Bally's (BALY)2025-03-05 21:17Revenue Performance - Company-wide revenue for Q4 2024 was $580.4 million, a decrease of 5.1% year-over-year[6]. - Casinos & Resorts revenue was $324.4 million, down 5.2% year-over-year, while International Interactive revenue declined 9.1% to $214.5 million[6]. - Total revenue for Q4 2024 was $580,365,000, a decrease of 5.1% from $611,670,000 in Q4 2023[20]. - International Interactive revenue for Q4 2024 was $214,477,000, down 9.1% from $235,980,000 in Q4 2023; adjusted revenue increased to $193,495,000 from $171,393,000[27]. - The Queen's four properties generated Q4 2024 revenue of $57.6 million and full-year revenue of $225.2 million[6]. Adjusted EBITDAR - Adjusted EBITDAR for the Casinos & Resorts segment declined 14.6% year-over-year to $80.9 million due to higher costs and lower revenue flow-through[7]. - Adjusted EBITDAR for Casinos & Resorts in Q4 2024 was $80,857,000, a decline of 14.6% compared to $94,656,000 in Q4 2023[20]. - U.K. online revenue grew 11.3%, contributing to a total International Interactive Adjusted EBITDAR of $81.6 million, down 12.4% year-over-year[8]. - The North America Interactive segment reported an Adjusted EBITDAR loss of $12.3 million, impacted by the transition to a new unified platform[9]. North America Interactive Segment - North America Interactive revenue increased by 24.4% year-over-year to $41.5 million[6]. - North America Interactive segment reported a loss of $12,345,000 in Q4 2024, compared to a loss of $9,844,000 in Q4 2023[20]. Cost Management and Operational Efficiency - The company aims to optimize its cost structure and enhance operational efficiency to create long-term value following the acquisition of Queen's assets[9]. - The company incurred $30.3 million in rent expense for Q4 2024 related to triple net leases[21]. Capital Expenditures and Debt - Capital expenditures for Q4 2024 were $44,070,000, slightly down from $45,252,000 in Q4 2023[25]. - Long-term debt, including current portion, decreased to $3,318,773,000 in 2024 from $3,662,635,000 in 2023[24]. - Cash and cash equivalents increased to $171,233,000 in 2024 from $163,194,000 in 2023[24]. Casino Developments - The construction of the permanent Chicago casino has commenced, with the demolition of the Tropicana site now complete[6]. - Bally's has received final approval for its permanent Chicago Casino master plan and is progressing on the integrated resort master plan for the Tropicana site[9]. Gaming Licenses and Currency Swaps - The company recognized $851,000 for the acquisition of gaming licenses in Q4 2024, significantly lower than $135,335,000 in Q4 2023[25]. - The company has entered into currency swaps to convert $500 million of its Term Loan Facility to a fixed-rate Euro-denominated instrument[25].