Bally’s clocks 8.6% revenue surge to $2.45 billion in 2023 with help from interactive growth

Bally’s Corporation has announced the financial results for the fourth quarter and full year ended December 31, 2023. All divisions saw revenue up during the year, and while Casino and Resorts remained the primary source of revenue, the interactive divisions emerged as key drivers.

For the full year, Bally’s has reported a notable 8.6% surge in revenue, reaching $2.45 billion in 2023, primarily driven by growth within its interactive business.

In Q4, the operator declared a net loss of $263.5 million, a marked improvement from the $487.5 million net loss in Q4 2022. The full-year net loss for 2023 was $172.6 million, down from the $425.5 million net loss in 2022.

For the fourth quarter, consolidated revenues stood at $611.7 million, up 6.1% year-over-year. Casino & Resorts revenues for the period reached $342.3 million, marking a 7.2% YoY increase, with an adjusted EBITDAR of $94.6 million. For the full year, this segment’s revenue rose by 11.1% to $1.36 billion, accompanied by an adjusted EBITDAR of $429 million.

In Q4, adjusted EBITDA stood at $129.3 million, with a margin of 21.1%, and adjusted EBITDAR was $160 million. For the full year, adjusted EBITDA was $527.3 million, boasting a 21.5% margin, while adjusted EBITDAR reached $653.1 million.

Bally’s experienced a boost in gaming revenue, reaching $1.99 billion for the year, reflecting an upward trend across all divisions. Gaming revenue in Q4 was $503 million, up from $461.6 million in Q4 2022.

The interactive activities across North American and international markets emerged as a significant revenue generator. International Interactive revenue in Q4 improved by 2.1% to $236 million, setting an all-time quarterly adjusted EBITDAR record of $93.2 million. For the full-year, revenue from this segment increased by 2.8% to $973.2 million, with an adjusted EBITDAR of $343.6 million.

North America Interactive revenue surged by 26.9% to $33.4 million in Q4, with an adjusted EBITDAR loss of $9.8 million. For the full year, the segment’s revenue rose by 37.8% to $112.6 million, with an adjusted EBITDAR loss of $55.7 million.

“In 2024, we anticipate this segment [North America Interactive] will deliver an Adjusted EBITDAR loss of approximately $30 million, compared to an Adjusted EBITDAR loss of $55.7 million in 2023. We expect a non-linear quarterly cadence over the course of the year given various upcoming state launches and market entries, including our forthcoming iGaming launch in Rhode Island and our own live dealer online experience,” Robeson Reeves, Bally’s Chief Executive Officer, said.

Other report highlights

As for land-based highlights, Bally’s opened a temporary land-based casino in Chicago, Illinois in Q3. The venue, which initiated 24/7 operations on December 27, achieved a milestone of $10 million in Gross Gaming Revenue (GGR) during the first full month of continuous operations in January.

Reeves said growth across land-based and interactive places Bally’s in a solid position for further growth in 2024. “Our development opportunities in Chicago, Las Vegas and New York include significant optionality and unique long-term growth prospects and we expect to begin converting these development opportunities into value for Bally’s stakeholders, starting in 2024,” he said.

Giving its guidance for the year, the company said it expects to generate revenues in a range of $2.5 billion to $2.7 billion and Adjusted EBITDAR in a range of $655 million to $695 million for the full year 2024.

The full-year guidance includes the impact of severe winter weather on January results in the casinos and resorts segment followed by stabilization thus far in February, as well as the impact the closure of the Tropicana Las Vegas will have on our 2024 year-over-year comparisons,” Bally’s said.