Bally’s Corporation Reports Q3 2023 Financial Outcomes

Bally’s Corporation, listed on the New York Stock Exchange under BALY, has disclosed its financial figures for the third quarter which ended on September 30, 2023. The company reported that its total revenue reached US$632.5 million (£519.3 million/€596.7 million), showing an increase from the same period last year. Revenue from the Casinos & Resorts segment was reported at $359 million, also up from last year.

Revenue from the International Interactive segment rose to $243.9 million, with the UK market experiencing notable growth. Bally’s Corporation has also started operating a new temporary casino in Chicago and has entered into an agreement to manage a golf course in the Bronx, New York.

The financial report indicates a net loss of $61.8 million for the quarter, but the company recorded an Adjusted EBITDAR—a measure of earnings before interest, taxes, depreciation, amortization, and rent costs—of $173.2 million. When looking at the nine-month period up to September 2023, Bally’s showed a net income of $90.9 million and an Adjusted EBITDAR of $492.2 million.

Within the company’s segments, the Casinos & Resorts part accounted for $118.2 million in Adjusted EBITDAR, after accounting for rent expenses. The International Interactive segment’s Adjusted EBITDAR stood at $85.5 million for the quarter, which is an increase from the previous year. However, the North America Interactive segment reported a loss in Adjusted EBITDAR of $17.6 million, which is slightly less than the loss reported for the same period the year before.

In essence, Bally’s Corporation’s latest financial data shows growth in revenue with an overall net loss for the quarter, while the nine-month overview portrays a company with a positive net income and earnings before interest, taxes, depreciation, amortization, and rent.

Robeson Reeves, Bally’s Chief Executive Officer, said “Bally’s continued to generate very solid operating results across all three of our business segments as revenues rose to $632.5 million, a 9.4% year-over-year increase, while also achieving significant development and project milestones. These included the highly anticipated opening of our Chicago Temporary Casino as well as the completion of our reconceptualized Kansas City redevelopment. Additionally, we successfully rolled out our new Bally Bet OSB app, strengthening our solid foundation as we approach 2024.

“Our core Casinos & Resorts segment produced record third-quarter revenues of $359.0 million, a 9.3% increase compared to the third quarter of 2022. Bally’s International Interactive continues its impressive performance, with revenues increasing 7.2% year-over-year, led by our robust UK business, where revenues rose by 13.1% year-overyear in USD. We continue to gain incremental share in the UK due to our timely adaptations in response to regulatory changes. Our formula of increasing Average Revenue Per User (ARPU) and First-Time Depositors (FTDs), while reducing Cost Per Acquisition (CPA), is yielding positive results. Our Bally Bet rollout will continue in the fourth quarter, and we are extremely pleased with the user engagement and the technology integration.”

George Papanier, Bally’s President, added, “Bally’s portfolio of assets remains well-positioned, and has demonstrated significant year-over-year revenue growth. We continue to take share in our respective markets, which the monthly gaming data illustrates, as we outperformed peers in most states. While we are closely monitoring consumer spending, we haven’t seen major shifts in customer behavior, with the exception of very specific instances.

“In addition, we are pleased with the September opening of our Chicago Temporary Casino. We have satisfied our critical operating criteria and execution milestones, and expect to receive the necessary regulatory support to expand and accelerate marketing initiatives beginning later this month, which will enable us to bolster revenue and EBITDAR. The completion of our property redevelopment in Kansas City was extremely well-received by our patrons as well, and we expect to ramp up our marketing efforts this holiday season to re-introduce yet another Bally’s flagship property. Our portfolio’s near-term capex cycle has come to its end, and we expect to benefit from our capital improvements over the last two years throughout 2024.”

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