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Published: 2021-08-09 00:00:00 ET
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Exhibit 99.2

BALLY'S CORPORATION
Recast Segment Revenue
(in thousands)


Three Months Ended (unaudited)
Year Ended December 31,
March 31, 2021December 31, 2020September 30, 2020June 30, 2020March 31, 202020202019
REVENUE
Gaming
East$76,675 $46,417 $50,250 $9,199 $55,330 $161,196 $283,701 
West76,234 49,050 46,338 14,568 20,506 130,462 84,247 
Total152,909 95,467 96,588 23,767 75,836 291,658 367,948 
Racing
East1,016 568 68 (92)1,139 1,683 4,467 
Other1,353 1,027 1,616 268 1,818 4,729 8,647 
Total2,369 1,595 1,684 176 2,957 6,412 13,114 
Hotel
East6,692 4,084 2,398 247 3,817 10,546 18,903 
West6,367 4,023 4,476 1,868 3,829 14,196 20,085 
Total13,059 8,107 6,874 2,115 7,646 24,742 38,988 
Food and beverage
East9,527 4,586 3,230 369 10,926 19,111 52,923 
West5,961 3,631 3,659 1,301 4,390 12,981 16,886 
Other12 40 — — — 40 95 
Total15,500 8,257 6,889 1,670 15,316 32,132 69,904 
Other
East5,124 3,201 3,119 695 6,153 13,168 27,118 
West2,155 1,421 1,427 457 1,220 4,525 6,214 
Other1,150 48 43 44 20 155 291 
Total8,429 4,670 4,589 1,196 7,393 17,848 33,623 
Total revenue
East99,034 58,856 59,065 10,418 77,365 205,704 387,112 
West90,717 58,125 55,900 18,194 29,945 162,164 127,432 
Other2,515 1,115 1,659 312 1,838 4,924 9,033 
Total$192,266 $118,096 $116,624 $28,924 $109,148 $372,792 $523,577 









BALLY'S CORPORATION
Recast Segment Operating Results
(in thousands)
Three Months Ended (unaudited)
Year Ended December 31,
March 31, 2021December 31, 2020September 30, 2020June 30, 2020March 31, 202020202019
Income (loss) from operations
East$15,082 $(543)$14,578 $(16,811)$11,329 $8,553 $111,119 
West35,763 (3,023)14,524 965 (7,194)5,272 23,242 
Other(21,371)(14,071)(5,719)(5,117)(7,304)(32,211)(19,735)
Total 29,474 (17,637)23,383 (20,963)(3,169)(18,386)114,626 
Net income (loss)
East11,269 13,433 10,702 (12,388)8,288 20,035 77,155 
West27,619 2,064 11,381 917 (4,588)9,774 18,165 
Other(49,593)4,726 (15,360)(12,084)(12,578)(35,296)(40,190)
Total (10,705)20,223 6,723 (23,555)(8,878)(5,487)55,130 
Depreciation and amortization
East5,570 5,370 5,571 6,215 6,236 23,392 22,469 
West5,972 4,337 4,279 2,848 2,677 14,141 9,743 
Other1,244 81 82 80 66 309 180 
Total 12,786 9,788 9,932 9,143 8,979 37,842 32,392 
Interest expense, net of amounts capitalized
East19 25 30 36 41 132 3,421 
West— — — — — — — 
Other20,779 19,535 16,920 15,186 11,475 63,116 36,409 
Total20,798 19,560 16,950 15,222 11,516 63,248 39,830 
Capital expenditures
East4,995 3,252 914 1,481 1,904 7,551 20,633 
West9,876 2,932 2,104 667 753 6,456 6,355 
Other456 533 100 301 342 1,276 1,249 
Total $15,327 $6,717 $3,118 $2,449 $2,999 $15,283 $28,237 

