Bally’s announces $61m loss despite record-breaking quarterly revenue
International revenue rises 7.2% to $243.9m due to strong business in the UK but FY 2023 guidance is reduced
Bally’s has posted record-breaking quarterly revenue, standing at $632.5m for Q3 2023, representing a 9.4% year-on-year (YoY) increase.
Despite the record-breaking revenue, Bally’s still reported a net loss for the quarter, of $61.8m, although adjusted EBITDA did amount to $141.6m.
Looking at revenue by division, there was also record revenue of $359m for Bally’s casinos and resorts vertical with a 9.3% YoY increase.
In terms of online operations, Bally’s international interactive arm saw revenue jump 7.2% YoY to $243.9m, which the operator said was driven by a 13.1% rise in the UK.
The international interactive arm also returned a 12% YoY increase in adjusted EBITDAR to $85.5m in Q3, up from $76.3m in 2022.
Bally’s North America-facing online division continued to post a loss, although this did shrink from a loss of $19.7m in Q3 2022 to $17.6m in Q3 2023.
There was also the rollout of the Bally Bet online sportsbook app during the reporting period, which CEO Robeson Reeves said “will continue in the fourth quarter, and we are extremely pleased with the user engagement and the technology integration”.
On the overall figures, he said: “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-on-year increase, while also achieving significant development and project milestones.”
Speaking on the results, Bally’s president George Papanier said: “Bally’s portfolio of assets remains well-positioned and has demonstrated significant year-over-year revenue growth. We continue to take share in our respective markets, which the monthly gaming data illustrates, as we outperformed peers in most states.
“While we are closely monitoring consumer spending, we haven’t seen major shifts in customer behaviour, with the exception of very specific instances.”
Following the result, Bally’s has since adjusted its full-year 2023 guidance, with revenue dipping to between $2.4bn to $2.5bn and adjusted EBITDAR to land between $640m to $655m.