Losses at Bally’s Corp. grew from $61.8 million last year in the third quarter to $247.8 million in the same period of 2024. Meanwhile, revenue varied just 0.4 percent, coming in at $630 million.
CEO Robeson Reaves described the company as having “delivered relatively healthy financial results.” Casino winnings were down slightly, minus 1.6 percent, while North American interactive revenues rose significantly, up 54.3 percent.
International interactive results were also mixed, down 5.3 percent overall, despite 11.8 percent growth in the United Kingdom. Casinos brought in $353.3 million, international interactive $230.9 million, and North American interactive $45.7 million. The latter posted a negative return on investment of $11 million.
Bally’s ended the quarter with cash on hand of $191 million and $3.7 billion in long-term debt.
“During the quarter, we secured a critical $940 million construction and financing arrangement with Gaming & Leisure Properties, which positions the company to move forward with the construction of our flagship permanent casino in the heart of downtown Chicago,” said Reaves, in a statement.
As for the Medinah Temple temporary casino, revenues “have moderated to a somewhat consistent monthly level and we are focused on running our Chicago operations with database growth in mind.” He cited business disruptions in Rhode Island and Kansas City, along with low hold at Bally’s Kansas City, as contributing to a 15 percent decline in cash flow.
Reaves added that, in Las Vegas, the Sacramento Athletics are “one step closer to the start of stadium construction, allowing Bally’s to plan for the broader redevelopment of the site.”
Of North American digital operations, Reaves said, “We remain very pleased with the ramp in our igaming operations in Rhode Island and results benefited from excellent performance in Pennsylvania during the quarter. However, we were impacted to a certain extent by softness in New Jersey.”
“Our broad asset portfolio again delivered healthy financial performance in the third quarter of 2024, despite some lingering headwinds,” summarized CFO Marcus Glover. “The entire team is working diligently to optimize our cost structure across the board and enhance the efficiency of our operations. … While this work is in its early stages and will continue for the foreseeable future, we believe we will see tangible results in the near term as we improve profitability and enhance our operating performance.”
