Bally’s Revenue Up, Q4 Earnings Down, Focus on Growth
Key Takeaways
Bally’s Corporation has released its financial results for the fiscal year 2024. Total revenue increased by 0.1% to $2.45 billion, while fourth-quarter revenue declined by 5.1% to $580.4 million. The online business in the United Kingdom performed particularly well, growing by 11.3%. CEO Robeson Reeves emphasized ongoing strategic changes, including the construction of a new casino in Chicago and the demolition of the Tropicana in Las Vegas. Additionally, new partnerships have been established to support long-term growth.
Revenue Development in Business Segments
Bally’s various business segments showed mixed performance. The North American online division experienced strong growth of 58% year-over-year, reaching $177.9 million in revenue. In the fourth quarter, this segment’s revenue increased by 24.4% to $41.5 million.
Other areas, however, faced declines. The international online segment saw a fourth-quarter revenue drop of 9.1% to $214.5 million. The “Casino & Resorts” segment also recorded a decline of 5.2% to $324.4 million. Over the full year, “Casino & Resorts” generated approximately $1.4 billion in revenue, while “International Interactive” reported $909.5 million, marking a 6.5% decline compared to 2023.
EBITDAR Decline and Efficiency Measures
Adjusted EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent) decreased by 5.9% to $614.5 million. The “Casino & Resorts” segment contributed $370.5 million, while “International Interactive” generated $336.5 million. Meanwhile, the “North America Interactive” and “Corporate & Other” segments reported negative EBITDAR values of -$40.2 million and -$52.2 million, respectively.
Chief Financial Officer Marcus Glover emphasized that Bally’s will focus more on efficiency improvements in 2025. These include cost optimizations, operational enhancements, and the integration of best practices from new partnerships. In the long run, these measures aim to increase the company’s value.
Our Assessment
Bally’s is undergoing a transformation. While the North American online business is growing, other segments are facing challenges. Strategic investments in new locations and partnerships could have positive long-term effects. The key factor will be how efficiently the company adjusts its cost structure and expands into new markets.
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