Bally’s Corporation reported a record quarterly revenue of $632.5 million, while at the same time recording a net loss of $61.8 million for the third quarter.
In a separate but apparently related event, the company announced it will slash 300 jobs. The jobs will be replaced by an outside partner company, as White Hat Gaming assumes Bally’s interactive operations.
In making the announcement, Bally’s President George Papanier noted a successful soft launch of the Bally’s temporary Chicago casino in the former Medina Temple, noting that it welcomed 157,000 visitors and recorded gross gaming revenue that amounted to second in the Illinois market.
Papanier blamed Illinois regulators for delays in opening the temporary casino, and reiterated the company’s prediction of $50 million per year in cash flow from the temporary casino, which will operate until the permanent Chicago facility opens in late 2026.
On the net loss, executives noted soft results in Las Vegas, Atlantic City and Evansville, and emphasized that the company is looking forward to Major League Baseball’s vote on moving the Oakland Athletics to Las Vegas, where a new stadium is planned at the site of the Tropicana casino-hotel.
Bally’s CEO Robeson Reeves noted on the earnings call that Bally’s paid only $150 million for the famous Strip resort. “Although we have some short-term pain, this is an extremely valuable asset,” he said.
Shares of Bally’s stock plunged nearly 16 percent after the earnings announcement.