As of
March 31, 2021December 31, 2020September 30, 3030June 30, 2020March 31, 2020December 31, 2019
Goodwill
East$84,148 $84,148 $84,148 $84,148 $84,148 $84,148 
West102,831 102,831 102,423 48,934 48,934 48,934 
Other102,750 — — — — — 
Total 289,729 186,979 186,571 133,082 133,082 133,082 
Total assets
East717,364 692,389 627,654 627,275 633,509 681,544 
West817,743 789,761 593,038 304,263 299,935 259,970 
Other603,693 447,705 36,189 268,423 281,879 80,373 
Total $2,138,800 $1,929,855 $1,256,881 $1,199,961 $1,215,323 $1,021,887 

BALLY'S CORPORATION
Recast Segment Performance
(in thousands)

Three Months Ended (unaudited)
Year Ended December 31,
March 31, 2021December 31, 2020September 30, 2020June 30, 2020March 31, 202020202019
REVENUE
Gaming and racing revenue
East$77,691 $46,985 $50,318 $9,107 $56,469 $162,879 $288,168 
West76,234 49,050 46,338 14,568 20,506 130,462 84,247 
Other1,353 1,027 1,616 268 1,818 4,729 8,647 
Total 155,278 97,062 98,272 23,943 78,793 298,070 381,062 
Non-gaming revenue
East21,343 11,871 8,747 1,311 20,896 42,825 98,944 
West14,483 9,075 9,562 3,626 9,439 31,702 43,185 
Other1,162 88 43 44 20 195 386 
Total 36,988 21,034 18,352 4,981 30,355 74,722 142,515 
Total revenue192,266 118,096 116,624 28,924 109,148 372,792 523,577 
OPERATING COSTS AND EXPENSES
Gaming and racing expenses
East20,480 13,851 11,233 5,712 15,890 46,686 69,570 
West25,846 17,370 15,010 4,299 8,508 45,187 28,159 
Other928 723 1,434 649 1,222 4,028 5,828 
Total 47,254 31,944 27,677 10,660 25,620 95,901 103,557 
Non-gaming expenses
East12,364 7,020 4,616 2,163 13,416 27,215 58,051 
West6,265 4,374 4,290 1,769 5,081 15,514 23,487 
Other526 36 — 2 1 39 77 
Total19,155 11,430 8,906 3,934 18,498 42,768 81,615 
Advertising, general and administrative
East40,092 29,335 20,476 10,833 26,690 87,334 111,732 
West23,096 16,971 15,344 6,592 10,697 49,604 38,654 
Other17,311 13,043 8,176 6,564 12,222 40,005 30,014 
Total $80,499 $59,349 $43,996 $23,989 $49,609 $176,943 $180,400 



BALLY'S CORPORATION
Recast Reconciliation of Net Income (Loss)
to Adjusted EBITDA by Segment (unaudited)
(in thousands)
Year Ended December 31, 2020
EastWestOtherTotal
Net income (loss)$20,035 $9,774 $(35,296)$(5,487)
Interest expense, net of interest income76 (42)62,602 62,636 
Provision (benefit) for income taxes(11,558)(4,460)(53,306)(69,324)
Depreciation and amortization23,392 14,141 309 37,842 
Acquisition, integration and restructuring 20 — 13,237 13,257 
Expansion and pre-opening expenses921 — — 921 
Goodwill and asset impairment— 8,659 — 8,659 
Share-based compensation— — 17,706 17,706 
Rebranding— — 792 792 
Change in value of naming rights liabilities— — 57,660 57,660 
Gain on bargain purchases— — (63,871)(63,871)
Professional and advisory fees associated with capital return program— — (17)(17)
CARES Act credit(1)
(2,970)(909)(49)(3,928)
Credit Agreement amendment expenses (1)
— — 810 810 
Storm related losses, net of insurance recoveries(1)
— 15,131 (1,036)14,095 
Bet.Works and Sinclair(1)
— — 1,248 1,248 
Sports and iGaming Licensing(1)
— — 226 226 
Other (1)
157 — (2,980)(2,823)
Allocation of corporate costs11,583 8,656 (20,239)— 
Adjusted EBITDA$41,656 $50,950 $(22,204)$70,402 
_______________________________
(1)See descriptions of adjustments in the “Reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA Margin” table in Exhibit 99.1 to the Form 8-K filed with the Securities and Exchange Commission on March 4, 2021.
Year Ended December 31, 2019
EastWestOtherTotal
Net income $77,155 $18,165 $(40,190)$55,130 
Interest expense, net of interest income3,410 (30)34,546 37,926 
Provision (benefit) for income taxes29,556 5,108 (14,614)20,050 
Depreciation and amortization22,469 9,743 180 32,392 
Non-operating income(39)— (144)(183)
Acquisition, integration and restructuring1,580 — 10,588 12,168 
Share-based compensation— — 3,826 3,826 
Professional and advisory fees associated with capital return program— — 3,510 3,510 
Credit Agreement amendment expenses (1)
1,038 — 1,877 2,915 
Storm related losses, net of insurance recoveries(1)
— (152)(1,181)(1,333)
Other (1)
(419)275 893 749 
Allocation of corporate costs12,590 4,148 (16,738)— 
Adjusted EBITDA$147,340 $37,257 $(17,447)$167,150 
_______________________________
(1)See descriptions of adjustments in the “Reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA Margin” table in Exhibit 99.1 to the Form 8-K filed with the Securities and Exchange Commission on March 4, 2021.

