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Bally's increases company-wide revenue during the third quarter

3 November 2023

(PRESS RELEASE) -- Bally’s Corporation reported financial results for the third quarter ended on 30 September 2023.

Third Quarter 2023 Financial Highlights
  • Record company-wide revenue of $632.5 million, an increase of 9.4% year-over-year
  • Record Casinos & Resorts revenue of $359.0 million, up 9.3% year-over-year
  • International Interactive revenue of $243.9 million, up 7.2% year-over-year, driven by a 13.1% increase in the UK as market share gains continue
  • Successfully opened the Chicago Temporary Casino in September
  • Announced deal to operate the concession at Bally’s Golf Links, a golf course at Ferry Point in the Bronx, NY

“Bally’s continued to generate very solid operating results across all three of our business segments as revenues rose to $632.5 million, a 9.4% year-over-year increase, while also achieving significant development and project milestones. These included the highly anticipated opening of our Chicago Temporary Casino as well as the completion of our reconceptualized Kansas City redevelopment. Additionally, we successfully rolled out our new Bally Bet OSB app, strengthening our solid foundation as we approach 2024.

Our core Casinos & Resorts segment produced record third-quarter revenues of $359.0 million, a 9.3% increase compared to the third quarter of 2022. Bally’s International Interactive continues its impressive performance, with revenues increasing 7.2% year-over-year, led by our robust UK business, where revenues rose by 13.1% year-over-year in USD. We continue to gain incremental share in the UK due to our timely adaptations in response to regulatory changes. Our formula of increasing Average Revenue Per User (ARPU) and First-Time Depositors (FTDs), while reducing Cost Per Acquisition (CPA), is yielding positive results. Our Bally Bet rollout will continue in the fourth quarter, and we are extremely pleased with the user engagement and the technology integration.”

Bally’s had a consolidated net loss in the quarter of $61.8 million and generated Adjusted EBITDAR of $173.2 million and Adjusted EBITDA of $141.6 million. For the nine-month period through September 2023, net income was $90.9 million with Adjusted EBITDAR of $492.2 million and Adjusted EBITDA of $398.0 million.

In terms of segment contribution highlights for the quarter, Casinos & Resorts generated Adjusted EBITDAR of $118.2 million, which included straight-line GAAP rent expense of $31.6 million. International Interactive generated Adjusted EBITDAR of $85.5 million this quarter, a 12.0% year-over-year increase compared with $76.3 million last year. North America Interactive reported an Adjusted EBITDAR loss of $(17.6) million this quarter compared with an Adjusted EBITDAR loss of $(19.7) million for the prior year period.

“Bally’s portfolio of assets remains well-positioned, and has demonstrated significant year-over-year revenue growth,” said George Papanier, Bally’s President. “We continue to take share in our respective markets, which the monthly gaming data illustrates, as we outperformed peers in most states. While we are closely monitoring consumer spending, we haven’t seen major shifts in customer behavior, with the exception of very specific instances.”

“In addition, we are pleased with the September opening of our Chicago Temporary Casino. We have satisfied our critical operating criteria and execution milestones, and expect to receive the necessary regulatory support to expand and accelerate marketing initiatives beginning later this month, which will enable us to bolster revenue and EBITDAR. The completion of our property redevelopment in Kansas City was extremely well-received by our patrons as well, and we expect to ramp up our marketing efforts this holiday season to re-introduce yet another Bally’s flagship property. Our portfolio’s near-term capex cycle has come to its end, and we expect to benefit from our capital improvements over the last two years throughout 2024.”

2023 Guidance
Bally’s is adjusting the revenue guidance provided on 9 May 2023, for the remainder of the year to $2.4 billion to $2.5 billion. The guidance range for Adjusted EBITDAR is now $640 million to $655 million. This change reflects the later-than-expected opening of our Chicago Temporary Casino and our decision to pause reinvestment and operational changes at the Tropicana while awaiting MLB’s decision on the Oakland A’s relocation. The MLB’s vote on the Oakland A’s relocation plans is scheduled to take place in November. We are also updating recent foreign exchange headwinds at Bally’s International Interactive due to the strengthening of the U.S. dollar. Guidance for rent expense remains at $125 million (for straight-line GAAP rent while actual cash rent is $119 million) for the full year 2023.

Bally’s is maintaining its 2023 capital expenditure guidance of $160 million in aggregate as we complete our capex expansion cycle. This amount excludes the investment in the Chicago Temporary Casino development project, which is now complete.

Bally’s guidance is based on current plans and expectations and contains several assumptions. The guidance is subject to a number of known and unknown uncertainties and risks, including those discussed under “Cautionary Note Regarding Forward Looking Statements” which can be found on the Bally's Corporation website.

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