Bally’s Corporation has released its financial results for the fourth quarter of 2023, as well as for the full year.
Revenue
In Q4 2023, overall revenue was up 6.1% to a value of $611.7m year-over-year. This represents a decline of around 3.3% when compared with Q3 2023, when Bally’s posted revenue of $632.5m, an all-time overall revenue high for the operator.
Looking closer at the numbers, each segment in the fourth quarter reported revenue growth when compared to the previous year. Casinos & Resorts revenue went up 7.2% to $342.3m, International Interactive revenue rose 2.1% to $236m and North America Interactive revenue climbed 26.9% to $33.4m.
Non-gaming revenue in Q4 fell from $115.1m to $108.7m, while gaming revenue went from $461.6m in Q4 2022 to just short of $503m in Q4 2023.
For the full year, revenue increased by 8.6% to a figure of $2.45bn.
Other figures
The operator’s net loss in the fourth quarter of 2023 was $263.5m, compared with $487.5m in the fourth quarter of 2022, with the full year for 2023 also seeing an improvement, with net loss being valued at $172.6m compared with the net loss figure of $425.5m in 2022.
Adjusted EBITDAR was $160.9m in Q4, while the full-year figure was $653.1m.
Comments
Bally’s CEO Robeson Reeves reflected on the first year in which he was CEO by stating: “Bally’s completed a successful 2023 with healthy results across all our business segments. Revenues in the fourth quarter grew 6.1% year-over-year to $611.7 million reflecting continued growth in our Casinos & Resorts, International Interactive and North America Interactive segments. For the full year, revenues grew 8.6% versus 2022.”
Bally’s CFO Marcus Glover added: “Bally’s operating teams have been focused on expense reduction and operating efficiency. To that end, we are evaluating all areas of the business and are executing initiatives to centralize certain functions and streamline others.
"We continue to make progress with our plans for the financing of the Chicago Permanent Casino and hope to provide additional details on those plans in the near term. In all, 2023 was an active and productive year for Bally’s and we are extremely excited by what the future holds.”
In related news, in January, it was reported that Bally’s Chicago had failed to reach revenue estimates set out for its first few months of operation.
