,895 ) Accumulated other comprehensive loss ( 223,603