Bally’s Q2 results: Revenue up by 10%
The industry giant recorded a net loss of $25.7m in its Q2 results.
Bally’s has released its Q2 financial report for 2023, showing a growth in revenue of 10% year-on-year, up to $606.2m from last year’s $551.5m.
Total non-gaming revenue for Q2 2023 stands at $112.9m, reflecting a 16% increase year-on-year, up from $97.4m.
Meanwhile, total gaming revenue was $493.3m, up slightly with an increase of 8% from $455.1m.
Bally’s casinos and resorts revenue hit a record, making $333.2m, up 11% year-on-year from $299.9m.
Net income switched to a loss year-on-year from $59.5m to minus $25.7m – a drop of 143% – however, a factor of this could be to do with the deal with the Oakland A’s of MLB to construct a new stadium onto a portion of its Tropicana Las Vegas site. Another potential contributing factor for the loss could be costs related to the launch of Bally’s interactive business in new jurisdictions.
Adjusted EBITDAR was reported as $161.4m up from $148.5m, representing a percentage increase of 9%.
The graph reflects the net income and loss across the financial quarters
When compared to other industry operators, year-on-year, MGM Resorts saw revenue growth of 21%, Rush Street Interactive (RSI) saw an increase of 15% and Caesars went up by 2%; meanwhile Bally’s went up by slightly less than RSI and MGM Resorts, increasing by 10%.
Consolidated net revenue for MGM Resorts reached $3.9bn for Q2, while RSI’s revenue was $165.1m and Caesars generated $2.88bn in Q2 revenue, up 2% from Q2 2022’s revenue of $2.82bn.
Bally’s lies somewhere in the middle in terms of operator revenue.
Robeson Reeves, Bally’s CEO, said: “Bally’s made significant strides this quarter, announcing new initiatives, achieving important project milestones and building on our strong foundation for 2023 and beyond.”
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