Standard General has pursued a bid to purchase the remaining stake of Bally’s, as the operator’s board is set to appoint a special committee in order to explore the next steps of the offer.
Off the back of the appointment of the committee being formed, Bally’s emphasised that no decision has been made in terms of the potential takeover, which would see the firm valued at less than the $2bn valuation that it previously held.
In its most recent set of results, the growth of Bally’s Corporation was underlined as the operator reported growth across all revenue segments in the fourth quarter and for the full year 2023.
Nonetheless, the US-based company continues to operate at a net loss as it navigates headwinds in the evolving regulatory market.
Bally’s declared Q4 consolidated revenue of $611.7m, up 6.1 per cent year-over-year (Q4 2022: $576.7m). Gaming revenue stood at $503m (Q4 2022: $461.6m).
Bally’s reported a net loss for both measuring periods, although these were improvements when compared to the previous year. In Q4, the operator declared a net loss of $263.5m (Q4 2022: $487.5m net loss). For the full year, the net loss was $172.6m (2022: $425.5m net loss).
“Bally’s completed a successful 2023 with healthy results across all our business segments,” commented CEO Robeson Reeves.
“Revenues in the fourth quarter grew 6.1 per cent year-over-year to $611.7m, reflecting continued growth in our Casinos & Resorts, International Interactive and North America Interactive segments. For the full year, revenues grew 8.6 per cent versus 2022.”
CFO Marcus Glover added: “Bally’s operating teams have been focused on expense reduction and operating efficiency. To that end, we are evaluating all areas of the business and are executing initiatives to centralise certain functions and streamline others.
“We continue to make progress with our plans for the financing of the Chicago permanent casino and hope to provide additional details on those plans in the near term. In all, 2023 was an active and productive year for Bally’s and we are extremely excited by what the future holds.”
Should the offer for Bally’s be declined, the group will likely explore other options in terms of securing growth and continuing to push in the right direction in terms of profitability in the US and in global markets.
