It's Been a Really Bad Month for Bally's.... And Chicago Casino Could Be at Risk
Bally's stock price has rebounded following some bad news.
Last week, Bally's stock plummeted from $16.44 Wednesday to $12 by Friday. They were back up to around $18 by Tuesday March 11.
Overall International Interactive revenue declined 9.1% year over year to $214.5 million. Overall, the company saw a 5.1 percent revenue decrease. This led to Bally's management suspending an earnings call.
George Papanier, Bally’s President, added, “Fourth quarter revenue performance in our C&R segment reflects our ongoing work to unify our regional gaming portfolio, efforts which will accelerate now that the four Queen assets have been added to our business, as well as lingering pockets of relative weakness in certain portions of our geographic reach as previously noted. Despite this, Bally’s many growth opportunities remain firmly intact. We received final approval from the City of Chicago for our re-imagined permanent Bally’s Chicago Casino master plan in December, and we recently completed demolition and began construction at the permanent development site."
Bally Chicago Watch tweeted out in regard to the Chicago project:
What a month for BALY: Debt downgraded. Abruptly cancel earnings call. Announce company's cash, revenue, & profit declining. 24% decrease in stock price!
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