Bally’s Q3 2023 report: Revenue up but net loss of $61.8m
Cash expenditure nearly trebled year-on-year.
Bally’s Corporation has released its financial results for the Q3 2023 period, reporting record company-wide revenue of $632.5m, an increase of 9.4% year-over-year.
Additionally, Bally’s also reported a record casinos & resorts revenue of $359m, up 9.3% year-over-year.
Of that revenue, the company reported an international interactive revenue of $243.9m, up 7.2% year-over-year, driven by a 13.1% increase in the UK as market share gains continue.
Meanwhile, North America interactive revenue made up a small amount of its interactive revenue; bringing in $29.6m, up 33.6% year-on-year.
Revenue reported from gaming operations increased 33.6% to $508.9m and revenue reported from non-gaming operations also increased 9.8% to $123.6m.
Furthermore, adjusted EBITDAR rose by 45.9% to $173.2m year-on-year.
Despite its revenue increases, Bally’s reported a net loss of $61.8m, down from a profit figure of $593m in Q3 2022.
The graph shows the profit/loss of Bally’s from Q3 2022 – Q3 2023.
Total operating costs and expenses rose 13.5% to $595.2m; meanwhile, income from operations decreased 30.6% to $37.2m year-on-year.
Cash expenditure also nearly tripled for Q3 2023, when compared to the same period in 2022, rising 186% to $146.7m.
The reasons for the loss figure can be pointed to numerous investments the company has made throughout the quarter. Bally’s opened the Chicago Temporary Casino in September. The guidance range for adjusted EBITDAR is now $640m to $655m. This change reflects the later-than-expected opening of the company’s Chicago Temporary Casino.
George Papanier, Bally’s President, added: “We are pleased with the September opening of our Chicago Temporary Casino. We have satisfied our critical operating criteria and execution milestones, and expect to receive the necessary regulatory support to expand and accelerate marketing initiatives beginning later this month, which will enable us to bolster revenue and EBITDAR.
Robeson Reeves, Bally’s CEO, commented: “Bally’s continued to generate very solid operating results across all three of our business segments as revenues rose to $632.5m, a 9.4% year-over-year increase, while also achieving significant development and project milestones.
“These included the highly anticipated opening of our Chicago Temporary Casino as well as the completion of our reconceptualized Kansas City redevelopment. Additionally, we successfully rolled out our new Bally Bet OSB app, strengthening our solid foundation as we approach 2024.”
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