
Key points:
- President George Papanier, CEO Robeson Reeves and EVP and CFO Marcus Glover all took time to speak to investors on the call
- After releasing the Q3 2024 financial results, Bally’s share price rose by 0.69% once the market closed on November 6
Bally’s executives spoke with investors after the company released its financial results for the third quarter of 2024, reporting a decrease in consolidated revenue and a net loss of nearly $247.9m. President George Papanier and CEO Robeson Reeves both took time to speak, as well as EVP and CFO Marcus Glover, with Reeves stating that Bally’s is “fully focused” on driving operations in North America and Europe.
After the financial results were reported, the company’s stock price still managed to increase by 0.69% to $17.62 per share once the market closed on November 6. The executives did not answer any questions after addressing investors, but did speak on future opportunities and the recent merger agreement with Standard General LP affiliates.
Growth in Europe
Reeves covered how Bally’s is looking to “plant its flag” across markets in Europe and Spain specifically in order to drive further traffic for existing operations. During Q3 2024, the company’s International Interactive sector saw a 5.3% year-over-year decrease in revenue, albeit still accounting for just over $230.9m of Bally’s reported $630m consolidated revenue.
While the sector saw a decrease in total revenue, its UK online segment managed to increase by 11.8%, providing motivation for Reeves and the Bally’s team especially after launching its second online sportsbook in the UK.
Reeves stated that the new offering will join the existing JackpotJoy as options for UK bettors as the company continues to put more focus towards the region.
Exiting Asia
An 8-K Form has recently confirmed that Bally’s entered into an agreement to sell its interactive business in Asia and other international markets to a company labeled the “Carved-Out Business.”
According to the 8-K Form, ‘The transaction is intended to allow Bally’s to focus its capital and resource allocation on North American and European business, and this carved-out business will benefit from focused management attention and aligned ownership.’
Bally’s will therefore play no role in managing, operating or governing the carved-out business going forward. Papanier did not take time to speak on the sale directly, but mentioned how growth in North America has gained more focus from the Bally’s team.
With “continued improvement” expected in those markets, it seems as if the company will be moving away from operations in Asia in order to pursue opportunities coming forth in the US, LatAm and Europe.
“Active time” for Bally’s
Glover made sure to note that the somewhat disappointing financial results from the third quarter of 2024 were affected by “market-specific hailwinds” that Bally’s expects to recover from in future periods.
Describing the remainder of 2024 as an “active time” for Bally’s with “opportunities to capture,” the EVP and CFO explained that expected growth in North America will help the company to continue expanding its presence in numerous markets.
Through the merger with Standard General LP and the Bally’s Chicago site that is still under construction, Glover noted that investors are expecting advancements to be made quickly by the company that will drive revenue in the future.
Reeves also made a final note to say Bally’s is focused on “remaining flexible” to always accommodate the possibilities the company could choose to pursue.