Q2 2023: Bally’s turns to net loss despite 10% revenue growth
International Interactive Revenue, driven by Bally’s 2021 acquisition of Gamesys Group, totalled $247.8m for the quarter, up 5.6%.
Meanwhile, the group’s North America Interactive division generated the remaining $25.3m in revenue, up 40% on the prior-year period.
Adjusted EBITDA across the group was $130m, down 5.1% compared to the $137m in EBITDA registered in Q2 2022.
EBITDA was hindered by a substantial increase in rent expenses, from $11.5m to $31.3m. Excluding rent expenses, EBITDAR for the quarter was $161.4m.Overall, the business declared a net loss of $25.7m, compared to net income of $59.5m in Q2 2022.
“Bally’s made significant strides this quarter, announcing new initiatives, achieving important project milestones, and building on our strong foundation for 2023 and beyond,” said Bally’s CEO Robeson Reeves.
President George Papanier added: “Our core Casinos and Resorts customer base remains resilient.
“While we are keeping a close eye on spending trends and the health of the consumer generally, we are pleased with how our overall portfolio is performing, with significant year-over-year revenue growth and margin expansion.”
Looking ahead, Bally’s has reiterated previously issued earnings guidance for the full-year 2023, of between $2.5bn and $2.6bn.
Adjusted EBITDAR for the full year is expected to come in between $665m and $700m.