Jonathan Thomas 
Bally’s Corporation (NYSE: BALY) has announced its financial results for the third quarter ending on September 30, 2023, and the numbers indicate a positive trend in the company’s performance. Let’s break down the key highlights and assess the outlook for Bally’s future.
Strong Revenue Growth: Bally’s reported a record company-wide revenue of $632.5 million, representing a 9.4% year-over-year increase. This growth was driven by substantial increases in both its Casinos & Resorts and International Interactive segments, along with the successful opening of the Chicago Temporary Casino in September.
- Casinos & Resorts Revenue: The segment recorded a record $359.0 million in revenue, marking a 9.3% increase compared to the same period in 2022.
- International Interactive Revenue: Bally’s International Interactive segment generated $243.9 million in revenue, showing a 7.2% year-over-year increase. A notable driver of this growth was a 13.1% revenue increase in the UK market, where Bally’s continued to gain market share.
- North America Interactive: Despite a loss in this segment, it’s worth noting that the company reduced its losses, showing a sign of improved performance.
Future Developments and Milestones: Bally’s CEO, Robeson Reeves, highlighted the successful opening of the Chicago Temporary Casino, as well as the completion of the Kansas City redevelopment. Bally’s is making progress with its Bally Bet OSB app rollout, further strengthening its foundation for 2024.
Positive Outlook: George Papanier, Bally’s President, expressed confidence in the company’s future. Bally’s continues to outperform peers in most states and is closely monitoring consumer spending. They are encouraged by the opening of the Chicago Temporary Casino and anticipate regulatory support for marketing initiatives. Bally’s expects to benefit from its capital improvements over the last two years throughout 2024.
2023 Guidance: Bally’s adjusted its revenue guidance for 2023 to a range of $2.4 billion to $2.5 billion. The Adjusted EBITDAR guidance is now $640 million to $655 million, reflecting a later-than-expected opening of the Chicago Temporary Casino and awaiting the MLB’s decision on the Oakland A’s relocation. The guidance also accounts for foreign exchange headwinds at Bally’s International Interactive.
In conclusion, Bally’s Corporation’s strong Q3 performance, with record revenues and growth in key segments, demonstrates the company’s resilience and adaptability. Despite some challenges, the company appears well-positioned for the future, with ongoing developments and a positive outlook for 2024.
