Bally’s reports net loss of nearly $247.9m for Q3 2024

Bally’s has announced the company’s financial results for the third quarter of 2024, reporting a small decrease in consolidated revenue, as well as the revenue from its Casinos & Resorts and International Interactive sectors. The company reported a net loss of nearly $247.9m during Q3 2024, a large increase from the $61.8m net loss it had reported for the third quarter of 2023. 

Company-wide revenue decreased by a small margin of 0.4%, reported to be $630m for the third quarter of 2024, while adjusted EBITDAR was said to be $166.3m during the period. Casinos and Resorts revenue decreased by 1.6% year-over-year to account for $353.4m in revenue for Q3 2024. 

North America Interactive was the only sector to report an increase in revenue, rising by 54.5% from the prior year period to generate nearly $45.7m during the third quarter of 2024. 

Bally’s International Interactive sector accounted for just over $230.9m in revenue during the third quarter of 2024, but the figure represented a decrease of 5.3% year-over-year. However, UK online revenues grew by 11.8% from the prior year period to help offset the decrease in overall revenue from the sector. 

The company also announced it launched the second online sportsbook in the UK under the Bally’s brand during the quarter, joining its existing JackpotJoy offering. It also secured $940m of construction funding for its Chicago project from Gaming & Leisure Properties (GLPI). 

Good to know: It was reported on November 4 that Bally’s is selling its Interactive business in Asia and other markets to focus on operations in North America and Europe

“During the quarter, we secured a critical $940m construction and financing arrangement with GLPI which positions the Company to move forward with the construction of our flagship permanent casino in the heart of downtown Chicago, America’s third largest city. Early in the fourth quarter, we also completed the controlled demolition of the Tropicana hotel towers in Las Vegas, moving the A’s one step closer to the start of stadium construction and allowing Bally’s to plan for the broader redevelopment of the site,” Bally’s CEO Robeson Reeves said. 

“Upon completion, the Chicago and Las Vegas development projects feature unique positioning in their respective markets and represent two attractive additions to our portfolio that we expect will drive positive shareholder returns.”

Marcus Glover, Bally’s CFO, explained why the company feels encouraged despite the reported net loss and decrease in revenue, having said, “Our broad asset portfolio again delivered healthy financial performance in the third quarter of 2024 despite some lingering headwinds. 

“The entire team is working diligently to optimize our cost structure across the board and enhance the efficiency of our operations, particularly in the C&R segment and within International Interactive. While this work is in its early stages and will continue for the foreseeable future, we believe we will see tangible results in the near-term as we improve profitability and enhance our operating performance.”

Gaming revenue was the biggest generator of revenue for the company during the third quarter of 2024, accounting for $523.9m of the total revenue reported and increasing nearly 3% year-over-year. Non-gaming revenue accounted for the remaining $106m, but saw a decrease from the prior year period of 14.2%.

Kirk Geller

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