Bally's Reports Q3 Growth with Record Performance in Casino and Resorts

In Q3, Bally's Corporation experienced significant growth, particularly in its Casino and Resorts division. The revenue for the quarter reached $632.5 million, marking a 9.4% year-on-year increase. Within this, gaming revenue amounted to $508.9 million, up by 9.3%, and non-gaming revenue rose to $123.6 million, a 9.9% increase.

Aside from the impressive performance in the Casino and Resorts segment, Bally's also saw growth in its International Interactive and North America Interactive segments. The International Interactive business reported a 7.2% increase in revenue, reaching $243.9 million, with an adjusted EBITDAR of $85.5 million. Meanwhile, North America International revenue surged by 33.9% to $29.6 million, even though it posted an adjusted EBITDAR loss of $17.6 million.

Bally's achieved several milestones in the third quarter. The opening of a temporary land-based casino in Chicago, Illinois boosted the company's performance. Additionally, Bally's launched its brand in the UK market by replacing the existing Megaways Casino site, which was previously operated by its Gamesys business. The company is also planning a new development in Kansas City, Missouri, and has introduced the Bally Bet online sports betting app.

Despite the positive developments, Bally's faced increased spending and operating expenses in Q3, which resulted in a pre-tax loss of $17.9 million. This was a significant contrast to the $1.7 million profit from the previous year. The operator also incurred $43.9 million in income tax, resulting in a net loss of $61.8 million, compared to a profit of $593,000 in 2022.

Looking at the year-to-date performance, Bally's reported a 9.4% increase in revenue, reaching $1.84 billion for the nine months ending on September 30. Of this, gaming revenue contributed $1.49 billion, while non-gaming revenue reached $348.3 million. Despite increased operating costs, Bally's managed to achieve a pre-tax profit of $243.9 million, marking a remarkable 287.1% rise.

In light of the latest figures, Bally's has adjusted its full-year guidance. The company now expects revenue to range between $2.40 billion and $2.50 billion, down from the previous estimate of $2.50 billion to $2.60 billion. Similarly, the full-year adjusted EBITDAR is expected to reach between $640 million and $655 million, compared to the earlier projection of $665 million to $700 million.

Bally's President, George Papanier, emphasized the company's growth and market positioning, despite challenges, and the company's readiness to adapt to changing consumer behavior.