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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-38850

baly-20210930_g1.jpg
Bally’s Corporation
(Exact name of registrant as specified in its charter)

Delaware20-0904604
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
100 Westminster Street
Providence,RI02903
(Address of principal executive offices)(Zip Code)
(401) 475-8474
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12 (b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common stock, $0.01 par valueBALYNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes       No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes       No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No  
As of October 31, 2021, the number of shares of the registrant’s $0.01 par value common stock outstanding was 54,363,371.
For additional information regarding the Company’s shares outstanding, refer to Note 15 “Stockholders’ Equity.”



BALLY’S CORPORATION

TABLE OF CONTENTS
Page No.
  
 

2


PART I.     FINANCIAL INFORMATION
ITEM 1.     Financial Statements
BALLY’S CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(In thousands, except share data)
September 30,
2021
December 31,
2020
Assets  
Cash and cash equivalents$164,259 $123,445 
Restricted cash1,844,758 3,110 
Accounts receivable, net39,770 14,798 
Inventory12,048 9,296 
Tax receivable102,388 84,483 
Prepaid expenses and other current assets79,255 53,823 
Total current assets2,242,478 288,955 
Property and equipment, net780,656 749,029 
Right of use assets, net499,133 36,112 
Goodwill444,908 186,979 
Intangible assets, net996,686 663,395 
Other assets5,842 5,385 
Total assets$4,969,703 $1,929,855 
Liabilities and Stockholders’ Equity
Current portion of long-term debt$5,750 $5,750 
Current portion of lease liabilities20,567 1,520 
Accounts payable36,976 15,869 
Accrued liabilities207,283 120,055 
Total current liabilities270,576 143,194 
Long-term debt, net 2,556,421 1,094,105 
Long-term portion of lease liabilities504,885 62,025 
Pension benefit obligations8,147 9,215 
Deferred tax liability63,123 36,983 
Naming rights liabilities190,270 243,965 
Contingent consideration payable43,691  
Other long-term liabilities15,139 13,770 
Total liabilities3,652,252 1,603,257 
Commitments and contingencies
Stockholders’ equity:
Common stock ($0.01 par value, 200,000,000 shares authorized; 44,581,568 and 30,685,938 shares issued; 44,581,568 and 30,685,938 shares outstanding)
445 307 
Preferred stock ($0.01 par value; 10,000,000 shares authorized; no shares outstanding)
  
Additional paid-in-capital1,368,908 294,643 
Treasury stock, at cost  
Retained (deficit) earnings(8,328)34,792 
Accumulated other comprehensive loss(47,334)(3,144)
Total Bally’s Corporation stockholders’ equity1,313,691 326,598 
Non-controlling interest3,760  
Total stockholders’ equity1,317,451 326,598 
Total liabilities and stockholders’ equity$4,969,703 $1,929,855 
See accompanying notes to condensed consolidated financial statements.
3

BALLY’S CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(In thousands, except per share data)


Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Revenue:   
Gaming$227,594 $96,588 $585,791 $196,191 
Racing2,022 1,684 6,593 4,817 
Hotel32,903 6,874 68,277 16,635 
Food and beverage29,504 6,889 68,386 23,875 
Other22,756 4,589 45,731 13,178 
Total revenue314,779 116,624 774,778 254,696 
Operating (income) costs and expenses:
Gaming75,174 25,996 182,059 59,080 
Racing1,996 1,681 5,715 4,877 
Hotel9,413 2,482 22,068 6,926 
Food and beverage21,419 6,016 50,632 21,951 
Other7,624 408 11,442 2,461 
Advertising, general and administrative142,905 43,996 324,615 117,594 
Goodwill and asset impairment  4,675 8,554 
Expansion and pre-opening232  1,772  
Acquisition, integration and restructuring6,797 2,740 37,457 6,984 
Gain from insurance recoveries, net of losses(7,942)(10)(19,197)(1,036)
Rebranding427  1,722  
Gain on sale-leaseback  (53,425) 
Depreciation and amortization29,000 9,932 67,503 28,054 
Total operating (income) costs and expenses287,045 93,241 637,038 255,445 
Income (loss) from operations27,734 23,383 137,740 (749)
Other income (expense):
Interest income547 42 1,601 297 
Interest expense, net of amounts capitalized(31,853)(16,950)(74,480)(43,688)
Change in value of naming rights liabilities6,965  (1,371) 
Gain (adjustment) on bargain purchases(1,039) 23,075  
Loss on extinguishment of debt(19,419) (19,419) 
Other, net(3,082) (6,905) 
Total other expense, net(47,881)(16,908)(77,499)(43,391)
(Loss) income before provision for income taxes(20,147)6,475 60,241 (44,140)
(Benefit) provision for income taxes(5,400)(248)16,751 (18,430)
Net (loss) income$(14,747)$6,723 $43,490 $(25,710)
Basic earnings (loss) per share$(0.30)$0.22 $0.95 $(0.83)
Weighted average common shares outstanding - basic49,506 30,458 45,573 30,825 
Diluted earnings (loss) per share$(0.30)$0.22 $0.95 $(0.83)
Weighted average common shares outstanding - diluted49,506 30,635 45,876 30,825 
See accompanying notes to condensed consolidated financial statements.
4

