Bally’s Corporation Releases 2023 Financial Performance

Bally’s Corporation has shared its financial results for both the fourth quarter and Full Year 2023.

During Q4, the Omnichannel saw a 6.1 percent increase in consolidated revenues, compared to 2022, totalling US$611.7 million (£484.01m).

This growth extended throughout the year, marking an 8.6 percent rise in annual revenues.

Key revenue streams for Bally’s included its Casinos & Resorts segment, which saw a 7.2 percent increase in revenues, year-over-year, reaching US$342.3 million (£270.84m).

The International Interactive segment reported 2.1 percent growth, with revenues of US$236 million (£186.73m).

And notably, Bally’s North America Interactive vertical experienced a significant 26.9 percent increase, generating US$33.4 million (£26.42m) in revenues.

A highlight for the quarter was the initiation of round-the-clock operations at the Chicago Temporary Casino on December 27th, with the property achieving a record US$10 million (£7.91m) in Gross Gaming Revenue in its first full month of operation.

Additionally, Bally’s repurchased 5.8 million shares of common stock, totaling US$68.6 million (£54.28m).

For the year 2024, Bally’s projects revenues to be between US$2.5 billion to US$2.7 billion (£1.97bn-£2.13bn), with Adjusted EBITDAR anticipated to range from US$655 million to US$695 million (£518.27m-£549.92m).

Tropicana Juiced

This forecast accounts for the impact of severe winter weather on the Casinos & Resorts segment in January, the expected closure of its landmark Tropicana Las Vegas, and growth within the International Interactive business, including the launch of iGaming in Rhode Island within the North America Interactive segment.

Robeson Reeves, Bally’s Chief Executive Officer, commented: “Bally’s completed a successful 2023 with healthy results across all our business segments.

“We saw strong performance across much of the portfolio, as our properties exceeded the market GGR comp for revenue performance in 7 of our 10 markets, demonstrating the underlying health of our properties and our disciplined operating strategies.

“Atlantic City [for example] delivered its first full year of profitable Adjusted EBITDAR under our ownership.

“We believe our Casinos & Resorts assets are well positioned to continue to increase market share and we will responsibly invest in growing our database to drive top-line results.

“Our development opportunities in Chicago, Las Vegas and New York include significant optionality and unique long-term growth prospects, and we expect to begin converting these development opportunities into value for Bally’s stakeholders, starting in 2024.”

George Papanier, Bally’s President, said: “At the end of January, we announced that on April 2nd, the Tropicana Las Vegas will officially close.

“While this will bring an end to this iconic property’s colorful history, closing the property will allow for preparations to welcome Major League Baseball and the A’s to Las Vegas which will open the pathway to the next era of development at the site.

“We also continue to work diligently in anticipation of submitting a proposal to build a world class casino and resort at the Bally’s Golf Links course in the Bronx, New York.”