Bally’s Corporation Announces Third Quarter 2024 Results
Bally’s (NYSE: BALY) reported its third quarter 2024 financial results. Company-wide revenue was $630.0 million, a slight decrease of 0.4% year-over-year. Casinos & Resorts revenue dropped 1.6% to $353.4 million. UK online revenues grew 11.8%, while International Interactive revenue fell 5.3% to $230.9 million. North America Interactive revenue surged 54.5% to $45.7 million. Bally’s secured $940 million in funding for its Chicago project, with construction set for 2025, and completed the controlled demolition of the Tropicana hotel towers in Las Vegas. The company reported a net loss of $247.9 million, compared to a $61.8 million loss in the same quarter last year. Adjusted EBITDAR was $166.3 million. CEO Robeson Reeves highlighted the healthy performance of the UK segment and growth in North American Interactive revenue, while acknowledging challenges in other areas.
Bally’s (NYSE: BALY) ha riportato i risultati finanziari del terzo trimestre 2024. I ricavi complessivi dell'azienda sono stati di 630,0 milioni di dollari, con una leggera diminuzione dello 0,4% rispetto all'anno precedente. I ricavi dei Casino e Resort sono calati dell'1,6% a 353,4 milioni di dollari. I ricavi online nel Regno Unito sono cresciuti dell'11,8%, mentre i ricavi dell'Interattivo Internazionale sono scesi del 5,3% a 230,9 milioni di dollari. I ricavi dell'Interattivo Nordamericano sono aumentati del 54,5% a 45,7 milioni di dollari. Bally’s ha ottenuto 940 milioni di dollari di finanziamenti per il suo progetto a Chicago, con l'inizio della costruzione previsto per il 2025, e ha completato la demolizione controllata delle torri dell'hotel Tropicana a Las Vegas. L'azienda ha segnalato una perdita netta di 247,9 milioni di dollari, rispetto a una perdita di 61,8 milioni di dollari nello stesso trimestre dell'anno scorso. L'EBITDAR rettificato è stato di 166,3 milioni di dollari. Il CEO Robeson Reeves ha evidenziato l'ottima performance del segmento britannico e la crescita dei ricavi interattivi in Nord America, pur riconoscendo le sfide in altre aree.
Bally’s (NYSE: BALY) informó de los resultados financieros del tercer trimestre de 2024. Los ingresos totales de la empresa fueron de 630,0 millones de dólares, con una ligera disminución del 0,4% en comparación con el año anterior. Los ingresos de Casino y Resorts cayeron un 1,6% a 353,4 millones de dólares. Los ingresos en línea del Reino Unido crecieron un 11,8%, mientras que los ingresos Interactivos Internacionales disminuyeron un 5,3% a 230,9 millones de dólares. Los ingresos de Interactivo Norteamericano aumentaron un 54,5% a 45,7 millones de dólares. Bally’s aseguró 940 millones de dólares en financiamiento para su proyecto en Chicago, con la construcción programada para 2025, y completó la demolición controlada de las torres del hotel Tropicana en Las Vegas. La compañía reportó una Pérdida neta de 247,9 millones de dólares, en comparación con una pérdida de 61,8 millones de dólares en el mismo trimestre del año anterior. El EBITDAR ajustado fue de 166,3 millones de dólares. El CEO Robeson Reeves destacó el buen rendimiento del segmento del Reino Unido y el crecimiento de los ingresos Interactivos en América del Norte, reconociendo al mismo tiempo los desafíos en otras áreas.
