Bally's Corporation reported its financial results for the third quarter and the first nine months of 2024, revealing significant challenges in profitability despite a slight increase in total revenue. For the three months ended September 30, 2024, total revenue was $629.974 million, a marginal decrease from $632.477 million in the same period of 2023. However, for the nine months ended September 30, 2024, total revenue increased to $1.870 billion from $1.837 billion year-over-year.

Gaming revenue for the third quarter rose to $523.906 million, up from $508.895 million in 2023, while for the nine-month period, it increased to $1.565 billion from $1.489 billion. The growth in gaming revenue was attributed to contributions from Bally’s Chicago temporary casino, which generated approximately $32.6 million and $64.2 million for the three and nine months ended September 30, 2024, respectively. However, this was offset by a revenue decline associated with the closure of the Tropicana Las Vegas, which accounted for a loss of approximately $25 million in the third quarter and $32.1 million for the nine months.

Despite the revenue growth, Bally's reported a substantial loss from operations of $(157.655) million for Q3 2024, compared to an income of $37.236 million in Q3 2023. The nine-month loss from operations was $(226.0) million, contrasting sharply with an income of $420.0 million in the prior year. The net loss for Q3 2024 was $(247.855) million, or $(5.10) per diluted share, compared to a net loss of $(61.802) million, or $(1.15) per diluted share, in Q3 2023. For the nine months, the net loss was $(481.965) million, a stark decline from a net income of $90.883 million in the same period last year.

Total operating costs and expenses surged to $787.629 million in Q3 2024, up from $595.241 million in Q3 2023, driven by increased general and administrative expenses and costs associated with the Bally’s Chicago project. The company also incurred a loss on sale-leaseback of $150 million related to the Chicago project.

Strategically, Bally's entered into a merger agreement with Queen Casino & Entertainment on July 25, 2024, which is expected to enhance its market position. Additionally, Bally's announced a restructuring plan aimed at reducing operating costs, including a workforce reduction of up to 15% in its North America Interactive segment. The company also completed the acquisition of Trump Golf Links at Ferry Point for $55 million in September 2023 and incurred significant restructuring charges totaling $98.038 million for the nine months ended September 30, 2024.

As of September 30, 2024, Bally's had total assets of $6.406 billion, down from $6.861 billion at the end of 2023, and an accumulated deficit of $(1.038) billion. The company’s cash and cash equivalents stood at $190.975 million, an increase from $163.194 million at the end of 2023.