Bally’s Corp. has reported $606.2 million in revenue for the second quarter of 2023, up 9.7% when compared to the same period last year, driven by record performance in its core casinos and resorts segment.
Robeson Reeves, Bally’s Chief Executive Officer, said: “Bally’s made significant strides this quarter, announcing new initiatives, achieving important project milestones, and building on our strong foundation for 2023 and beyond.
“Our core Casinos & Resorts segment produced record second-quarter revenues of $333.2 million, an 11.1% increase compared to the second quarter of 2022. International Interactive also remained solid, with revenues increasing 5.6% year-over-year, led by our robust UK business, which grew revenues by 11.5% year-over-year.”
Robeson Reeves, Bally's CEO
Despite the revenue growth, the Rhode Island-based casino company reported a net loss of $25.7 million for the period, in comparison to a positive net income of $59.5 million the previous year. Adjusted EBITDA came in at $130 million, a fall of 5.1% year-over-year.
As usual, most of Bally’s revenue came from its gaming segment, which generated $493.2 million in revenue, a rise of 8.4%, while non-gaming revenue accounted for the remaining $112.9 million. Bally’s now expects full-year revenue in 2023 to range between $2.5 billion and $2.6 billion.
George Papanier, Bally’s President, commented: “Our core Casinos & Resorts customer base remains resilient. While we are keeping a close eye on spending trends and the health of the consumer generally, we are pleased with how our overall portfolio is performing, with significant year-over-year revenue growth and margin expansion.
“We are looking forward to the opening of our Chicago temporary casino in September and the unveiling of our property redevelopment in Kansas City as well. Importantly, our portfolio’s near-term capex cycle has peaked as our Twin River Lincoln project was completed in late April, as will the Chicago temporary casino and Kansas City expansion projects through this quarter,” Papanier added.
George Papanier, Bally's President
As for other Q2 highlights, North America Interactive revenue rose by 40% over the same period last year, to $25.3 million, benefiting from New Jersey operations and a launch in Pennsylvania. Reeves also noted that Bally’s is looking forward to the launch of the Rhode Island market in March of next year, where it will be the sole provider of gaming.
Operating costs and expenses totaled $600.2 million for the quarter. General and administrative expenses came to $249.9 million, up by a significant 29.6%. Costs stemming from gaming were $218.9 million, up by 7.3%. Depreciation and amortization costs were $79.1 million while non-gaming expenses were $52.2 million.
Other Q2 updates
In addition, the company is said to have made significant progress transitioning Bally Bet onto the Kambi and White Hat technology platforms, which is on track to roll out later this summer.
During the quarter, Bally’s also announced a deal with the MLB’s Oakland Athletics to establish “a state-of-the-art” ballpark on the renowned Las Vegas Strip, at the site of the legendary Tropicana Casino.
Bally's Tropicana casino
As for H1 highlights, revenue for the first half of the year totaled $1.2 billion, an improvement of 9.4% year-on-year. The total operating expenses for the period reached $822.2 million, a drop of 17.2%. This brought the operating income to $382.7 million.
Following other expenses at $120.9 million, the pre-tax profit was $261.7 million. After $109 million in tax, the total profit for the six months was $152.6 million, a rise of 148.7%, moreover, adjusted EBITDA for the six months totaled $256.3 million, up by 1.8%.
While revenue estimates remain in the aforementioned range of $2.5 billion to $2.6 billion, Bally’s is raising the low end of its Adjusted EBITDAR guidance range it provided in February to a new range of $665 million to $700 million.
See Bally’s full Q2 2023 report here.
Original article: https://www.yogonet.com/international/noticias/2023/08/04/68189-bally-39s-reports-revenue-of-6062m-in-q2-driven-by-record-casinos-resorts-segment-performance
