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Bally’s Corporation reported continued growth in the UK online segment amid stable interactive revenue both worldwide and in North America.

Bally’s recorded $611.6m in revenue for Q4 2023, up 6.1% from the same period the previous year.

Of this total, $236.0m was generated in the International Interactive segment, growing 2.1% from Q4 2022.

The UK stood out as a particular bright spot, growing 10% year-on-year at a time when the market is coping with ongoing regulatory changes.

The business’ much smaller North American Interactive operations demonstrated 26.9% growth to $33.4m.

Like many land-based US operators, Bally’s online gaming platform has met with limited success. However, the company said it is expecting further growth in 2024 as it prepares for several state rollouts.

This includes the launch of iGaming in Rhode Island, its home state and where it will have an iGaming monopoly.

This revenue resulted in $160.9m in Adjusted EBITDA. This led to an overall net loss of the period of $263.5m, down from the $487.5m loss reported in Q4 2022.

On a full-year basis, the company announced $2.45bn in revenue, a 8.1% increase from the previous year.

“Bally’s operating teams have been focused on expense reduction and operating efficiency,” said Bally’s CFO Marcus Glover.

“To that end, we are evaluating all areas of the business and are executing initiatives to centralise 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.”

Bally’s outlines 2024 guidance

Bally’s said it expects to generate full-year 2024 revenue in the range $2.5bn to $2.7bn. Meanwhile Adjusted EBITDA will be somewhere between $655-$695m, said the business.

The land-based and digital operator said this will include several expected negative shocks to its casino business, as well as continued Interactive growth.

The company said it expects the International Interactive segment to report in the range $950m to $1.0bn in 2024, representing relatively limited growth.

However, Bally’s expects the North American Interactive picture to be rosier, with expected revenue in the range $150-200m.

The top end of the guidance would represent 77.7% growth from 2023 and would be largely driven by the launch of iGaming in Rhode Island.

In Q4, Bally’s incurred several large non-cash impairment charges totalling $122.1m.

These include a $54.0m write-off related to a trademark gained in the Gamesys acquisition that is being deemphasised in Asia and its Rest of World segments.

The company also highlighted a separate $5.4m charge connected to restructuring in its North American Interactive division.

In January 2023, Bally’s announced it would be cutting its North American online workforce by 15%, as part of a wider evaluation of its loss-making digital business.

In November, the operator announced additional job losses as part of a scheme to outsource its Player Account Management functions.

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