Bally’s Posts $580.4M in Q4 2024 Revenue
Bally’s Corporation wrapped up 2024 with $580.4 million in Q4 revenue, down 5.1% from the prior year. Despite the dip, the company’s full-year haul held steady at $2.45 billion, nearly matching 2023’s $2.449 billion. This year marked a pivot, with major moves like the Chicago casino project and a merger with The Queen Casino & Entertainment reshaping its future.
A Mixed Q4 Picture
The Casinos & Resorts segment earned $324.4 million, a 5.2% drop year-over-year. Its Adjusted EBITDAR fell 14.6% to $80.9 million. Meanwhile, International Interactive brought in $214.5 million, down 9.1%. However, excluding sold markets and licensing revenue, it grew 12.9%, with the UK up 11.3%.
“Fiscal 2024 was a transformational and transitional year,” said CEO Robeson Reeves. “We funded and began development of our permanent Chicago casino resort and completed the controlled demolition of the Tropicana in Las Vegas paving the way for Major League Baseball’s A’s franchise to move to the site.”
For the full year, Casinos & Resorts stayed flat at $1.363 billion, with EBITDAR at $370.5 million. International Interactive slipped to $909.5 million from $973.2 million, posting $336.5 million in EBITDAR. The Queen’s portfolio added $57.6 million in Q4 and $225.2 million annually, boosting Bally’s scale post-merger.
North America Interactive Shines
The North America Interactive segment stood out in Q4. Revenue hit $41.5 million, up 24.4% from 2023. Yet, it logged a $12.3 million EBITDAR loss. For the year, revenue soared to $177.9 million from $112.6 million, a hefty gain, though the EBITDAR loss widened to $40.2 million.
“The ‘new’ Bally’s 2.0 is a dynamic global land-based and online casino operator with attractive growth pipelines in U.S. gaming,” Reeves noted.
Growth came with hiccups. In Q4, Bally’s launched the Monopoly Casino app in New Jersey and Bally Bet in Tennessee. However, shifting to a unified platform dented results.
“Fourth quarter revenue performance in our C&R segment reflects our ongoing work to unify our regional gaming portfolio, efforts which will accelerate now that the four Queen assets have been added to our business, as well as lingering pockets of relative weakness in certain portions of our geographic reach as previously noted. Despite this, Bally’s many growth opportunities remain firmly intact,” said President George Papanier.
Despite the loss, the segment’s momentum impressed. Marcus Glover, CFO, added, “As we close out 2024 and begin 2025, our team is working diligently across multiple fronts to optimize our cost structure, enhance the efficiency of our operations, adopt certain best practices from Queen, and set the stage for significant long-term value creation,”
Bally’s closed 2024 with big bets paying off. The Standard General and Queen merger, plus demolition for Chicago and Las Vegas projects, set a new course. With construction underway and efficiency tweaks in progress, Bally’s aims to turn its $2.45 billion base into a bigger win next year.
Recommended