Bally's Corporation Sees 8.6% Revenue Surge to $2.45 Billion in 2023 Driven by Interactive Growth

Bally's Corporation reports a substantial 8.6% increase in revenue, reaching $2.45 billion in 2023, attributed to robust growth within its interactive business segment.

Despite challenges, including a 15% reduction in the North American interactive workforce early in the year and financial struggles at Diamond Sports Group, Bally's successfully curtailed its net loss for the year.

All divisions of Bally's witnessed higher revenue, with the Casino and Resorts segment remaining the primary revenue source. Interactive activities, both in North American and international markets, played a pivotal role in revenue generation.

Under the leadership of CEO Robeson Reeves, who took the helm in March, Bally's experienced positive developments throughout the year.

Strategic moves included outsourcing the sports betting tech stack to Kambi and White Hat Gaming, and venturing into the UK iGaming sector with the launch of a Bally's-branded online casino.

Despite challenges, Reeves expressed optimism about the company's 2023 results, highlighting growth in both land-based and interactive businesses, positioning Bally's for continued expansion in 2024.

Key developments in New York, where Bally's aims to open a new casino, were also noted, with Reeves emphasizing the potential for a world-class casino and entertainment complex.

Looking at the financials, gaming revenue rose by 7.9% to $1.99 billion, while non-gaming revenue increased by 11.7% to $457.0 million in 2023.

The land-based casino and resort business witnessed an 11.0% revenue boost to $1.36 billion.

Notably, North American interactive revenue surged by 37.8%, reaching $112.6 million for the year.

Operating costs for the year decreased by 8.7% to $2.34 billion, resulting in a pre-tax loss of $167.6 million, a marked improvement from the previous year.

Despite a net loss of $172.6 million, compared to $425.5 million in the previous year, adjusted EBITDA for 2023 slipped by 3.9% to $527.3 million.

In Q4 2023, Bally's reported a 6.1% revenue growth to $611.7 million.

The positive quarter included a 9.0% increase in gaming revenue to $503.0 million, while non-gaming revenue slightly dropped to $108.7 million.

The company is optimistic about 2024, forecasting revenue between $2.50 billion and $2.70 billion, with expected adjusted EBITDA ranging from $655.0 million to $695.0 million.

CEO Robeson Reeves stated, "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."