In 2021, the operator’s revenue for the financial year ending on December 31st amounted to $5.91 billion. This is an increase from the previous year’s revenue of $3.58 billion.
The breakdown of the performance shows that gaming revenue for the year increased by 62.3% to $4.95 billion. Additionally, revenue from food, beverage, hotel, and other sources jumped by 81.9% to $959.7 million.
The Northeast segment contributed $2.55 billion to the total revenue, followed by $1.32 billion from operations in the South, $1.10 billion in the Midwest, and $521.4 million in the West. The interactive segment accounted for $432.9 million in revenue, which is a significant increase of 257.5% compared to the previous year.
Operating costs for the year reached $4.85 billion, representing an increase of 21.5%. Despite the rise in expenses, the adjusted earnings before interest, tax, depreciation, and amortization and rent (EBITDAR) saw a substantial increase of 82.6% to $1.99 billion.
The operator also incurred financial costs of $520.5 million, including $561.7 million in interest expenses. However, this was partially offset by $38.7 million in income from unconsolidated affiliates.
As a result, the pre-tax profit for the year was $539.1 million, a significant improvement compared to the loss of $834.2 million in the previous year. After paying $118.6 million in income tax and accounting for $300,000 in losses related to non-controlling interests, the net profit for the year amounted to $420.8 million, a substantial contrast to the $669.5 million loss in the previous year.
In terms of future growth, the president and CEO of the operator expressed excitement about the company’s trajectory. He emphasized the execution of an omnichannel and media strategy and the advantages of various accomplishments.
In October 2021, the operator completed the acquisition of theScore in a $2.0 billion cash-and-stock transaction. This acquisition is expected to strengthen the company’s position as a leading North American digital sports content, gaming, and technology company.
Looking at the final quarter of the year, revenue in the three months to December 31st increased by 53.1% to $1.57 billion. Gaming revenue saw a significant jump of 75.6% to $1.57 billion, and revenue from food, beverage, hotel, and other sources increased by 105.2% to $270.9 million.
Operating expenses for the quarter increased by 48.3% to $1.35 billion. However, the growth in revenue resulted in an adjusted EBITDAR increase of 31.5% to $480.5 million.
The operator incurred financial costs of $172.8 million, resulting in a pre-tax profit of $53.3 million, which is an increase of 169.2% compared to the previous year. After accounting for $8.5 million in taxes and $200,000 in losses from non-controlling interests, the net profit for the quarter was $45.0 million, representing a significant increase of 303.6% compared to 2021.
In the long term, the operator aims to capitalize on its leadership position in traditional gaming, digital, and media to achieve synergies and cross-promotion benefits. The company sees numerous opportunities to adapt to a rapidly evolving marketplace.
