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The earnings call presented a mixed performance for Bally's Corporation. While there were significant achievements such as strong growth in the North America Interactive segment and successful operations in the UK, there were notable challenges, including revenue declines in certain segments and specific regional difficulties in Rhode Island and Atlantic City. The company is focused on strategic developments and operational improvements to enhance future growth.
During Bally’s Corporation's third-quarter 2024 earnings call, the company provided guidance on several key metrics and strategic developments. Overall, third-quarter revenue slightly decreased by less than 1% year-over-year to $630 million, with notable performance variations across segments. The North America Interactive segment experienced significant growth, with a 55% increase in revenue, while the Casinos & Resorts segment saw a 2% decline, primarily due to challenges in Rhode Island and Atlantic City. The International Interactive segment faced a 5% revenue decline, although the UK operations alone reported a 12% increase. Adjusted EBITDA margins improved by approximately 400 basis points for the International Interactive segment, reflecting operational efficiency. The company plans to continue expanding its North America Interactive business, aiming for positive EBITDA. Bally’s also shared updates on its development projects, including the flagship casino in Chicago, expected to open in September 2026, and its strategic efforts in Las Vegas and New York. The acquisition of Aspers Casino Newcastle aims to enhance Bally's UK presence, leveraging its online player database for increased engagement. Additionally, the company is restructuring its operations in Asia and other markets to focus on high-margin licensing revenue. The call emphasized Bally's commitment to improving efficiency and profitability while navigating market-specific challenges.
The North America Interactive segment experienced a 55% increase in revenue, reaching $46 million. This growth was driven by strong performance in iGaming operations, particularly in Rhode Island, contributing $9.7 million in gross gaming revenue.
The UK Interactive business saw a 12% increase in revenues, with adjusted EBITDA margins improving by approximately 400 basis points year-over-year. The segment benefited from all-time high active customer levels and robust average revenue per user metrics.
In Chicago, operations at the temporary facility are stabilizing with a 6% growth in quarterly admissions and an increased market share. The player database now exceeds 113,000 customers, and the property celebrated its first-year anniversary with over 1.3 million visitors.
Bally's is actively working on several development projects, including a flagship casino in Chicago and a proposal for a resort in New York. The company ended the quarter with $191 million in cash and is preparing for the addition of Casino Queen assets.
Good day, everyone, and welcome to the Bally’s Corporation Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today’s conference is being recorded. [Operator Instructions] I’d now like to turn the call over to Mr. 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 accompanied this call are available in the Investors Relations section of our website at www.ballys.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 forward-looking statements include plans, expectations, estimates, and projections that involve significant risks and uncertainties. These risks are discussed in the company’s earnings release and SEC filings. Financial results may differ materially from the results discussed in these forward-looking statements. In addition, during our today’s call, management will refer to certain non-GAAP financial measures.
Reconciliations to the most comparable GAAP financial measures are included in the schedules contained in our earnings release. We do not provide a reconciliation of forward-looking non-GAAP financial measures due to our inability to project non-recurring expenses and one-time costs. As a reminder, given the shareholder p...