Bally’s reports 94.7% growth in North America Interactive revenue for Q2 2024

Bally’s Corporation (Bally’s) has reported the financial results for the company’s performance throughout the second quarter of 2024. Company-wide revenue rose 2.5% year-over-year for a total of $621.7m during Q2 2024. 

Casino and resort revenue for the company also grew, increasing from the $333.2m amount reported for Q2 2023 to $343.1m during the second quarter of 2024. 

However, the company also reported a net income loss of $60.2m for Q2 2024 as compared to a net loss of $25.7m from the second quarter of 2023. Total gaming revenue increased from the $606.2m reported during Q2 2023 to $621m for Q2 2024. 

“Bally’s delivered solid 2024 second quarter operating results during what remains an active period for our company. Consolidated revenue grew 2.5% to $621.7m, driven by 3.0% growth in casinos and resorts revenue, 94.7% growth in North America Interactive revenue and 9% UK revenue growth, a record performance,” Bally’s CEO Robeson Reeves said. 

“Subsequent to the second quarter end, we entered into a binding term sheet for a $940m strategic construction and financing arrangement with Gaming & Leisure Properties which includes funding to complete the construction of our flagship permanent casino in the heart of downtown Chicago.”

International Interactive revenue decreased from its Q2 2023 total of $247.8m to a reported amount of $229.4m for the second quarter of 2024. Adjusted EBITDAR was reported to be $161.8m, but could not be compared as there was no figure reported for Q2 2023. 

“Our North America Interactive operations generated second quarter revenues of $49.2m, up 94.7% year-over-year and an adjusted EBITDAR loss of $6.8m. We outperformed our internal expectations for this segment in the second quarter as we benefited from strong performance from our iGaming operations in Rhode Island,” Reeves said. 

The company’s annual guidance for revenues is currently set to a range of $2.5bn to $2.7bn and adjusted EBITDAR is a range of $655m to $695m. Bally’s stated it currently expects to be at the lower end of each range for the year.

Bally’s also entered into a definitive agreement to merge with The Queen Casino & Entertainment Inc., an affiliate of Standard General LP, where Bally’s stockholders will receive $18.25 per share in cash or can elect to retain their investment.

Kirk Geller

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