Bally’s Corp Moves To Spend $25M In NJ Despite 2020 Revenue Decline

Even while its four-quarter revenues saw a sharp decline, Bally’s Corp is still forging on by making several big investments in its Atlantic City casino hotel. Bally’ Corp executives had detailed the financial woes of 2020 in their first earnings call which recorded a drop in revenue for the fourth quarter of 2020 going as high as 9.4% to $118.1 million from $130.4 million in the same quarter of 2019. While this signifies a huge drop in revenue, Bally Corp is not alone in this as many Atlantic City hotels and casinos had their fair share of fiscal problems.

Still, the drop isn’t going to sway the casino hotel as Bally’s executives have revealed plans to pump millions of dollars into the Atlantic City Boardwalk casino.

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“We expect to spend approximately $25 million in the 2021 year,” said Steve Capp, Bally’s chief financial officer.

Bally’s Corp finalized the purchase of Bally’s Atlantic City from Entertainment Inc and Vici Properties last year for a whopping sum of $25 million. Being a part of the licensure and sale approval, the company had agreed to pour in nothing less than $90 million into the establishment over five years.

“We continue to execute on our integration and strategic plan for Bally’s AC,” said CEO George Papanier. “On a targeted basis, we are greatly improving the property and customer experience, including a phased hotel room refurbishment and the addition of several new amenities, including new and robust food and beverage offers.”

Investments Already In Atlantic City

Huge changes are already recorded with a temporary sportsbook taking up space at Bally’s AC

At the moment, FanDuel Sportsbook is already under construction and is expected to begin operations. In mid-February, Bally’s AC closed its doors to customers for close to 30 hours in a bid to fully implement its enticing player loyalty program. According to Papanier, the process was “a very complicated methodical decoupling from the legacy Caesars IT systems and Caesars Rewards Program”

Bally’s Corp Aims For the Top Spot

Bally’s Corp aims to climb to the top even though things aren’t looking quite promising considering the drop in revenues. But this is just the same with all gaming operators who lost out in 2020 as government restrictions and lockdowns crippled business operations and kept customers far away.

Bally’s Corp continues to increase its portfolio as it expands to more states in the US. The company will soon own 15 casinos in 11 states and looks to grow its online gambling and sports betting brand.

This will be facilitated by the eventual rollout of the Bally Bets brands which is expected to happen later this year.

Bally’s also finalized a media partnership with the Sinclair Broadcast Group, a known national leader in regional sports media. In a string of acquisitions, the company has also gained ownership of Bet Works, a sports betting platform provider that partners with operators in New Jersey, Indiana, Iowa, and Colorado.

Bally’s also made partnership deals with Monkey Knife Fight, a gaming platform daily fantasy sports operator and closed a deal with SportCaller, a free-to-play sports game provider.

Papnier considers 2020 as an incredible year for the company even though it was one of the most challenging years for all gaming operators not just in New Jersey but other US states.

“Through the various partnerships and strategic acquisitions we’ve announced, we’ve continued our evolution from a single-property operator in Rhode Island to a leading national player,” he said.

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