Bally’s announces new stadium with Q2 results

Bally’s Corporation has announced its Q2 2023 results revealing significant revenue growth as well as an agreement for a new stadium.

The deal has been struck with the Oakland A’s of MLB for a new stadium onto a portion of the Tropicana Las Vegas site.

The results show a consolidated revenue of US$606.2m for the quarter – an increase of 9.7 per cent against Q2 2022, and an adjusted EDITDA of $130.038, down from $137,029 against 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. “Our core Casinos & Resorts segment produced record second-quarter revenues of $333.2m, an 11.1 per cent increase compared to the second quarter of 2022. International Interactive also remained solid, with revenues increasing 5.6 per cent year-over-year, led by our robust UK business, which grew revenues by 11.5 per cent year-over-year.

“North America interactive igaming is ramping up positively, driven primarily by New Jersey and our successful June launch in Pennsylvania. Additionally, we are extremely pleased that the Rhode Island legislature legalised igaming, naming Bally’s as the sole provider in the state with an anticipated launch in March 2024. In addition, we have made significant progress transitioning Bally Bet onto the Kambi and White Hat technology platforms, which is on track to rollout later this summer.

“Bally’s had a consolidated net loss in the quarter of $25.7m and generated adjusted EBITDAR of $161.4m, up 8.7 per cent from last year, and adjusted EBITDA of $130.0m. For the six-month period through June 2023, net income was $152.7m with adjusted EBITDAR of $319.0m, up 16.1 per cent from last year, and adjusted EBITDA of $256.4m.”