Bally’s Corp. reported financial results for the third quarter ending Sept. 30, 2023.
Robeson Reeves, Bally’s chief executive officer, said in an earnings call that the US gambling company continued to generate solid operating performance across all three business segments.
Revenues throughout Q3 rose to $632.5 million. The figure represents a 9.4% year-over-year increase and a 4.3% increase from the $606.2 million revenue Bally’s generated in Q2 2023.
During the third quarter, Bally’s received regulatory approvals to expand its marketing initiatives and opened the Chicago casino in its temporary location. Meanwhile, the company was going through the expansion of its Kansas City casino.
Furthermore, as emphasized in the company’s earnings call, Bally’s rolled out the new Bally Bet OSB app in four states. The operator features five retail locations on the Kambi and White Hat platforms.
Bally’s Q3 2023 financial highlights
Apart from generating a record company-wide revenue of $632.5 million, Bally’s also announced improvements across its two other divisions:
- Record Casinos & Resorts revenue of $359 million, up 9.3% yearly
- International Interactive revenue of $243.9 million, a 7.2% annual increase, primarily due to a 13.1% increase in the UK as market share gains continue
As for the North America Interactive segment, the company is “gearing up to launch” its online gambling operations in Rhode Island, alongside the continued rollout of the Bally Bet app in multiple jurisdictions. The company’s US iGaming growth of 33.6% year-over-year is driven by New Jersey, Pennsylvania and the expected launch in Rhode Island.
Despite revenue increases, Bally’s reported a consolidated net loss of $61.8 million. The company generated Adjusted EBITDAR of $173.2 million and Adjusted EBITDA of $141.6 million.
For the nine months through September 2023, Bally’s net income was $90.9 million, with Adjusted EBITDAR of $492.2 million and Adjusted EBITDA of $398.0 million.
Bally’s significant milestone projects in Q3 2023
Bally’s achieved a successful soft launch of its Chicago temporary casino at the Medina Temple on Sept. 9, with the formal ribbon-cutting ceremony on Oct. 3.
As announced during the earnings call, the guidance range for Bally’s adjusted EBITDAR now goes from $640 million to $655 million. These changes reflect the delayed opening of the temporary casino.
In a Bally’s Corp. news release, George Papanier, Bally’s president, said:
“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.”
Papanier also emphasized the completion of property redevelopment in Kansas City was well-received by players as well. The company sees both casino projects paying off in 2024 in growth and profit contribution as the investments “bear fruit.”
He said in the release: “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.”