By Kailyn Rhone
Bally's posted a loss and lower revenue in the third quarter due to losses related to a sale-leaseback transaction and also demolition costs at its Tropicana hotel towers in Las Vegas.
The Providence, R.I., casino operator and online-gambling company on Wednesday reported a third-quarter net loss of $247.9 million, $5.10 a share, compared with a loss of $61.8 million, or $1.15 a share, a year earlier. Analysts polled by FactSet expected a loss of $5.10 per share.
The net loss was driven by the company's $150 million loss on a sale-leaseback transaction related to the lease modification of a Chicago project and the $19.6 million demolition costs for its Tropicana hotel towers.
Revenue dropped to $630 million from $632.5 million a year earlier. It fell short of the $652.1 million analysts polled by FactSet expected.
Casinos and resorts revenue was down 1.6% in the quarter, while international interactive revenue also declined to 5.3%. The company's North American interactive business, which includes online gaming, had a 55% increase in revenue.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
November 06, 2024 18:42 ET (23:42 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.