BALLY'S CORPORATION
Recast Reconciliation of Net Income (Loss)
to Adjusted EBITDA by Segment (unaudited)
(in thousands)
Quarter Ended March 31, 2021
EastWestOtherTotal
Net income (loss)$11,269 $27,619 $(49,593)$(10,705)
Interest expense, net of interest income19 (8)20,263 20,274 
Provision (benefit) for income taxes3,794 8,152 (16,776)(4,830)
Depreciation and amortization5,570 5,972 1,244 12,786 
Non-operating income— — (2,671)(2,671)
Acquisition, integration and restructuring — — 12,258 12,258 
Expansion and pre-opening expenses603 — — 603 
Share-based compensation— — 4,483 4,483 
Rebranding— — 913 913 
Change in value of naming rights liabilities— — 27,406 27,406 
Credit Agreement amendment expenses (1)
— — 714 714 
Storm related losses, net of insurance recoveries(1)
— (10,676)— (10,676)
Bet.Works and Sinclair(1)
— — 1,355 1,355 
Sports and iGaming Licensing(1)
— — 386 386 
Other (1)
— 29 150 179 
Allocation of corporate costs4,843 4,451 (9,294)— 
Adjusted EBITDA$26,098 $35,539 $(9,162)$52,475 
_______________________________
(1)See descriptions of adjustments in the “Reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA Margin” table in Exhibit 99.1 to the Form 8-K filed with the Securities and Exchange Commission on May 10, 2021.

Quarter Ended December 31, 2020
EastWestOtherTotal
Net income (loss)$13,433 $2,064 $4,726 $20,223 
Interest expense, net of interest income25 (17)19,237 19,245 
Provision (benefit) for income taxes(14,001)(5,070)(31,823)(50,894)
Depreciation and amortization5,370 4,337 81 9,788 
Acquisition, integration and restructuring— — 6,273 6,273 
Expansion and pre-opening expenses342 — — 342 
Goodwill and asset impairment— 105 — 105 
Share-based compensation— — 8,238 8,238 
Rebranding— — 792 792 
Change in value of naming rights liabilities— — 57,660 57,660 
Gain on bargain purchases— — (63,871)(63,871)
CARES Act credit(1)
(12)31 1 20 
Credit Agreement amendment expenses (1)
— — 87 87 
Storm related losses, net of insurance recoveries(1)
— 15,131 — 15,131 
Bet.Works and Sinclair(1)
— — 1,248 1,248 
Sports and iGaming Licensing(1)
— — 226 226 
Other (1)
157 — (3,711)(3,554)
Allocation of corporate costs2,900 2,862 (5,762)— 
Adjusted EBITDA$8,214 $19,443 $(6,598)$21,059 
_______________________________
(1)See descriptions of adjustments in the “Reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA Margin” table in Exhibit 99.1 to the Form 8-K filed with the Securities and Exchange Commission on March 4, 2021.

