A reported net loss from Bally Interactive highlighted financial pressure.Despite unveiling a record-breaking $632.5 million company-wide revenue—a 9.4% increase from last year—Bally's Q3 2023 resulted in mixed outcomes.
Bally also reported an impressive $359 million revenue from its casino and resort sector, marking a 9.3% year-over-year increase.
Their international interactive sector brought in $243.9 million, boosted by a significant 13.1% growth in the UK.
Conversely, the North American interactive market showed less impact but still rose by 33.6% to $29.6 million compared to last year.
Gaming operations surged by 33.6% to $508.9 million, while non-gaming sectors enjoyed a 9.8% rise, reaching $123.6 million.
Despite these positive financial indicators, Bally reported a significant net loss of $61.8 million, contrasting with the $593 million profit in Q3 2022.
Rising Costs
Operating costs shot up by 13.5% to $595.2 million, with a 30.6% downturn in operating income to $37.2 million.
Cash outflows nearly tripled in the third quarter of 2023, jumping by 186% to $146.7 million from the previous year.
The company's investments, such as the launch of the Chicago Temporary Casino in September, were cited as major factors for the net loss.
Bally President George Papanier expressed satisfaction with the Chicago Temporary Casino launch, meeting critical operational targets.
CEO Robeson Reeves pointed out strong operating figures and pivotal achievements like launching the Chicago Temporary Casino and completing the Kansas City redevelopment, alongside the Bally Bet OSB app release.
Although the $61.8 million shortfall was concerning, there remains a sense of optimism for Bally's future.
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Last Updated: December 22, 2023