Bally’s (NYSE: BALY)는 2024년 3분기 재무 결과를 발표했습니다. 회사의 전체 수익은 6억 3천만 달러로, 전년 대비 0.4%의 약간의 감소를 보였습니다. 카지노 및 리조트 수익은 1.6% 감소하여 3억 5천만 달러가 되었습니다. 영국 온라인 수익은 11.8% 증가했지만, 국제 인터랙티브 수익은 5.3% 감소하여 2억 3천만 달러에 도달했습니다. 북미 인터랙티브 수익은 54.5% 급증하여 4570만 달러에 달했습니다. Bally’s는 시카고 프로젝트를 위해 9억 4천만 달러의 자금을 확보했으며, 2025년에 건설이 시작될 예정이고, 라스베가스의 트로피카나 호텔 타워에 대한 통제된 철거를 완료했습니다. 회사는 순손실이 2억 4천7백90만 달러였다고 보고했으며, 이는 작년 같은 분기의 6천1백80만 달러 손실과 비교됩니다. 조정된 EBITDAR는 1억 6천6백30만 달러였습니다. CEO 로베슨 리브스는 영국 부문의 건강한 성과와 북미 인터랙티브 수익의 성장을 강조하면서 다른 분야의 도전 과제를 인정했습니다.
Bally's (NYSE: BALY) a déclaré ses résultats financiers pour le troisième trimestre 2024. Le chiffre d'affaires global de l'entreprise était de 630,0 millions de dollars, enregistrant une légère baisse de 0,4 % par rapport à l'année précédente. Le chiffre d'affaires des casinos et des resorts a chuté de 1,6 % pour atteindre 353,4 millions de dollars. Les revenus en ligne au Royaume-Uni ont augmenté de 11,8 %, tandis que les revenus interactifs internationaux ont diminué de 5,3 %, atteignant 230,9 millions de dollars. Les revenus interactifs en Amérique du Nord ont augmenté de 54,5 %, atteignant 45,7 millions de dollars. Bally's a sécurisé 940 millions de dollars de financement pour son projet à Chicago, avec un début de construction prévu pour 2025, et a terminé la démolition contrôlée des tours de l'hôtel Tropicana à Las Vegas. L'entreprise a signalé une perte nette de 247,9 millions de dollars, contre une perte de 61,8 millions de dollars au même trimestre l'année dernière. L'EBITDAR ajusté était de 166,3 millions de dollars. Le PDG Robeson Reeves a souligné la bonne performance du segment britannique et la croissance des revenus interactifs en Amérique du Nord, tout en reconnaissant les défis dans d'autres domaines.
Bally’s (NYSE: BALY) hat die Finanzresultate für das dritte Quartal 2024 veröffentlicht. Der Gesamtumsatz des Unternehmens betrug 630 Millionen Dollar, was einem leichten Rückgang von 0,4% im Jahresvergleich entspricht. Der Umsatz aus Casinos und Resorts fiel um 1,6% auf 353,4 Millionen Dollar. Der Online-Umsatz im Vereinigten Königreich stieg um 11,8%, während der Internationale Interaktive Umsatz um 5,3% auf 230,9 Millionen Dollar fiel. Der Umsatz aus Nordamerika Interaktiv stieg um 54,5% auf 45,7 Millionen Dollar. Bally’s sicherte sich 940 Millionen Dollar für sein Projekt in Chicago, mit einem Baubeginn im Jahr 2025, und schloss die kontrollierte Sprengung der Tropicana-Hotel-Türme in Las Vegas ab. Das Unternehmen meldete einen Nettoverlust von 247,9 Millionen Dollar, im Vergleich zu einem Verlust von 61,8 Millionen Dollar im gleichen Quartal des Vorjahres. Das bereinigte EBITDAR betrug 166,3 Millionen Dollar. CEO Robeson Reeves hob die positive Performance des britischen Segments und das Wachstum der nordamerikanischen Interaktiv-Umsätze hervor, während er gleichzeitig die Herausforderungen in anderen Bereichen anerkannte.
- UK online revenues grew 11.8%
- North America Interactive revenue increased 54.5%
- Secured $940 million funding for Chicago project
- Adjusted EBITDAR of $166.3 million
- Company-wide revenue decreased 0.4%
- Casinos & Resorts revenue fell 1.6%
- International Interactive revenue declined 5.3%
- Net loss increased to $247.9 million from $61.8 million
Insights
The Q3 2024 results reveal concerning trends with company-wide revenue declining
The secured
The mixed performance across segments highlights both opportunities and risks in Bally's portfolio strategy. The Chicago temporary casino has stabilized but at modest levels, while the permanent facility's development progresses. The Tropicana demolition advances the Las Vegas Strip opportunity, though meaningful returns are years away.
