• Home
  • News
  • Results
  • Q3 2023: Bally’s reports $62m net loss despite 9.4% revenue growth
igamingnext photo
Bally’s Corporation has reported its Q3 2023 results for the period ending 30 September, showcasing strong revenue growth despite a notable net loss.

The US operator announced record company-wide revenue of $632.5m, marking a 9.4% increase from the same period in the previous year.

The Casinos & Resorts segment was a key contributor, with revenue climbing to $359m, a year-on-year rise of 9.3%.

Outside the US, Bally’s saw International Interactive revenue climb to $243.9m, up by 7.2%, as adjusted EBITDAR came in 12% higher at $85.5m.

This included robust growth in the UK, where market share gains translated to a 13.1% increase in revenue for Q3.

“We continue to gain incremental share in the UK due to our timely adaptations in response to regulatory changes,” said Bally’s CEO Robeson Reeves.

Elsewhere, the operator’s North America Interactive segment grew revenue by 33.6% year-on-year to $29.6m.

However, the division reported an adjusted EBITDAR loss of $17.6m, albeit an improvement from last year’s loss of $19.7m.

Despite the strong revenue metrics, Bally’s posted an overall consolidated net loss of $61.8m for the quarter, compared to net income of $593,000 in the prior-corresponding period.

The company’s adjusted EBITDAR stood at $173.2m, meanwhile, with adjusted EBITDA at $141.6m, down 6.2% on Q3 of last year.

A key milestone for the company was the launch of its temporary casino in Chicago, which opened in September.

On this development, Bally’s president George Papanier said: “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.”

The Chicago casino opened later than planned, however, which has led to reduced financial guidance from Bally’s for full-year 2023.

Revenue guidance is now projected at between $2.4bn and $2.5bn, compared to prior estimates in May of $2.5bn-$2.6bn.

Adjusted EBITDAR is also set to come in lower at between $640m and $655m, compared with previous forecasts of $665m and $700m.

Capital expenditure guidance remains consistent at $160m, however.

More to follow after the operator’s Q3 2023 webcast.

Similar posts