Bally’s Corporation has adjusted its full-year revenue and adjusted EBITDAR guidance after reporting a net loss of $61.8m in Q3, despite a 9.4% increase in revenue. While Bally’s reported growth across all business segments, higher spending offset this growth and led to a Q3 loss.
In Q3, highlights for Bally’s included a record performance by the Casino and Resorts business, year-on-year growth in both International Interactive and North America Interactive segments, and the opening of a temporary land-based casino in Chicago, Illinois. Additionally, the operator announced plans for a new development in Kansas City, Missouri, and launched its brand in the UK market, replacing the existing Megaways Casino site. Bally’s CEO Robeson Reeves remains optimistic about the operator’s future revenue growth.
In Q3, Bally’s saw a 9.4% increase in revenue, reaching $632.5m. However, costs and operating expenses for the quarter totaled $595.2m, up 13.5% from the previous year. Bally’s suffered a $61.8m net loss in Q3, compared to a profit of $593,000 in 2022.
Looking at the year-to-date, revenue for the nine months to 30 September was $1.84bn, up 9.4%. Despite the growth in revenue, Bally’s reduced its full-year guidance for revenue, which is now expected to amount to between $2.40bn and $2.50bn. Adjusted EBITDAR is also expected to be lower than previous estimates, now ranging between $640m to $655m, compared to the earlier range of $665m to $700m.
Bally’s president George Papanier noted that the company is closely monitoring consumer spending and remains optimistic about Bally’s portfolio of assets, which has demonstrated significant year-over-year revenue growth. Despite the reductions in guidance, Bally’s is still positioned to take share in its respective markets and is closely monitoring customer behavior.