BALLY'S CORPORATION
Recast Reconciliation of Net Income (Loss)
to Adjusted EBITDA by Segment (unaudited)
(in thousands)
Quarter Ended September 30, 2020
EastWestOtherTotal
Net income (loss)$10,702 $11,381 $(15,360)$6,723 
Interest expense, net of interest income30 (12)16,890 16,908 
Provision (benefit) for income taxes3,846 3,155 (7,249)(248)
Depreciation and amortization5,571 4,279 82 9,932 
Acquisition, integration and restructuring— — 2,740 2,740 
Expansion and pre-opening expenses579 — — 579 
Share-based compensation— — 1,799 1,799 
CARES Act credit(1)
(909)(154)— (1,063)
Credit Agreement amendment expenses (1)
— — 332 332 
Storm related losses, net of insurance recoveries(1)
— — (10)(10)
Other (1)
— — 313 313 
Allocation of corporate costs2,591 2,453 (5,044)— 
Adjusted EBITDA$22,410 $21,102 $(5,507)$38,005 
_______________________________
(1)See descriptions of adjustments in the “Reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA Margin” table in Exhibit 99.1 to the Form 8-K filed with the Securities and Exchange Commission on October 29, 2020.

Quarter Ended June 30, 2020
EastWestOtherTotal
Net income (loss)$(12,388)$917 $(12,084)$(23,555)
Interest expense, net of interest income16 (5)15,099 15,110 
Provision (benefit) for income taxes(4,439)53 (8,132)(12,518)
Depreciation and amortization6,215 2,848 80 9,143 
Acquisition, integration and restructuring— — 2,458 2,458 
Goodwill and asset impairment— (154)— (154)
Share-based compensation— — 2,127 2,127 
Professional and advisory fees associated with capital return program— — (1)(1)
CARES Act credit(1)
(2,049)(786)(50)(2,885)
Credit Agreement amendment expenses (1)
— — 152 152 
Storm related losses, net of insurance recoveries(1)
— — (143)(143)
Other (1)
— — (457)(457)
Allocation of corporate costs2,306 1,876 (4,182)— 
Adjusted EBITDA$(10,339)$4,749 $(5,133)$(10,723)
_______________________________
(1)See descriptions of adjustments in the “Reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA Margin” table in Exhibit 99.1 to the Form 8-K filed with the Securities and Exchange Commission on August 11, 2020.




BALLY'S CORPORATION
Recast Reconciliation of Net Income (Loss)
to Adjusted EBITDA by Segment (unaudited)
(in thousands)
Quarter Ended March 31, 2020
EastWestOtherTotal
Net income (loss)$8,288 $(4,588)$(12,578)$(8,878)
Interest expense, net of interest income5 (8)11,376 11,373 
Provision (benefit) for income taxes3,036 (2,598)(6,102)(5,664)
Depreciation and amortization6,236 2,678 65 8,979 
Acquisition, integration and restructuring20 — 1,766 1,786 
Goodwill and asset impairment— 8,708 — 8,708 
Share-based compensation— — 5,542 5,542 
Professional and advisory fees associated with capital return program— — (16)(16)
Credit Agreement amendment expenses (1)
— — 239 239 
Storm related losses, net of insurance recoveries(1)
— — (883)(883)
Other (1)
— — 875 875 
Allocation of corporate costs3,786 1,465 (5,251)— 
Adjusted EBITDA$21,371 $5,657 $(4,967)$22,061 
_______________________________
(1)See descriptions of adjustments in the “Reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA Margin” table in Exhibit 99.1 to the Form 8-K filed with the Securities and Exchange Commission on May 10, 2021.