Bally’s Corporation, a prominent player in the gaming and entertainment industry, has disclosed its financial results for the third quarter ending on September 30, 2023. The company proudly announced a record-breaking revenue of $632.5 million, reflecting a substantial 9.4% increase from the corresponding period in the previous year.
Stellar Financial Performance:
Bally’s Corporation achieved a remarkable milestone with a Q3 2023 revenue of $632.5 million, demonstrating its ongoing growth and market strength. This achievement represents a substantial 9.4% year-on-year increase, reinforcing the company’s solid presence in the industry.
Gaming Operations Contribution:
Out of the reported revenue, a significant portion, totaling $359 million, was attributed to gaming operations. This figure represents a notable 9.3% year-on-year increase, emphasizing Bally’s strong performance in this segment.
Consolidated Net Loss and Adjusted Metrics:
While the company reported a consolidated net loss of $61.8 million, it also disclosed positive adjusted metrics. The adjusted EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent) stood at $173.2 million, with adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) reaching $141.6 million. These metrics provide a comprehensive view of the company’s financial performance.
Impressive Nine-Month Results:
For the nine-month period through September 2023, Bally’s Corporation reported a net income of $90.9 million. In addition, the adjusted EBITDAR amounted to $492.2 million, and adjusted EBITDA reached $398 million, underscoring the company’s consistent growth and financial stability.
CEO’s Perspective:
Robeson Reeves, CEO of Bally’s Corporation, expressed his satisfaction with the robust operating results and the achievement of significant milestones. He highlighted the successful opening of the Chicago Temporary Casino and the completion of the reconceptualized Kansas City redevelopment. Additionally, the launch of the new Bally Bet OSB app contributes to the company’s solid foundation as it prepares for 2024.
Segment-Wise Performance:
Reeves emphasized the record revenues in the company’s core Casinos & Resorts segment, noting a 9.3% increase compared to the same period in 2022. Bally’s International Interactive also demonstrated impressive performance, with a 7.2% year-on-year revenue increase. The UK business, in particular, experienced a robust 13.1% growth in USD revenues, reflecting the company’s adaptability to regulatory changes and its ability to gain market share in the UK.
Continued Market Share Growth:
George Papanier, Bally’s President, highlighted the company’s continuous market share growth, demonstrating strong performance compared to competitors in various states. While closely monitoring consumer spending, Bally’s hasn’t observed significant shifts in customer behavior, except in specific instances, ensuring continued stability.
Exciting Developments:
Papanier celebrated the September opening of the Chicago Temporary Casino, with plans for expanding and accelerating marketing initiatives. The completion of the property redevelopment in Kansas City received a positive response from patrons, and increased marketing efforts are expected during the holiday season. With the near-term capital expenditure cycle coming to an end, the company anticipates reaping the benefits of capital improvements made over the last two years throughout 2024.
Bally’s Corporation’s record Q3 2023 revenue of $632.5 million underscores its remarkable performance and strong position in the gaming and entertainment industry. The company’s impressive financial results, CEO’s positive outlook, and strategic developments mark a promising trajectory for Bally’s as it continues to expand and thrive in the dynamic world of gaming and entertainment.