Bally's Corp Q4 FY2022 earnings call

• Leadership Transition: Acknowledgment of Lee Fenton's leadership, introduction of new CEO Robeson Reeves. - Casinos & Resorts: CapEx cycle inflected, Bally's Chicago project on track, temporary facility to open this year. - International Interactive: UK business strong post marketing optimizations, Asia business positive year-on-year, plans to invest in growth opportunities. - North America Interactive: iCasino in New Jersey and Ontario growing, plan to launch in Pennsylvania H1 2023. Restructuring in Interactive to streamline, reworked technology pipeline. - Sports Betting: Acknowledgment Bet.Works acquisition didn't provide needed platform, will find economical solutions.

Casinos & Resorts reported $96 million of EBITDAR in the quarter, including negative $4.7 million of EBITDAR for AC. Excluding AC and Tropicana, core portfolio EBITDA margins were 36% plus. International Interactive had approximately $89 million of EBITDA at a 39% margin. UK was up 12% year-over-year on constant currency basis, International up 6%. North America Interactive had $6 million of negative EBITDA. 2023 forecast: revenues $2.5 billion to $2.6 billion, adjusted EBITDA $660 million to $700 million, including $40 million to $50 million of North America Interactive EBITDA losses.

• 2023 revenue forecast $2.5-$2.6 billion, adjusted EBITDA $660-$700 million, including North America Interactive EBITDA losses of $40-$50 million. - Aim to be sub five times debt-to-EBITDA by mid-2024. - Focus on opening Bally's Chicago temp on time and budget, growing North America Interactive profitably, etc.

• Forward-looking statements involve significant risks and uncertainties. - Regulatory changes in UK affecting smaller operators. - Dependencies and complexity in technology development. - Macroeconomic factors impacting consumer behavior.

Q: Can you talk about the success you've had recently in the UK?

A: Some operators leaving the market, consolidation, targeting with high quality market tech stack.

Q: Any update or expectations for a newer casino?

A: Participating in RFA process, two-site approach like Chicago.

Q: What you see as some of the major differences and similarities in your approach versus Lees?

A: Focus on data, analytics, leveraging technology, making smart but aggressive bets.

Q: What you see as assumptions for North America Interactive hitting profitability by 2024?

A: Bright spots in iCasino, like New Jersey launch growing, considering lease options for profitability.

Q: Insight into consumer strength in January and February?

A: Solid spend in Interactive, no strain, projections prudent, potential upsides if trends continue.

Q: Update on Asia business?

A: Performance solid, growing player base, positive trends, margins and revenues improving.

Q: Appetite for more sales-leaseback?

A: Land bank viewed as tool to grow EBITDA, right deal needed, comfortable with Chicago funding for now.