BALLY’S CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE LOSS (unaudited)
(In thousands)

Three Months EndedNine Months Ended
September 30, 2021September 30, 2021
Net (loss) income$(14,747)$43,490 
Other comprehensive income (loss):
Foreign currency translation adjustment$(43,679)$(44,312)
Defined benefit pension plan reclassification adjustment(1)
41 122 
Other comprehensive loss(43,638)(44,190)
Total comprehensive loss $(58,385)$(700)
________________________________________________
(1) Tax effect of reclassification adjustment was de minimis.

Note: Net loss income equals comprehensive loss for the three and nine months ended September 30, 2020.
See accompanying notes to condensed consolidated financial statements.

5

BALLY’S CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited)
(In thousands, except share data)

 Common StockAdditional
Paid-in Capital
Treasury
Stock
Retained
(Deficit) Earnings
Accumulated Other Comprehensive LossNon-controlling InterestTotal Stockholders’
Equity
 Shares OutstandingAmount
Balance as of December 31, 202030,685,938 $307 $294,643 $ $34,792 $(3,144)$ $326,598 
Release of restricted stock23,811  (990)— — — (990)
Share-based compensation— — 4,483 — — — 4,483 
Stock options exercised30,000 — 129 — — — 129 
Penny warrants exercised932,949 9 — (9)— — — 
Reclassification of Sinclair options— — 59,724 — — — 59,724 
Issuance of MKF penny warrants— — 64,694 — — — 64,694 
Shares issued for purchase of SportCaller221,391 2 11,774 — — — 11,776 
Other comprehensive loss— — — — — (1,012)(1,012)
Net loss— — — — (10,705)— (10,705)
Balance as of March 31, 202131,894,089 $318 $434,457 $(9)$24,087 $(4,156)$ $454,697 
Release of restricted stock9,181 — (205)(116)— — (321)
Share-based compensation— — 3,901 — — — 3,901 
Retirement of treasury shares— (21)(28,488)114,842 (86,333)—  
Common stock offering12,650,000 127 667,746 — — — 667,873 
Sinclair shares exchanged for penny warrants(2,086,908)— 114,717 (114,717)— —  
Sinclair issuance of penny warrants— — 50,000 — — — 50,000 
Bally Interactive equity issuance2,084,765 21 121,479 — — — 121,500 
Stock options exercised40,000 — 172 — — — 172 
Other comprehensive income— — — — — 460 460 
Net income— — — — 68,942 — 68,942 
Balance as of June 30, 202144,591,127 $445 $1,363,779 $ $6,696 $(3,696)$ $1,367,224 
Release of restricted stock483  (12)— — — (12)
Share-based compensation— — 5,449 — — — 5,449 
Retirement of treasury shares— — (308)585 (277)— —  
Bally Interactive equity issuance(10,042)— — (585)— — (585)
Acquired non-controlling interest— — — — — — 3,760 3,760 
Other comprehensive loss— — — — — (43,638)(43,638)
Net loss— — — — (14,747)— (14,747)
Balance as of September 30, 202144,581,568 $445 $1,368,908 $ $(8,328)$(47,334)$3,760 $1,317,451 

6

BALLY’S CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited)
(In thousands, except share data)
 Common StockAdditional
Paid-in Capital
Treasury
Stock
Retained
Earnings
Accumulated Other Comprehensive LossTotal Stockholders’
Equity
 Shares OutstandingAmount
Balance as of December 31, 201932,113,328 $412 $185,544 $(223,075)$250,418 $(1,888)$211,411 
Release of restricted stock131,131 1 (2,484)— — — (2,483)
Dividends and dividend equivalents - $0.10 per share
— — — — (3,174)— (3,174)
Share-based compensation— — 5,542 — — — 5,542 
Retirement of treasury shares— (107)(48,618)254,416 (205,691)—  
Share repurchases(1,649,768)— — (31,341)— — (31,341)
Cumulative effect adjustment upon adoption of ASU 2016-13— — — — (58)— (58)
Net loss— — — — (8,878)— (8,878)
Balance as of March 31, 202030,594,691 $306 $139,984 $ $32,617 $(1,888)$171,019 
Release of restricted stock24,427  (81)— — — (81)
Share-based compensation— — 2,127 — — — 2,127 
Retirement of treasury shares— (2)(733)1,951 (1,216)—  
Share repurchases(162,625)— — (1,951)— — (1,951)
Net loss— — — — (23,555)— (23,555)
Balance as of June 30, 202030,456,493 $304 $141,297 $ $7,846 $(1,888)$147,559 
Share-based compensation - equity awards— — 1,799 — — — 1,799 
Stock options exercised19,564 — 84 — — — 84 
Net income— — — — 6,723 — 6,723 
Balance as of September 30, 202030,476,057 $304 $143,180 $ $14,569 $(1,888)$156,165 
See accompanying notes to condensed consolidated financial statements.
7

