Bally’s Q3 2024 Reports Slight Revenue Fall, Online Growing 

U.S. casino and online gambling operator Bally’s reported its third quarter 2024 financial results this week, and it was a disappointingly mixed bag.

The Rhode Island-based corporation saw total revenues of $630 million for the three months, which was down 0.4% on the same period in 2023. It also saw a net loss of $247 million for the quarter. 

On the plus side for the operator, its North American online gambling operations saw significant growth, up 54% from Q3 2023 at $45.7 million. The net loss was also heavily impacted by large investments that it hopes will pay off in the coming years, including its ongoing investment in the former Oakland A’s move to a brand new Las Vegas Strip ballpark. 

The news saw Bally’s share price increased by 0.69%, indicating investor confidence in the new projects despite a quarterly loss. However, the rise was part of a wider U.S. shares rally after this week’s election victory for returning President Donald Trump. 

“Bally’s delivered relatively healthy financial results in the 2024 third quarter, with consolidated revenue declining just 0.4% from the prior year to $630.0 million,” said Bally’s CEO Robeson Reeves in a press statement.

Financials Breakdown 

Casinos and resorts revenue was down for Bally’s year-on-year in this quarter. The operator saw a 1.6% decline in revenue for its physical U.S. casino operations, hitting $353 million compared to $359 million last year. 

Bally’s currently does not operate a casino in Las Vegas, having closed and demolished the long-standing Tropicana over the quarter. It plans to build a new casino resort on the property, shortly after the A’s baseball team moves into a brand-new Major League Baseball stadium, set to be built on the site. 

It operates a resort in Lake Tahoe, Nevada, the New Jersey gambling hub of Atlantic City, and a dozen others across the U.S. 

The bright spot for Bally’s financials was the growth of its North American online casino and sports betting division. Revenue there grew 54.5% year-on-year, up to $45 million. International online gambling revenue was down 5.3%, but during the quarter, it negotiated the sale of its Asian online business. It also saw an 11% growth in its UK online casino business, and bought a physical casino in Newcastle, England. 

Bally’s Future 

All of that above revenue was not enough to offset massive expenditure, and Bally’s made a net loss of $247 million for the quarter.

However, considering it was bought out by hedge fund Standard General just before the quarter for $4.5 billion, the loss shouldn’t hurt it too much. The expenditure was also expected. Bally’s has been gambling on several long-term projects that have high initial costs. 

On top of the aforementioned Las Vegas ballpark and casino resort, Bally’s is building the first and currently only planned casino resort in downtown Chicago. It is also bidding in the competitive field of more than a dozen casino operators for three upcoming downstate New York casino licenses. It bought a former Trump Golf course in Queens, New York City, as part of the application process.

 “During the quarter, we secured a critical $940 million construction and financing arrangement with Gaming & Leisure Properties (“GLPI”), which positions the Company to move forward with the construction of our flagship permanent casino in the heart of downtown Chicago, America’s third-largest city,” Reeves said.

“We also completed the controlled demolition of the Tropicana hotel towers in Las Vegas, moving the A’s one step closer to the start of stadium construction and allowing Bally’s to plan for the broader redevelopment of the site. Upon completion, the Chicago and Las Vegas development projects feature unique positioning in their respective markets… that we expect will drive positive shareholder returns.”