Bally’s highly-anticipated Q2 financial report highlights the industry giant’s continued success and resilience in the face of challenges, positioning it for further expansion and success in the gaming industry. With most metrics comparable to other high-profile operators, Bally’s Corporation will retain its leadership position in today’s highly-competitive market. Strategic investments and portfolio streamlining set a solid foundation for future success.
Most Metrics Remained Positive
According to the Q2 financial report, Bally’s achieved a significant 10% year-on-year revenue growth, generating $606.2 million in 2023 compared to $551.5 million in the same period last year. These results stand in the middle of other industry heavyweights, as MGM Resorts recorded a 21% revenue growth compared to Rush Street Interactive (RSI)’s 15% and Caesars’ 2%.
Gaming revenue traditionally performed the best among the company’s primary verticals, growing by 8% for $493.3 million. Q2 non-gaming revenues reflected an impressive 16% increase, rising to $112.9 million, while casinos and resorts revenue hit an all-time high, reaching $333.2 million for an 11% year-on-year bump.
Bally’s also enjoyed significant growth in other metrics like adjusted EBITDAR, reflecting a robust 9% increase to $161.4 million. However, Q2 2022’s net income of $59.5 million turned into a $25.7 million loss, for a staggering 143% drop. Such an unusual result is primarily due to the company’s investments in its highly anticipated Las Vegas ballpark and expansion into new jurisdictions.
These Results Provide a Stable Foundation
The Q2 financial report solidifies Bally’s position as a prominent gaming and entertainment industry leader, with its strategic initiatives and operational excellence driving remarkable financial performance and setting new records. Company CEO Robeson Reeves was content with current financials, hoping for enduring growth and future success.
Bally’s made significant strides this quarter, announcing new initiatives, achieving important project milestones, and building on our strong foundation for 2023 and beyond.
Robeson Reeves, Bally’s Corporation CEO
Bally’s ongoing ambitions remain focused on capitalizing on its success and further growing its market presence. The company is actively exploring opportunities for expansion and strategic partnerships to strengthen its position in the gaming industry. A robust and carefully managed property portfolio provides an alternative revenue stream and opens new growth vectors, aiding Bally’s US ambitions.
With a track record of impressive financial results and a commitment to delivering exceptional gaming and entertainment experiences, Bally’s is well-positioned for sustained growth and success in the years to come. As the gaming landscape continues to evolve, Bally’s Corporation stands ready to seize new opportunities and drive innovation within the industry.