Bally’s Reports 2023 Net Loss, But Revenues Up
Rhode Island-based national gambling operator Bally’s reported a $172 million net loss for 2023 in its recent Q4 and full-year reports.
However, revenues were up 8.6% year-on-year, with all divisions showing consistent growth. The yearly net loss was also an improvement on 2022, when it made a $425 million loss.
Revenue improved by 8.6% to $2.45 billion for the year.
The key income driver remained Bally’s physical casinos in Illinois, New Jersey, Colorado, Nevada, and half a dozen other states.
“Bally’s completed a successful 2023 with healthy results across all our business segments. Revenues in the fourth quarter grew 6.1% year-over-year to $611.7 million, reflecting continued growth in our Casinos & Resorts, International Interactive and North America Interactive segments,” said Bally’s CEO Robeson Reeves in a press release.
Casino Floors Remain King
Revenue from physical properties grew 11% year-on-year to $1.36 billion. During this time, it expanded its Kansas City, Missouri, property to be the second-largest of the 10 Missouri casinos.
It also opened a new temporary venue in Chicago while it builds a massive $1.7 billion resort in downtown Windy City.
It also spent a significant sum to enter the race for a downstate New York casinos license. Bally’s purchased the former Trump Golf Links at Ferry Point in the Bronx, where it plans to build another multibillion-dollar casino resort.
It has currently kept the venue open as a golf course, renaming it Bally’s Golf Links, while it awaits the outcome of the licensing process.
Later in the year, Bally’s also confirmed it will be selling one of its two Nevada casinos. The Tropicana is set to be demolished in April to make room for a Major League Baseball stadium.
The closure will leave Bally’s with no casinos in Las Vegas. Its other Silver State casino is on the California state line by Lake Tahoe.
“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,” he said.
North American Interactive Leads Growth
In the growing U.S. online gambling market, loss-leading on online products is the prevailing wisdom among most operators.
Even the mighty DraftKings, at the top of the online market alongside FanDuel, has yet to make a fully profitable year.
Bally’s followed suit with its North America Interactive division. The operations revenue rose 37.8% across the year to $112 million, but it made an adjusted loss of $65.7 million.
That’s compared to a $428 million loss in 2022.
Over 2023, Bally’s actually closed down its Bally Bet online sports betting and casino app for two months while it upgraded the platform with European developer Kambi.
It closed in July and only relaunched at the end of August for Ohio sports betting, before rolling out in six other states.
So, to see strong revenue growth in the sector will be gratifying for the operator.
Bally’s is also preparing to launch its online casino in Rhode Island as the only operator. Its home state was the only one to legalize online casinos in 2023, with the monopoly market set to open in the coming months.
Most Popular
Yaamava’ Resort & Casino Wins USA Today’s ‘Best Casino Outside of Las Vegas’ Award
The Yaamava’ Resort & Casino at San Manuel, located in Highland, California, has recently received the prestigious title of “Best Casino Outside of Las Vegas” (2023) in the USA Today […]
Nevada’s Gaming Distance Laws Have Quietly Changed
Nevada lawmakers recently amended a 26-year-old law that restricts the distance between casinos and schools or places of worship. However, the potentially controversial change was implemented without public discussion or […]
Blackstone Contemplating Selling Half of its Bellagio Real Estate Stake
Blackstone Inc is reportedly considering selling half of its stake in the real estate of the Bellagio hotel and casino resort in Las Vegas. The giant New York-based investment firm […]
Thrilling Las Vegas Grand Prix Ends in Comeback Max Verstappen Win
In an eventful and historic Las Vegas Grand Prix, Red Bull’s Max Verstappen overcame multiple challenges to clinch his record-extending 18th victory of the season. The Formula 1 race in […]
Michigan Head Football Coach Jim Harbaugh Facing Lengthy Future Suspension
When this last weekend began, it looked like the NCAA and Michigan head football coach Jim Harbaugh had agreed to a resolution of his issues. His problems were regarding his […]
