PROVIDENCE – Bally's Corp. posted a year-over-year 5.1% decline in revenue in the fourth quarter of 2024, down to $580.4 million, as the casino operator completed what its CEO described as a "transformational and transitional" year.
The financial report released by Bally's late Wednesday did not include key numbers such as expenses and profits for the quarter or full year, and the company took the unusual step of canceling a scheduled earnings call with analysts without explanation after the close of the financial markets on Wednesday.
The share price, which had closed at $17 on Tuesday, sank to $12.99 at the close on Wednesday and continued lower in early trading on Thursday morning.
In the abbreviated earnings release, Bally's – which operates the
Twin River Casino in Lincoln and Bally’s Tiverton Casino – said it ended 2024 with
$2.45 billion in revenue, same as a year ago.
"Fiscal 2024 was a transformational and transitional year for Bally’s as we funded and began development of our permanent Chicago casino resort and completed the controlled demolition of the Tropicana in Las Vegas paving the way for Major League Baseball’s A’s franchise to move to the site," said CEO Robeson Reeves. "Following these milestones, in early 2025 Bally’s completed a series of transactions with The Queen Casino & Entertainment and Standard General, which has further expanded our scale and positioned the company for compelling long-term growth."
On Feb. 13, New York-based hedge fund Standard General L.P. completed its buyout of Bally’s Corp. in a deal that valued the casino operator at $4.6 billion.
As part of the transaction, 17.9 million Bally’s stockholders elected to retain their shares through a rollover election. As a result, 48.4 million shares of common stock are now outstanding upon completion of the merger transactions. Warrants representing the right to purchase up to 11.6 million shares are available.
In a breakdown of the company's revenue for 2024, Bally's said its casino and resorts segment saw revenue decline 5.2% to $324.4 million in the fourth quarter compared with a year ago while its international interactive revenue declined 9.1% year over year in the fourth quarter to $214.5 million.
Meanwhile, North American interactive revenue grew 24.4% year over year to $41.5 million.
Reeves said the work to replace the Washington Bridge in Rhode island continues to affect foot traffic at the Twin River Casino in Lincoln, "particularly at peak times." But he added that the interactive segment in Rhode Island "continued to ramp as it captured some of the play lost at our brick-and-mortar properties due to the previously mentioned bridge construction issues."
For the full year, casino and resorts revenue remained flat year over year at $1.3 billion, the company said. International interactive revenue fell 6.5% to $909 million.
North American Interactive revenue increased 58% year over year to $177 million.
Bally’s currently has 11,500 employees, its casino operations include approximately 17,700 slot machines, 630 table games, and 3,950 hotel rooms.