The U.K. online gaming performance is a bright spot, with
Third Quarter 2024 and Recent Highlights
-
Company-wide revenue of
, a decrease of$630.0 million 0.4% year-over-year-
Casinos & Resorts revenue of
, down$353.4 million 1.6% year-over-year -
UK online revenues grew11.8% while overall International Interactive revenue declined5.3% year-over-year to$230.9 million -
North America Interactive revenue of
, up$45.7 million 54.5% year-over-year
-
Casinos & Resorts revenue of
-
Launched second online sportsbook in the
UK under the Bally's brand, joining existing JackpotJoy offering -
Secured
of construction funding for$940 million Chicago project from GLPI -
Began demolition at Tribune site in
Chicago ; construction remains on schedule to begin in 2025 - Subsequent to the end of the quarter, completed the controlled demolition of the Tropicana hotel towers
Summary of Financial Results
|
Quarter Ended September 30, |
||||||
(in thousands) |
|
2024 |
|
|
|
2023 |
|
Consolidated Revenue |
$ |
629,974 |
|
|
$ |
632,477 |
|
Casinos & Resorts Revenue |
|
353,358 |
|
|
|
359,026 |
|
International Interactive Revenue |
|
230,937 |
|
|
|
243,884 |
|
North America Interactive Revenue |
|
45,679 |
|
|
|
29,567 |
|
Net loss |
|
(247,855 |
) |
|
|
(61,802 |
) |
Adjusted EBITDAR(1) |
|
166,333 |
|
|
|
________________________________ |
(1) Refer to tables in this press release for a reconciliation of this non-GAAP financial measure to the most directly comparable measure calculated in accordance with GAAP. |
Robeson Reeves, Bally’s Chief Executive Officer, commented, “Bally’s delivered relatively healthy financial results in the 2024 third quarter, with consolidated revenue declining just
“C&R revenue of
“Our International Interactive business continues to benefit from healthy
“North America Interactive operations generated third quarter revenues of
George Papanier, Bally’s President, added, “Third quarter revenue performance in our C&R segment demonstrated the resilience of our broader regional gaming portfolio even as much work remains to unify the portfolio and manage the business as such. We continue to implement initiatives to optimize and centralize property-level C&R functions and with positive outcomes achieved to date, we remain optimistic regarding the benefits of these initiatives over the coming quarters. At the same time, the segment’s many growth opportunities remain firmly intact. In
Marcus Glover, Bally’s Chief Financial Officer, concluded, “Our broad asset portfolio again delivered healthy financial performance in the third quarter of 2024 despite some lingering headwinds. The entire team is working diligently to optimize our cost structure across the board and enhance the efficiency of our operations, particularly in the C&R segment and within International Interactive. 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.”
Reconciliation of GAAP Measures to Non-GAAP Measures
To supplement the financial information presented on a generally accepted accounting principles (“GAAP”) basis, Bally’s has included in this earnings release non-GAAP financial measures for consolidated Adjusted EBITDA and segment Adjusted EBITDAR, which exclude certain items described below. The reconciliations of these non-GAAP financial measures to their comparable GAAP financial measures are presented in the tables appearing below.
“Adjusted EBITDA” is earnings, or loss, for Bally’s, or where noted Bally’s reportable segments, before, in each case, interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, acquisition and other transaction related costs, share-based compensation, and certain other gains or losses as well as, when presented for Bally’s reporting segments, an adjustment related to the allocation of corporate costs among segments.