BALLY’S CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Nine Months Ended September 30,
(in thousands)20212020
Cash flows from operating activities:  
Net income (loss )$43,490 $(25,710)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization67,503 28,054 
Amortization of operating lease right of use assets7,497 875 
Goodwill and asset impairment4,675 8,554 
Share-based compensation13,833 9,468 
Amortization of debt discount and debt issuance costs4,890 3,256 
Gain from insurance recoveries(18,660) 
Gain on sale-leaseback(53,425) 
Loss on assets and liabilities measured at fair value21,280  
Loss on extinguishment of debt19,419  
Deferred income taxes(1,296)(6,209)
Change in value of naming rights liabilities1,371  
Change in contingent consideration payable(14,830) 
Gain on bargain purchases, net of adjustments(23,075) 
Other operating activities4,715 162 
Changes in current operating assets and liabilities(6,544)(16,739)
Net cash provided by operating activities70,843 1,711 
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired(371,655)(275,947)
Proceeds from sale-leaseback144,000  
Deposit for pending acquisition of Bally’s Quad Cities Casino & Hotel
 (4,000)
Foreign exchange forward contract premiums(22,592) 
Capital expenditures(67,158)(8,566)
Insurance proceeds from hurricane damage18,660  
Other investing activities(3,382) 
Net cash used in investing activities(302,127)(288,513)
Cash flows from financing activities:
Issuance of common stock, net667,872  
Revolver borrowings275,000 250,000 
Revolver payments(85,000)(250,000)
Term loan proceeds, net of fees of $0 and $13,820, respectively
 261,180 
Term loan repayments(4,313)(2,938)
Senior note proceeds, net of fees of $12,998
1,487,003  
Senior note repayments(210,000) 
Payment of redemption premium on debt extinguishment(14,175) 
Payment of financing fees(9,968)(1,117)
Share repurchases  (33,292)
Issuance of Sinclair penny warrants50,000  
Payment of shareholder dividends (3,199)
Share redemption for tax withholdings - restricted stock(1,323)(2,564)
Stock options exercised301 84 
Net cash provided by financing activities2,155,397 218,154 
Effect of foreign currency on cash and cash equivalents(41,651) 
Net change in cash and cash equivalents and restricted cash1,882,462 (68,648)
Cash and cash equivalents and restricted cash, beginning of period126,555 185,502 
Cash and cash equivalents and restricted cash, end of period$2,009,017 $116,854 
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized$51,396 $33,627 
Cash paid for income taxes, net of refunds35,736 4,385 
Non-cash investing and financing activities:
Unpaid property and equipment$2,974 $388 
Stock and equity instruments issued for acquisition of SportCaller and Monkey Knife Fight197,383  
Acquisitions in exchange for contingent liability58,685  
Deferred purchase price payable14,071  
Deposit applied to acquisition purchase price4,000  
See accompanying notes to condensed consolidated financial statements.
8

BALLY’S CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)


1.    GENERAL INFORMATION

Organization

Bally’s Corporation (the “Company” or “Bally’s”) is a U.S. full-service sports betting/iGaming company with physical casinos and online gaming solutions united under a single, prominent brand. The Company, through its wholly owned subsidiary Twin River Management Group, Inc. (“TRMG”), owns or manages the following properties:

