Bally’s saw a rise in revenue across all divisions in 2023, with its Casino and Resorts division remaining the primary source of income. Interactive activities in both North American and international markets also contributed significantly to the increased revenue.
In early 2023, Bally’s announced a 15% reduction in its North American interactive workforce to cut costs. The year also brought challenges, such as the news of Diamond Sports Group, operator of Bally’s TV sports networks, nearing bankruptcy.
However, with the appointment of new CEO Robeson Reeves in March, Bally’s saw improvements throughout the year. Key highlights included outsourcing sports betting technology to Kambi and White Hat Gaming and entering the UK igaming sector with a Bally’s-branded online casino.
Land-based activities saw Bally’s open a temporary casino in Chicago and strike a deal with the Oakland Athletics for a new ballpark on a portion of its Las Vegas Tropicana property.
Despite challenges, Reeves expressed optimism for growth in 2024, citing positive developments in New York and plans for further expansion.
In terms of financial performance, gaming revenue rose by 7.9% to $1.99 billion in 2023, with non-gaming revenue also increasing. Operating costs decreased by 8.7%, leading to a pre-tax loss improvement compared to the previous year.
Looking ahead to 2024, Bally’s anticipates further growth, with revenue projected to be between $2.50 billion and $2.70 billion and adjusted EBITDA expected in the range of $655.0 million to $695.0 million.
