On November 1, 2023, Ballys Corp (BALY, Financial) released its financial results for the third quarter ended September 30, 2023. The company reported a record company-wide revenue of $632.5 million, marking a 9.4% increase year-over-year. The Casinos & Resorts segment also saw a record revenue of $359.0 million, up 9.3% year-over-year. However, the company reported a consolidated net loss of $61.8 million for the quarter.
Financial Highlights
The company's International Interactive revenue stood at $243.9 million, up 7.2% year-over-year, driven by a 13.1% increase in the UK as market share gains continue. Ballys Corp (BALY, Financial) also announced the successful opening of the Chicago Temporary Casino in September and a deal to operate the concession at Bally’s Golf Links, a golf course at Ferry Point in the Bronx, NY.
Commentary on Performance
Robeson Reeves, Bally’s Chief Executive Officer, commented on the company's performance, stating,
Bally’s continued to generate very solid operating results across all three of our business segments as revenues rose to $632.5 million, a 9.4% year-over-year increase, while also achieving significant development and project milestones."He also highlighted the company's successful opening of the Chicago Temporary Casino and the completion of the reconceptualized Kansas City redevelopment.
Financial Analysis
Despite the impressive revenue growth, Ballys Corp (BALY, Financial) reported a consolidated net loss of $61.8 million for the quarter. The company generated Adjusted EBITDAR of $173.2 million and Adjusted EBITDA of $141.6 million. For the nine-month period through September 2023, net income was $90.9 million with Adjusted EBITDAR of $492.2 million and Adjusted EBITDA of $398.0 million.
2023 Guidance
Ballys Corp (BALY, Financial) adjusted its revenue guidance for the remainder of the year to $2.4 billion to $2.5 billion. The guidance range for Adjusted EBITDAR is now $640 million to $655 million. This change reflects the later-than-expected opening of the Chicago Temporary Casino and the decision to pause reinvestment and operational changes at the Tropicana while awaiting MLB’s decision on the Oakland A’s relocation.
For more detailed information, please refer to the official earnings release.
Explore the complete 8-K earnings release (here) from Ballys Corp for further details.
