Stock approaches all-time low as guidance is reduced
- Bally’s shares fell 18% on lowered 2023 outlook
- Stock down 61% on the year, approaching all-time low
- Guidance for remainder of the year lowered to $2.4-2.5 billion
- Adjusted Ebitdar outlook reduced to $640-655 million
- Change in guidance due to delayed casino opening and operational changes
- Third-quarter revenue slightly below estimates at $632.5 million
- Quarterly loss of $61.8 million, compared to net income of $593,000 last year
Bally’s shares took a hit, falling 18%, as the company lowered its outlook for 2023. The stock, already down 61% for the year, is now approaching an all-time low. Bally’s revised its guidance for the remainder of the year to a range of $2.4 billion to $2.5 billion, down from the previous range of $2.5 billion to $2.6 billion. The adjusted Ebitdar outlook was also reduced to $640 million to $655 million, compared to the previous range of $665 million to $700 million. The change in guidance is attributed to the delayed opening of the Chicago Temporary Casino and the decision to pause reinvestment and operational changes at Tropicana. Bally’s reported its third-quarter results, with revenue of $632.5 million, slightly below analyst estimates. The company also posted a loss of $61.8 million for the quarter, compared to net income of $593,000 in the same period last year.
Factuality Level: 8
Factuality Justification: The article provides specific information about Bally’s shares falling, lowered guidance for 2023, and the company’s third-quarter results. The information is supported by numbers and facts. However, the article does not provide any analysis or context for the reasons behind the lowered guidance or the impact of the results on the company’s overall performance. It also does not include any perspectives from experts or stakeholders. Therefore, while the article provides factual information, it lacks depth and analysis.
Noise Level: 7
Noise Justification: The article provides relevant information about Bally’s lowered guidance for 2023, its stock performance, and the reasons behind the change in guidance. However, it lacks in-depth analysis, scientific rigor, and actionable insights. The article also does not explore the consequences of the company’s decisions on stakeholders or hold powerful people accountable. Overall, it contains some noise and filler content, but it stays on topic and supports its claims with data.
Financial Relevance: Yes
Financial Markets Impacted: Bally’s shares
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article pertains to financial topics as it discusses Bally’s lowered guidance and its impact on the company’s stock. However, there is no mention of an extreme event.
Public Companies: Bally’s (N/A)
Key People:
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