Bally’s Corporation has reported record revenue of $632.5m for the third quarter of 2023.
US.- Bally’s Corporation has reported financial results for the quarter ended September 30. The company reported revenue of $632.5m, up 9.4 per cent from the same period last year. Of that, $359m was attributed to gaming operations, up by 9.3 per cent year-on-year.
Bally’s reported a consolidated net loss of $61.8m, adjusted EBITDAR of $173.2m and adjusted EBITDA of $141.6m. For the nine-month period through September 2023, net income was $90.9m with adjusted EBITDAR of $492.2m and adjusted EBITDA of $398m.
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 $632.5m, a 9.4 per cent 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.”
Reeves added: “Our core Casinos & Resorts segment produced record third-quarter revenues of $359m, a 9.3 per cent increase compared to the third quarter of 2022. Bally’s International Interactive continues its impressive performance, with revenues increasing 7.2 per cent year-over-year, led by our robust UK business, where revenues rose by 13.1 per cent year-over-year in USD. We continue to gain incremental share in the UK due to our timely adaptations in response to regulatory changes.”
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.”
He concluded: “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.”