“Segment Adjusted EBITDAR” is Adjusted EBITDA (as defined above) for Bally’s reportable segments, plus rent expense associated with triple net operating leases for the real estate assets used in the operation of the Bally’s casinos and the assumption of the lease for real estate and land underlying the operations of the Bally’s
Management has historically used consolidated Adjusted EBITDA and segment Adjusted EBITDAR when evaluating operating performance because Bally’s believes that these metrics are necessary to provide a full understanding of Bally’s core operating results and as a means to evaluate period-to-period performance. Management also believes that consolidated Adjusted EBITDA and segment Adjusted EBITDAR are measures that are widely used for evaluating operating performance of companies in Bally’s industry and a principal basis for valuing such companies as well. Consolidated Adjusted EBITDAR is used outside of our financial statements solely as a valuation metric. Management believes Consolidated Adjusted EBITDAR is an additional metric traditionally used by analysts in valuing gaming companies subject to triple net leases since it eliminates the effects of variability in leasing methods and capital structures. Consolidated Adjusted EBITDA and segment Adjusted EBITDAR should not be construed as alternatives to GAAP net income as an indicator of Bally’s performance. In addition, consolidated Adjusted EBITDA or segment Adjusted EBITDAR as used by Bally’s may not be defined in the same manner as other companies in Bally’s industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies.
Bally’s does not provide a reconciliation of Adjusted EBITDAR on a forward-looking basis to net income, its most comparable GAAP financial measure, because Bally’s is unable to forecast the amount or significance of certain items required to develop meaningful comparable GAAP financial measures without unreasonable efforts. These items include depreciation, impairment charges, gains or losses on retirement of debt, acquisition, integration and restructuring expenses, interest expense, share-based compensation expense, professional and advisory fees associated with Bally’s capital return program and variations in effective tax rate, which are difficult to predict and estimate and are primarily dependent on future events, but which are excluded from Bally’s calculation of Adjusted EBITDAR. Bally’s believes that the probable significance of providing this forward-looking valuation metric without a reconciliation to the most directly comparable GAAP metric, is that investors and analysts will have certain information that Bally’s believes is useful and meaningful in valuing its business. Investors are cautioned that Bally’s cannot predict the occurrence, timing or amount of all non-GAAP items that may be excluded from Adjusted EBITDAR in the future. Accordingly, the actual effect of these items, when determined, could potentially be significant to the calculation of Adjusted EBITDAR.
Third Quarter Conference Call
Bally’s third quarter 2024 earnings conference call and audio webcast will be held today, Wednesday, November 6, 2024, at 4:30 p.m. EDT. To access the conference call, please dial (800) 445-7795 (
About Bally’s Corporation
With 10,600 employees, the Company's casino operations include approximately 15,300 slot machines, 580 table games and 3,800 hotel rooms. Upon completing the construction of a permanent casino facility in
