Bally’s releases Q1 financial results, company-wide revenue rises slightly to $618.5m

Bally’s has reported its first quarter financial results, seeing an increase in total revenue while also reporting a decrease in net loss year-over-year. Consolidated revenue from the company’s Casino and Resorts as well as its North American and International Interactive revenues came to $618.5m for Q1, a 3.3% increase from the first quarter of 2023. International Interactive revenue on its own did see a 4.4% decrease year-over-year however. 

“Bally’s is off to a solid start in 2024, driven by revenue growth in our Casinos & Resorts and North America Interactive segments. While International Interactive revenues fell 4.4% year-over-year in the aggregate, our core UK interactive operations grew revenues 12% (7% on a constant currency basis) as our strategies play out reflecting the initiatives we adopted in contemplation of the White Paper implementation in the UK. On a consolidated basis, revenues in the first quarter grew 3.3% year-over-year to $618.5m,” Bally’s CEO Robeson Reeves said. 

Bally’s closed its Tropicana Las Vegas location in preparation for the Oakland A’s impending move to Las Vegas, with its stadium planning to be built on a portion of Bally’s Tropicana site. The hotel is set to be demolished later this year with the A’s move to be completed prior to the 2028 Major League Baseball season. Bally’s also operates a temporary Chicago location in the Medinah temple building, with a fully operational casino and resort set to open north of the Chicago River in 2026. 

“Our strategies to ramp operations and grow revenue at the Chicago Temporary Casino are yielding positive results, with the top-line improving month-on-month throughout the first quarter. We expect to build on our success with continued momentum into the spring and summer months. We are very quickly approaching July, which is when we gain control of the River North campus and can begin the development of our Chicago Permanent Casino,” Bally’s President George Papanier said. 

Bally’s projects its total 2024 revenue to fall somewhere between $2.5bn and $2.7bn, including the impact of losing Tropicana, building on the temporary location in Chicago and becoming the sole provider of iGaming operations in Rhode Island. The projected figures would represent an increase from the $2.45bn total revenue reported for 2023. 

“Our financial results for the first quarter of 2024 demonstrate the strength of our diversified business segments. Bally’s operating teams remain focused on reducing expenses and enhancing operating efficiency. We are evaluating all business areas and implementing initiatives to streamline or centralize operations where it makes sense. Overall, we made progress on several of these initiatives in the first quarter and are looking forward to the promising opportunities that lie ahead,” Bally’s CFO Marcus Glover said.

Kirk Geller

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