Bally’s Publishes Strong Q4 Results, Posts FY24 Guidance

Bally’s Corporation, a casino and hospitality company, has published its Q4 2023 results, painting a stable financial picture of its business. The company recorded a 10% improvement in its UK business on a dollar basis and reported an all-time-high quarterly adjusted EBITDAR.

Bally’s consolidated revenues for Q4 stood at $611.7 million in Q4, up 6.1% YOY. The full-year revenue, on the other hand, stood at $2.45 billion.

Q4 revenues from the Casinos & Resorts segment, meanwhile, were $236 million. The company reported FY Casinos & Resorts revenues of $1.36 billion.

In Q4, Bally’s Corporation also reported International Interactive revenues of $236 million, up 2.1% YOY. The full-year results from this segment stood at $973 million. North America Interactive revenues, on the other hand, were $33.4 million in Q4, representing a whopping 26.9% YOY increase. Bally’s also reported FY NA Interactive revenues of $112.6 million.

As mentioned, adjusted EBITDAR reached an all-time quarterly high of $160.9 million. The full-year value of this metric was $653.1 million.

Finally, Bally’s reported a net loss of $263.5 million in Q4 and $172.6 million in FY 2023.

Additional highlights included the repurchasing of 5.8 million shares for $68.6 million and the commencement of 24/7 operations at the Chicago Temporary Casino. In the meantime, the company is preparing for the official closure of its Tropicana Las Vegas casino.

Bally’s Representatives Are Optimistic about the Future

Bally’s representatives commented on the matter. The company’s chief executive officer, Robeson Reeves, praised the healthy results. He noted that the company is very pleased with its progress in Chicago and is optimistic about the long-term potential of its temporary and permanent casinos.

We believe our Casinos & Resorts assets are well positioned to continue to increase market share and we will responsibly invest in growing our database to drive top-line results.

Robeson Reeves, CEO, Bally’s Corporation

Bally’s president, George Papanier, also shared his thoughts on the latest developments. He mentioned the upcoming closure of the Tropicana Las Vegas and said that it would mark the end of an “iconic property.” Despite that, Papanier is happy that this would allow the Major League Baseball and the A’s to enter Las Vegas.

In the meantime, Bally’s remains bullish on winning one of the New York licenses and building a world-class casino and resort at the Bally’s Golf Links course.

Marcus Glover, the casino & hospitality company’s chief financial officer, concluded that Bally’s operating teams have been focused on expense reduction and operating efficiency.

To that end, we are evaluating all areas of the business and are executing initiatives to centralize certain functions and streamline others.

Marcus Glover, CFO, Bally’s Corporation

Bally’s also published its FY 2024 guidance, saying that it expects revenues in the range of $2.5 billion and $2.7 billion and adjusted EBITDAR in the range of $655 million to $695 million.