Benzinga | Jul 26, 2021 11:38AM EDT

Bally's Shares Gain After Upbeat Preliminary Q2 Results

* Bally's Corp (NYSE:BALY) reported preliminary second-quarter revenue estimates of $258 million - $268 million, versus the consensus of $225.36 million.

* Bally's sees Adjusted EBITDA of $80 million - $84 million for the quarter.

* It does not plan to issue incremental common equity or draw on the previously disclosed Gaming and Leisure Properties Inc commitment to fund Gamesys Group plc acquisition. It is due to better than expected operating performance at its land-based retail casinos and interactive businesses.

* Bally's also evaluates investment options with potential strategic partners, not necessarily to fund the Gamesys acquisition.

* Bally's said it arranged bridge financing for the Gamesys transaction, consistent with U.K. regulatory requirements.

* Price action: BALY shares are trading higher by 4.79% at $48.59 on the last check Monday.