Bally's Corp
For the period ended Dec 31, 2024. Filed Mar 17, 2025.
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FY2024 · Filed Mar 17, 2025
Contents
Restructuring Expense
- RESTRUCTURING EXPENSE
In, 2023, the Company announced a restructuring plan of the Interactive business intended to reduce operating costs and continue the Company’s commitment to achieving profitable operations in its North America Interactive segment, which included a reduction of the Company’s then current Interactive workforce, and reshaping the technology utilized by both of its Interactive segments.
During 2024, the Company announced that it would cease its operations at the Tropicana Las Vegas on April 2, 2024 in order to redevelop the site with a state-of-the-art integrated resort and ballpark. As a result of the closure, the Company incurred restructuring charges representing employee-related severance costs and accelerated depreciation of certain property and equipment.
The components of restructuring charges by segment, for the years ended December 31, 2024 and 2023, are summarized as follows:
| Year Ended December 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Severance and employee related benefits(1) | ||
| Casinos & Resorts | $20,037 | $— |
| International Interactive | (794) | 19,591 |
| North America Interactive | (1,732) | 9,735 |
| Other | 410 | 1,688 |
| Total severance and employee related benefits | 17,921 | 31,014 |
| Accelerated depreciation expense(2) | 80,117 | — |
| Impairment(3) | — | 5,745 |
| Total restructuring charges | $98,038 | $36,759 |
(1) Included within “General and administrative” in the consolidated statements of operations.
(2) Included within “Depreciation and amortization” of the Casinos & Resorts reportable segment in the consolidated statements of operations.
(3) Included within “Impairment charges” of the North America Interactive reportable segment in the consolidated statements of operations.
The changes in the Company’s restructuring related liabilities for the years ended December 31, 2024 and 2023 were as follows:
| (in thousands) | |
|---|---|
| Balance as of December 31, 2022 | $— |
| Charges | 31,014 |
| Payments | (26,649) |
| Effect of foreign exchange | 926 |
| Balance as of December 31, 2023 | 5,291 |
| Charges | 17,921 |
| Payments | (22,370) |
| Effect of foreign exchange | (842) |
| Balance as of December 31, 2024 | $— |
The restructuring liability as of December 31, 2024 and 2023 is included within “Accrued and other current liabilities” on the consolidated balance sheets.
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