Bally's (US:BALY)2024-02-20 16:00Revenue Performance - Consolidated revenues for Q4 2023 were $611.7 million, a 6.1% increase year-over-year, and full-year revenues increased by 8.6% to $2.45 billion[2]. - Casinos & Resorts revenues rose to $342.3 million in Q4 2023, up 7.2% year-over-year, with full-year revenues growing 11.1%[3]. - International Interactive revenues increased by 2.1% year-over-year to $236.0 million in Q4 2023, with full-year growth of 2.8%[4]. - North America Interactive segment saw revenues of $33.4 million in Q4 2023, a 26.9% increase year-over-year, and full-year revenues grew by 37.8%[4]. - Total revenue for Q4 2023 was $611,670,000, an increase of 6.1% from $576,689,000 in Q4 2022[21]. - Year-end 2023 total revenue reached $2,449,073,000, up 8.6% from $2,255,705,000 in 2022[21]. - The Casinos & Resorts segment generated revenue of $342,317,000 in Q4 2023, a 7.0% increase from $319,178,000 in Q4 2022[21]. - International Interactive revenue for Q4 2023 was $235,980,000, slightly up from $231,218,000 in Q4 2022[21]. - North America Interactive segment reported a revenue increase to $33,373,000 in Q4 2023 from $26,293,000 in Q4 2022, a growth of 27.5%[21]. Financial Metrics - Net loss for Q4 2023 was $263.49 million, compared to a net loss of $487.53 million in Q4 2022, representing a 45.9% improvement[20]. - Adjusted EBITDA for the year ended 2023 was $527.33 million, down from $548.52 million in 2022, reflecting a decrease of 3.9%[20]. - The company reported a net loss margin of (43.1)% for Q4 2023, an improvement from (84.5)% in Q4 2022[20]. - Total operating costs and expenses for Q4 2023 were $909.51 million, a decrease from $1,031.20 million in Q4 2022[18]. - Impairment charges for Q4 2023 were $122.07 million, significantly lower than $463.98 million in Q4 2022[18]. - Adjusted EBITDAR for Q4 2023 was $160,936,000, compared to $0 in Q4 2022[21]. Share Repurchase and Future Expectations - Bally's repurchased 5.8 million shares for $68.6 million in Q4 2023, totaling 7.6 million shares repurchased for $99.1 million for the full year[5]. - For 2024, Bally's expects revenues between $2.5 billion and $2.7 billion, with Adjusted EBITDAR projected between $655 million and $695 million[6]. - Bally's anticipates an Adjusted EBITDAR loss of approximately $30 million for North America Interactive in 2024, down from a loss of $55.7 million in 2023[4]. Operational Developments - Bally's plans to close Tropicana Las Vegas on April 2, 2024, to prepare for future developments related to Major League Baseball[4]. - The Chicago Temporary Casino achieved a record $10 million GGR in January 2024 after commencing 24/7 operations[2]. - Bally's plans to expand its casino operations to 17 casinos across 11 states upon completion of new facilities in Chicago, IL, and State College, PA[14]. - The company has access to Online Sports Betting licenses in 18 states, enhancing its market presence[14]. - Bally's Interactive International, formerly Gamesys Group, continues to be a key player in the online gaming sector, contributing to the company's growth strategy[14]. Cash and Debt Position - Cash and cash equivalents decreased to $163,194,000 as of December 31, 2023, down from $212,515,000 in 2022[22]. - Long-term debt, net of discounts and deferred financing fees, was $3,643,185,000 at year-end 2023, compared to $3,469,105,000 in 2022[22]. - Capital expenditures for the year 2023 totaled $311,483,000, an increase from $212,256,000 in 2022[23]. - The company made cash payments of $29,935,000 associated with triple net operating leases in Q4 2023, up from $17,446,000 in Q4 2022[23].