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may generally be identified by the use of words such as “anticipate,” “believe,” “expect,” “intend,” “plan” and “will” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by Bally’s in this press release, its reports filed with the Securities and Exchange Commission (“SEC”) and other public statements made from time-to-time speak only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for Bally’s to predict or identify all such events or how they may affect it. Bally’s has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include those included in Bally’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by Bally’s with the SEC. These statements constitute Bally’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
BALLY’S CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (In thousands, except per share data) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue: |
|
|
|
|
|
|
|
||||||||
Gaming |
$ |
523,906 |
|
|
$ |
508,895 |
|
|
$ |
1,564,714 |
|
|
$ |
1,489,086 |
|
Non-gaming |
|
106,068 |
|
|
|
123,582 |
|
|
|
305,399 |
|
|
|
348,317 |
|
Total revenue |
|
629,974 |
|
|
|
632,477 |
|
|
|
1,870,113 |
|
|
|
1,837,403 |
|
|
|
|
|
|
|
|
|
||||||||
Operating (income) costs and expenses: |
|
|
|
|
|
|
|
||||||||
Gaming |
|
234,908 |
|
|
|
229,131 |
|
|
|
707,222 |
|
|
|
665,731 |
|
Non-gaming |
|
51,328 |
|
|
|
58,041 |
|
|
|
148,152 |
|
|
|
162,661 |
|
General and administrative |
|
273,593 |
|
|
|
230,582 |
|
|
|
774,448 |
|
|
|
732,147 |
|
Loss (gain) on sale-leaseback, net |
|
150,000 |
|
|
|
— |
|
|
|
150,000 |
|
|
|
(374,321 |
) |
Depreciation and amortization |
|
77,800 |
|
|
|
77,487 |
|
|
|
316,328 |
|
|
|
231,235 |
|
Total operating costs and expenses |
|
787,629 |
|
|
|
595,241 |
|
|
|
2,096,150 |
|
|
|
1,417,453 |
|
(Loss) income from operations |
|
(157,655 |
) |
|
|
37,236 |
|
|
|
(226,037 |
) |
|
|
419,950 |
|
|
|
|
|
|
|
|
|
||||||||
Other (expense) income: |
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
(73,975 |
) |
|
|
(70,630 |
) |
|
|
(221,306 |
) |
|
|
(200,987 |
) |
Other non-operating (expense) income, net |
|
(49,854 |
) |
|
|
15,528 |
|
|
|
(38,370 |
) |
|
|
24,949 |
|
Total other expense, net |
|
(123,829 |
) |
|
|
(55,102 |
) |
|
|
(259,676 |
) |
|
|
(176,038 |
) |
|
|
|
|
|
|
|
|
||||||||
(Loss) income before income taxes |
|
(281,484 |
) |
|
|
(17,866 |
) |
|
|
(485,713 |
) |
|
|
243,912 |
|
(Benefit) provision for income taxes |
|
(33,629 |
) |
|
|
43,936 |
|
|
|
(3,748 |
) |
|
|
153,029 |
|
Net (loss) income |
$ |
(247,855 |
) |
|
$ |
(61,802 |
) |
|
$ |
(481,965 |
) |
|
$ |
90,883 |
|
|
|
|
|
|
|
|
|
||||||||
Basic (loss) earnings per share |
$ |
(5.10 |
) |
|
$ |
(1.15 |
) |
|
$ |
(9.96 |
) |
|
$ |
1.68 |
|
Weighted average common shares outstanding - basic |
|
48,596 |
|
|
|
53,580 |
|
|
|
48,405 |
|
|
|
53,961 |
|
Diluted (loss) earnings per share |
$ |
(5.10 |
) |
|
$ |
(1.15 |
) |
|
$ |
(9.96 |
) |
|
$ |
1.67 |
|
Weighted average common shares outstanding - diluted |
|
48,596 |
|
|
|
53,580 |
|
|
|
48,405 |
|
|
|
54,276 |
|
BALLY’S CORPORATION Revenue and Reconciliation of Net (Loss) Income and Net (Loss) Income Margin to Adjusted EBITDAR and Adjusted EBITDA Margin (unaudited) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
(In thousands, except percentages) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
629,974 |
|
|
$ |
632,477 |
|
|
$ |
1,870,113 |
|
|
$ |
1,837,403 |
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income |
$ |
(247,855 |
) |
|
$ |
(61,802 |
) |
|
$ |
(481,965 |
) |
|
$ |
90,883 |
|
Interest expense, net of interest income |
|
73,975 |
|
|
|
70,630 |
|
|
|
221,306 |
|
|
|
200,987 |
|
(Benefit) provision for income taxes |
|
(33,629 |
) |
|
|
43,936 |
|
|
|
(3,748 |
) |
|
|
153,029 |
|
Depreciation and amortization |
|
77,800 |
|
|
|
77,487 |
|
|
|
316,328 |
|
|
|
231,235 |
|
Non-operating income (1) |
|
22,122 |
|
|
|
(4,276 |
) |
|
|
19,992 |
