Bally Reports Net Loss of $61.8 Million

Bally Interactive Reported a net loss

Bally’s Corporation unveiled its financial outcomes for the Q3 of 2023… and it was a story of profits and losses. On the positive side, the company was happy to showcase an all-time high company-wide revenue of $632.5 million – a 9.4% year-on-year increase.

In addition, Bally’s disclosed a record-breaking revenue of $359 million from its casinos and resorts – another year-on-year increase of 9.3%.

Among the revenue generated, international interactive revenue amounted to $243.9 million, which was up 7.2% on last year, mainly thanks to a 13.1% surge in the UK.

However, in contrast, the North American interactive revenue constituted a much smaller portion, reaching $29.6 million, although this was still a 33.6% increase from last year.

The gaming operations reported a healthy growth of 33.6%, reaching $508.9 million, while non-gaming operations also enjoyed a solid increase of 9.8%, up to $123.6 million.

However, despite all this good news and all these apparent increases, Bally still recorded a net loss of $61.8 million – very different from the profit of $593 million they declared in Q3 2022.

Rising Costs

Total operating costs and expenses have surged by a massive 13.5% – up to $595.2 million, which is a huge increase, while income from operations saw a sharp plunge of 30.6% to $37.2 million.

Then there was cash expenditure, which nearly tripled for Q3 2023, soaring by a massive 186% to $146.7 million in comparison to the same period in 2022.

The company blamed the net loss on some of the investments they had made during the quarter, such as the opening of the Chicago Temporary Casino in September.

George Papanier, the President of Bally, said that overall, he was happy with the September opening of the Chicago Temporary Casino, stating that they met the most important operating criteria and milestones.

The CEO of Bally, Robeson Reeves, highlighted their solid operating results, with revenues reaching $632.5 million, which was a 9.4% year-on-year increase. He also acknowledged their important milestones, including the opening of the Chicago Temporary Casino and the completion of the Kansas City redevelopment. Reeves also commented on the successful launch of the new Bally Bet OSB app.

It seems that while the $61.8 million loss wasn’t great, there is still plenty of optimism going forward.

Rising Costs

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