Bally’s Corporation has released its financial reports for Q3 2024, revealing its revenue dropped 0.4% year-on-year. The company collected close to $630 million in consolidated revenue in the quarter ending Sept. 30 compared to $632.5 million in the year prior.
Several areas of the business posted decreased numbers in the quarter, including its land-based casinos and resorts revenues, which dropped by 1.6% and collected $353.4 million. Meanwhile, overall international interactive revenues declined by 5.3% to $230.9 million.
One area that performed well was North America interactive revenue, which jumped from $29.6 million to $45.7 million in 2024. Bally’s recent launch in Rhode Island boosted the numbers.
“Our broad asset portfolio again delivered healthy financial performance in the third quarter of 2024 despite some lingering headwinds,” Marcus Glover, Bally’s CFO, said.
“The entire team is working diligently to optimize our cost structure across the board and enhance the efficiency of our operations, particularly in the (casinos and resorts) segment and within International Interactive. While this work is in its early stages and will continue for the foreseeable future, we believe we will see tangible results in the near-term as we improve profitability and enhance our operating performance.”
Movement on casino construction plans
One key highlight from the Q3 overview was the details on Bally’s construction plans for a Chicago casino. The company secured $940 million for its Chicago funding plan and began demolition at the Tribune site, where construction on its new casino is expected to start in early 2025.
Bally’s gained approval to construct a casino in May 2022 and has operated a temporary facility at Medinah Temple since September 2023.
“In Chicago, demolition of the former Tribune buildings continues while we work closely with our partners at GLPI and with the City to gain final approval for our re-imagined permanent Bally’s Chicago Casino master plan ahead of the start of construction next year,” Bally’s president George Papanier said of the movement in Chicago. “Our existing Chicago Temporary Casino is allowing us to build relationships with players in Chicago and establish our long-term presence in a market with favorable adult population and demographics.”
Bally’s also highlighted the demolition of the Tropicana Hotel in Las Vegas on Oct. 9. The hotel opened in 1967 but closed in April 2024. Bally’s destroyed the casino to move forward with plans to allow the MLB’s Athletics to build a stadium on the site, including redevelopment from Bally’s.
The team was previously known as the Oakland Athletics but dropped its location at the end of the 2024 season. It will play in Sacramento until the new stadium's construction is completed.
UK revenues buck company-wide trend
While most parts of Bally’s Corporation’s business struggled in Q3 2024, one area that generated growth was UK online revenues, which increased by 11.8%. Bally’s expanded its UK sports betting options, launching another online operator under the Bally’s brand in September to add to its already existing JackpotJoy product, which provides online sports betting, casino, and bingo.
“UK growth was driven by all-time high active customer levels and robust average revenue per user metrics along with growing traction for our online sports betting offerings which include a newly launched Bally’s-branded product that joins our initial JackpotJoy offering,” Bally’s CEO Robeson Reeves said.