Property by Segment(1)
LocationTypeBuilt/Acquired
East
Bally’s Twin River Lincoln Casino Resort (“Bally’s Twin River”)Lincoln, Rhode IslandCasino and Resort2007
Bally’s Tiverton Casino & Hotel (“Bally’s Tiverton”)Tiverton, Rhode IslandCasino and Hotel2018
Dover Downs Hotel & Casino (“Dover Downs”)
Dover, DelawareCasino, Hotel and Raceway2019
Bally’s Atlantic City
Atlantic City, New JerseyCasino and Hotel2020
Bally’s Evansville Casino & Hotel (“Bally’s Evansville”)
Evansville, IndianaCasino and Hotel2021
West
Hard Rock Hotel & Casino (“Hard Rock Biloxi”)Biloxi, MississippiCasino and Resort2014
Bally’s Vicksburg Casino (“Bally’s Vicksburg”)Vicksburg, MississippiCasino and Hotel2020
Bally’s Kansas City Casino (“Bally’s Kansas City”)Kansas City, MissouriCasino2020
Bally’s Black Hawk (2)
Black Hawk, ColoradoThree Casinos2020
Bally’s Shreveport Casino & Hotel (“Bally’s Shreveport”)Shreveport, LouisianaCasino and Hotel2020
Bally’s Lake Tahoe Casino Resort (“Bally’s Lake Tahoe”)
Lake Tahoe, Nevada
Casino and Resort2021
Bally’s Quad Cities Casino & Hotel (“Bally’s Quad Cities”)
Rock Island, IllinoisCasino and Hotel2021
__________________________________
(1) During the second quarter of 2021, the Company updated its reportable segments to better align with its strategic growth initiatives in light of recent and pending acquisitions. Refer to Note 17 “Segment Reporting” for further information.
(2) Includes the recently rebranded Bally’s Black Hawk North Casino, Bally’s Black Hawk West Casino and Bally’s Black Hawk East Casino (previously Golden Gulch Casino).

In addition to the properties noted above, the Company also owns the Bally’s Arapahoe Park racetrack and 13 off-track betting licenses (“Bally’s Arapahoe Park”) in Aurora, Colorado.

Under the Bally Interactive division, the Company owns and manages Bally Interactive, formerly Bet.Works, a U.S. based sports betting platform provider, Horses Mouth Limited (“SportCaller”), a leading Business-to-Business (“B2B”) free-to-play game provider for sports betting and media companies across North America, the UK, Europe, Asia, Australia, LATAM and Africa, Monkey Knife Fight (“MKF”), a North American gaming platform and daily fantasy sports operator, the Association of Volleyball Professionals (“AVP”), a premier professional beach volleyball organization and host of the longest-running domestic beach volleyball tour in the United States, and Telescope Inc. (“Telescope”), a leading provider of real-time audience engagement solutions for live events, gamified second screen experiences and interactive livestreams. On October 1, 2021, the Company completed the acquisition of Gamesys Group, Plc. (“Gamesys”), a leading international online gaming operator that provides entertainment to a global consumer base.

The Company’s common stock is listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “BALY.”





9

BALLY’S CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)



Basis of Presentation

The accompanying condensed consolidated financial statements of the Company include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in the consolidation. Certain prior year amounts have been reclassified to conform to the current year’s presentation. The financial statements of our foreign subsidiary is translated into U.S. dollars using exchange rates in effect at period-end for assets and liabilities and average exchange rates during each reporting period for results of operations. Adjustments resulting from financial statement translations are reflected as a separate component of accumulated other comprehensive income (loss). Foreign currency transaction gains and losses are included in net income (loss).

The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”) for interim financial information, including the instructions to Form 10-Q and Rule 10-01 of the SEC’s Regulation S-X. Accordingly, certain information and note disclosures normally required in complete financial statements prepared in conformity with accounting principles generally accepted in the United States have been condensed or omitted. In the Company’s opinion, these condensed consolidated financial statements include all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented.

These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. There were no material changes in significant accounting policies from those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

We have made estimates and judgments affecting the amounts reported in our condensed consolidated financial statements and the accompanying notes. The actual results that we experience may differ materially from our estimates.

Correction of Cash Flow Classification

Subsequent to the issuance of the Company’s Form 10-Q for the quarterly period ended June 30, 2021, the Company concluded that the $144.0 million in proceeds from the sale-leaseback of the Company’s Dover property were incorrectly classified as cash provided by financing activities rather than cash provided by investing activities within the Company’s unaudited condensed consolidated statement of cash flows for the six months ended June 30, 2021. The accompanying unaudited condensed consolidated statement of cash flows for the nine months ended September 30, 2021 correctly reflects such amount as cash provided by investing activities.

The Company will correct the unaudited condensed consolidated statement of cash flows for the six months ended June 30, 2021 when it files its Form 10-Q for the quarterly period ended June 30, 2022 with the SEC. The correction of this error had no effect on the Company’s net cash provided by operating activities or the accompanying unaudited condensed consolidated balance sheet, unaudited condensed consolidated statement of operations, unaudited condensed consolidated statement of comprehensive income, or unaudited condensed consolidated statement of Stockholders’ equity as of and for the three and nine months ended September 30, 2021.

Acquisition of Gamesys Group, Plc.

On October 1, 2021, the Company completed its acquisition of Gamesys for 9,773,537 shares of Bally’s common stock and approximately £1.554 billion in cash (the “Acquisition”).

Based on the October 1, 2021 closing price of $53.08 per share of the Company’s commo