|
|
|
(13,528 |
) |
Foreign exchange loss (gain) |
|
30,246 |
|
|
|
(8,459 |
) |
|
|
26,447 |
|
|
|
(2,512 |
) |
Transaction costs(2) |
|
19,788 |
|
|
|
20,953 |
|
|
|
39,123 |
|
|
|
59,405 |
|
Restructuring charges(3) |
|
(1,068 |
) |
|
|
411 |
|
|
|
17,921 |
|
|
|
20,673 |
|
Tropicana Las Vegas demolition costs(4) |
|
19,643 |
|
|
|
— |
|
|
|
31,904 |
|
|
|
— |
|
Decommissioning costs(5) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,343 |
|
Share-based compensation |
|
4,099 |
|
|
|
6,257 |
|
|
|
11,629 |
|
|
|
18,587 |
|
Loss (gain) on sale-leaseback, net(6) |
|
150,000 |
|
|
|
— |
|
|
|
150,000 |
|
|
|
(374,321 |
) |
Planned business divestiture(7) |
|
— |
|
|
|
35 |
|
|
|
— |
|
|
|
2,089 |
|
Impairment charges(8) |
|
— |
|
|
|
— |
|
|
|
12,757 |
|
|
|
9,653 |
|
Merger Agreement costs(9) |
|
9,802 |
|
|
|
— |
|
|
|
11,791 |
|
|
|
— |
|
Payment Service Provider write-off(10) |
|
6,333 |
|
|
|
— |
|
|
|
6,333 |
|
|
|
— |
|
Other(11) |
|
6,475 |
|
|
|
(3,549 |
) |
|
|
7,854 |
|
|
|
(507 |
) |
Adjusted EBITDA |
$ |
137,731 |
|
|
$ |
141,623 |
|
|
$ |
387,672 |
|
|
$ |
398,016 |
|
Rent expense associated with triple net operating leases(12) |
$ |
28,602 |
|
|
|
|
$ |
88,575 |
|
|
|
||||
Adjusted EBITDAR |
$ |
166,333 |
|
|
|
|
$ |
476,247 |
|
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net (loss) income margin |
|
(39.3 |
)% |
|
|
(9.8 |
)% |
|
|
(25.8 |
)% |
|
|
4.9 |
% |
Adjusted EBITDA margin |
|
21.9 |
% |
|
|
22.4 |
% |
|
|
20.7 |
% |
|
|
21.7 |
% |
________________________________ | ||
(1) |
|
Non-operating (income) expense includes: (i) change in value of commercial rights liabilities, (ii) gain on extinguishment of debt, (iii) non-operating items of equity method investments including our share of net income or loss on an investment and depreciation expense related to our |
(2) |
|
Includes acquisition, integration and other transaction related costs, financing costs incurred in connection with the prior year sale lease-back transaction. |
(3) |
|
Restructuring charges representing the severance and employee related benefits related to the announced Interactive business restructuring initiatives and the closure of the Company’s Tropicana Las Vegas property on April 2, 2024. |
(4) |
|
Demolition costs associated with the Tropicana Las Vegas property which is part of the plan to redevelop the site with a state-of-the-art integrated resort and ballpark. As part of the binding term sheet, GLPI has agreed to reimburse the Company for such expenses and will increase rent to reflect the additional funding. |
(5) |
|
Costs related to the decommissioning of the Company’s sports betting platform in favor of outsourcing the platform solution to third parties. |
(6) |
|
Loss on sale-leaseback of |
(7) |
|
Losses related to a North America Interactive business that Bally’s was marketed as held-for-sale in 2023. |
(8) |
|
Includes impairment charges on long-lived assets in the second quarter of 2024 and impairment charges related to assets held-for-sale in 2023. |
(9) |
|
Costs incurred in connection with the merger agreement signed July 25, 2024 with Standard General. |
(10) |
|
In the third quarter, the Company recorded a |
(11) |
|
Other includes the following items: (i) non-routine legal expenses and settlement charges for matters outside the normal course of business, (ii) insurance and business interruption recoveries, and (iii) other individually de minimis expenses. |
(12) |
|
Consists of the operating lease components contained within our triple net master lease with GLPI for the real estate assets used in the operation of Bally’s |
BALLY’S CORPORATION
Revenue and Segment Adjusted EBITDAR (unaudited) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
