Insiders' Bullish Transactions and Institutional Support for Bally's Corporation in 2023

Established in 2004, Bally's Corporation is a prominent company in the global gaming, hospitality, and entertainment sectors. The company possesses a diverse portfolio that includes casinos, resorts, and online gaming enterprises. Bally's Corporation's operations encompass 15 casinos situated in ten different states, and it is publicly traded on the New York Stock Exchange, with a market capitalization exceeding $408 million.

Several Insiders Raise Their Positions

The entertainment company is climbing the ladders to success at an incredible rate and the future seems quite pleasant. Just a few days back, Bally's reported being on track to open a permanent casino in Chicago by September 2026. Following the news, the entertainment company recorded investments by its insiders after almost two years.

On November 3 and 6, multiple insiders increased their holdings in the firm:

• George T. Papanier, who serves as President and CEO, purchased 20,000 shares at a price of $9.46, resulting in a total investment of $189,200.

• Robeson Mandela Reeves, the CEO of the company, also acquired 20,000 shares at a price of $9.43, leading to a total investment of $188,600.

• Kim Lee, the Chief Legal Officer (CLO), purchased 2,900 shares at a price of $8.49, resulting in a total investment of $24,621.

• Crag L Eaton, who holds the position of Company Secretary, bought 10,600 shares at a price of $9.45, resulting in a total investment of $100,170.

• Terrence Downey, an Independent Director, acquired 10,800 shares at an average price of $9.20, accumulating a total investment of $99,200.

• Jaymin B Patel, another Independent Director, purchased 10,000 shares at a price of $8.84, resulting in a total investment of $88,400.

• Tracy S Harris, also an Independent Director, acquired 200 shares at a price of $9.33, resulting in a total investment of $1,866.

Institutional Confidence

The company has demonstrated robust performance throughout the current year. In addition to forging strategic alliances with key players such as Stakelogic, the company has garnered substantial support from prominent institutions and mutual funds.

Throughout 2023, multiple institutions increased their holdings in the firm. On March 31, BlackRock Fund Advisors acquired 376,535 shares, and on June 30, Sycale Advisors (NY) LLC purchased 391,949 shares. The Vanguard Group also increased their holdings with 42,560 shares added on August 31.

Furthermore, several mutual funds expanded their ownership positions. Vanguard US Total Market Shares Index ETF acquired 464,286 shares on January 31, Vaughan Nelson Small Cap Value Fund acquired 222,220 shares on August 31 and iShares Russell 2000 ETF purchased 667,665 shares on September 29.

Strong Q3 Performance

On the financial front, the company reported robust results for its third quarter in its Q3 report.

The entertainment industry player reported a record company-wide revenue of $632.5 million, which adds up to an increase of 9.4% year-over-year. the revenue from its Casinos & Resorts also hit a record $359.0 million, up 9.3% year-over-year and its International Interactive revenue also surged by 7.2%, amounting to $243.9 million.  This growth was attributed to a 13.1% increase in the UK, driven by ongoing market share gains.

In addition, the company successfully commenced operations at its temporary Casino in Chicago in September.  Furthermore, it announced a deal to operate the concession at Bally’s Golf Links, a golf course located at Ferry Point in the Bronx, NY.

In the report, Bally’s CEO commented, "We continue to gain incremental share in the UK due to our timely adaptations in response to regulatory changes." He also added "Our Bally Bet rollout will continue in the fourth quarter, and we are extremely pleased with the user engagement and the technology integration"

Taking into account such outstanding performance, paired with strategic alliances and holdings increase by financial institutions and mutual funds, the insiders' bet can be viewed as a signal for a growth-oriented future for the company.