Bally’s Corporation Reports 2.5% Revenue Growth in Q2 2024
Bally’s Corporation reported an increase in company-wide revenue for Q2 2024, reaching $621.7 million, a 2.5% year-on-year growth. The growth was primarily driven by the company’s casino and resort operations, which generated $343.1 million, up 3% from the previous year.
Interactive Revenue Insights
The company’s international interactive segment, which includes online operations outside the U.S., contributed $229.4 million in revenue.
However, this represents a 7.4% decline compared to Q2 2023, largely due to downturns in Asia and other markets, despite a 9% growth in the UK market.
In contrast, the North American interactive segment showed significant growth, with revenue nearly doubling from $25.3 million in Q2 2023 to $49.2 million in Q2 2024.
Financial Performance
Bally’s posted an adjusted EBITDAR of $161.8 million for Q2 2024. Despite this, the company reported a net loss of $60.2 million, an increase from the $25.7 million net loss in Q2 2023.
The company forecasts its full-year 2024 earnings to consist of revenue between $2.5 billion and $2.7 billion and adjusted EBITDAR between $655 million and $695 million.
Bally’s recent financial results coincide with its acceptance of an acquisition offer from major shareholder Standard General. The deal, valued at approximately $4.6 billion, will result in Bally’s merging with The Queen Casino & Entertainment (QC&E), a regional casino operator majority-owned by Standard General. QC&E operates four casinos across Illinois, Iowa, and Louisiana.
CEO Robeson Reeves commented: “The addition of four properties to our existing domestic property portfolio not only expands our platform and databases but will further diversify the markets in which we operate. The combination of QC&E’s development pipeline with our own growth initiatives provides a clear path toward additional revenue, cash flow growth, and value accretion.”
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