(In thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
|
|
|
|
|
|
||||||||
Casinos & Resorts |
$ |
353,358 |
|
|
$ |
359,026 |
|
|
$ |
1,038,738 |
|
|
$ |
1,020,974 |
|
International Interactive |
|
230,937 |
|
|
|
243,884 |
|
|
|
695,016 |
|
|
|
737,230 |
|
North America Interactive |
|
45,679 |
|
|
|
29,567 |
|
|
|
136,359 |
|
|
|
79,199 |
|
Total |
$ |
629,974 |
|
|
$ |
632,477 |
|
|
$ |
1,870,113 |
|
|
$ |
1,837,403 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDAR(1) |
|
|
|
|
|
|
|
||||||||
Casinos & Resorts |
$ |
100,442 |
|
|
$ |
118,184 |
|
|
$ |
289,661 |
|
|
$ |
334,312 |
|
International Interactive |
|
90,030 |
|
|
|
85,477 |
|
|
|
254,854 |
|
|
|
250,352 |
|
North America Interactive |
|
(10,976 |
) |
|
|
(17,561 |
) |
|
|
(27,891 |
) |
|
|
(45,809 |
) |
Other |
|
(13,163 |
) |
|
|
(12,883 |
) |
|
|
(40,377 |
) |
|
|
(46,687 |
) |
Total |
$ |
166,333 |
|
|
|
|
$ |
476,247 |
|
|
|
________________________________ |
(1) Segment Adjusted EBITDAR is Bally’s reportable segment GAAP measure and its primary measure for profit or loss for its reportable segments. “Segment Adjusted EBITDAR” is Adjusted EBITDA (as defined above) for Bally’s reportable segments, plus rent expense associated with its triple net master lease with GLPI for the real estate assets used in the operation of certain Bally’s casinos, the individual triple net lease with GLPI for the land underlying Tropicana Las Vegas, through its closure in April 2024, and the assumption of the lease for real estate and land underlying the operations of the Bally’s |
BALLY’S CORPORATION
Selected Financial Information (unaudited) |
|||||||
Balance Sheet Data |
|||||||
(in thousands) |
September 30, 2024 |
|
December 31, 2023 |
||||
Cash and cash equivalents |
$ |
190,975 |
|
|
$ |
163,194 |
|
Restricted cash |
|
89,564 |
|
|
|
152,068 |
|
|
|
|
|
||||
Term Loan Facility(1) |
$ |
1,891,513 |
|
|
$ |
1,906,100 |
|
Revolving Credit Facility |
|
350,000 |
|
|
|
335,000 |
|
|
|
750,000 |
|
|
|
750,000 |
|
|
|
735,000 |
|
|
|
735,000 |
|
Less: Unamortized original issue discount |
|
(20,778 |
) |
|
|
(23,756 |
) |
Less: Unamortized deferred financing fees |
|
(34,797 |
) |
|
|
(39,709 |
) |
Long-term debt, including current portion |
$ |
3,670,938 |
|
|
$ |
3,662,635 |
|
Less: Current portion of Term Loan and Revolving Credit Facility |
$ |
(19,450 |
) |
|
$ |
(19,450 |
) |
Long-term debt, net of discount and deferred financing fees; excluding current portion |
$ |
3,651,488 |
|
|
$ |
3,643,185 |
|
Cash Flow Data |
|||||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||||
(in thousands) |
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2024 |
|
|
2023 |
|
|
2022 |
Capital expenditures |
$ |
92,316 |
|
$ |
146,685 |
|
$ |
51,282 |
|
$ |
155,757 |
|
$ |
266,231 |
|
$ |
167,363 |
Cash paid for capitalized software |
|
11,925 |
|
|
21,561 |
|
|
14,330 |
|
|
36,134 |
|
|
35,903 |
|
|
45,785 |
Acquisition of gaming licenses |
|
446 |
|
|
— |
|
|
1,470 |
|
|
1,657 |
|
|
10,150 |
|
|
53,030 |
Cash payments associated with triple net operating leases(2) |
|
30,861 |
|
|
29,871 |
|
|
13,338 |
|
|
90,762 |
|
|
88,481 |
|
|
36,338 |
________________________________ | ||
(1) |
|
The Company has entered certain currency swaps to synthetically convert |
(2) |
|
Consists of payments made in connection with Bally’s triple net operating leases, as defined above. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106597518/en/
Investor Contact
Marcus Glover
Chief Financial Officer
401-475-8564
ir@ballys.com
Media Contact
James Leahy, Joseph Jaffoni, Richard Land
JCIR
212-835-8500
baly@jcir.com
Source: Bally’s Corporation
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