Bally’s Collects $621.7 Million in Revenue During Q2

Ziv Chen

Last Updated: August 1, 2024 3:14 PM EDT • 1 min 37 sec read. Twitter link Google News Link

For anyone who still doubts the exploding popularity of sports betting in North America, Bally's is doing its best to put those concerns to rest.

The American gambling and entertainment company reported $621.7 million in total revenue for the second quarter of 2024, ending June 30. That's a 2.5% increase over the $606.2 million it reported for the same period last year.

"Bally’s delivered solid 2024 second quarter operating results during what remains an active period for our company," Bally’s CEO Robeson Reeves said Wednesday.

North America Performance Exceeds Expectations

A key highlight for Bally’s during the quarter was a 94.7% year-on-year increase in revenue from its North America Interactive segment.

Revenue reached $49.2 million, compared to $25.3 million in Q2 2023. This increase follows the recent launch of Bally’s online casino in Rhode Island, which went live in March 2024 as the state’s sole online casino operator.

In its latest iGaming revenue report for June 2024, the Rhode Island Lottery reported $2.3 million in revenue, breaking the previous record for the fourth consecutive month.

“We outperformed our internal expectations for this segment in the second quarter as we benefited from strong performance from our iGaming operations in Rhode Island,” said Reeves.

“Further, we continue to generate excellent results in our New Jersey and Pennsylvania iGaming markets as well as from our Bally Bet OSB operations, driven in part by the ongoing integration of the Kambi and White Hat technology platforms which have garnered positive player feedback and enhanced our ability to deliver a leading product offering.”

At the same time, Casino & Resorts revenue was up 3.0% to $343.1 million, while International Interactive revenue fell 7.4% from $247.8 million to $229.4 million due to declines in Asia and other markets.

GLPI Backs Bally’s $2 Billion Casino Project

As mentioned in the report, another recent highlight for Bally’s is its $2.07 billion funding arrangement with Gaming and Leisure Properties (GLPI) to build a permanent casino and entertainment complex in Chicago.

Demolition and site preparation are now underway on the 30-acre development site at Chicago Avenue and Halsted Street. Set to open in September 2026, Bally’s new casino in River West will feature a 500-room hotel tower and various entertainment spaces.

“Subsequent to the second quarter end, we entered into a binding term sheet for a $940 million strategic construction and financing arrangement with Gaming & Leisure Properties (“GLPI”) which includes funding to complete the construction of our flagship permanent casino in the heart of downtown Chicago,” added Reeves.

Written By:
Ziv Chen

Ziv has over two decades of experience in the igaming and sports betting industry, having served in senior marketing and business development positions with both B2C and B2B companies, including Playtech and Microgaming. In 2019, Ziv decided to pursue his passion for writing and became a fulltime industry journalist, covering casino, sports, and gambling business news. He’s specialties include casino games and technology, US state gambling regulation, company performance, as well as gambling affiliates and marketing. As a Pitt graduate, Ziv is a diehard fan of all Pittsburgh sports teams, with the Steelers at the top of the list. In his free time, he enjoys reading crime fiction, biographies (mainly of sports personalities, but not only) and American history. Ziv’s Favorite quote: “We're going to pursue perfection, knowing full well we won't catch it, but we're going to relentlessly chase it," Mike Tomlin, Pittsburgh Steelers Head Coach.