Q1 2024 Bally's Corp Earnings Call Transcript
Key Points
- First quarter revenues increased by 3% year over year, reaching $618 million, with gains in two of the three operational segments.
- The North America interactive segment experienced a substantial 70% growth in revenue, demonstrating strong market capture in New Jersey, Pennsylvania, and a successful launch in Rhode Island.
- UK operations continued to perform strongly with a 12% increase in revenues, benefiting from proactive strategic planning and refined marketing strategies.
- The temporary facility in Chicago is ramping up effectively, generating significant revenue and customer database growth, which bodes well for the permanent facility's future success.
- Strategic reorganization and diligent cost management efforts have significantly boosted the adjusted EBITDA margin, particularly in the international interactive segment.
- The international interactive segment saw a 4% decline in revenue, primarily due to reduced operations outside the UK.
- Adverse weather in January significantly impacted the financial results, particularly in the casinos and resorts segment.
- The North American interactive segment is expected to incur an adjusted EBITDA loss of about $30 million in 2024, although this loss is expected to decrease as the year progresses.
- Construction disruptions and other operational challenges, such as the closure of the Tropicana and low hold in several markets, have negatively affected performance.
- Delays in the licensing and approval process in New York have postponed the economic benefits expected from the planned integrated resort, impacting immediate and medium-term financing needs.
Good day and welcome to the Bally's Corporation First Quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. And now let's turn the call over to Charlie Diao, Senior Vice President and Treasurer for Bally's. Please go ahead, sir.
'--
Good afternoon, and thank you for joining us on today's call. The earnings release and presentation that accompany this call are available in the Investor Relations section of our website at www.at-least.com.
With me today are our Chief Executive Officer, Robeson Reeves; our President, George Papanier; and our Chief Financial Officer, Marcus Glover.
Before we begin, we would like to remind everyone that comments made by management today will contain forward looking statements. These
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