Bally's Corp
For the period ended Dec 31, 2024. Filed Mar 17, 2025.
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FY2024 · Filed Mar 17, 2025
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Property and Equipment
- PROPERTY AND EQUIPMENT
As of December 31, 2024 and 2023, property and equipment, net was comprised of the following:
| December 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Land and improvements | $49,553 | $401,208 |
| Building and improvements | 370,086 | 673,071 |
| Equipment | 280,946 | 264,398 |
| Furniture and fixtures | 64,109 | 68,746 |
| Construction in process | 149,906 | 73,810 |
| Total property, plant and equipment | 914,600 | 1,481,233 |
| Less: Accumulated depreciation(1) | (283,898) | (306,345) |
| Property and equipment, net | $630,702 | $1,174,888 |
(1) Depreciation expense on property and equipment for the years ended December 31, 2024, 2023 and 2022 was $158.0 million, $118.7 million and $71.7 million, respectively.
Bally’s Chicago
A wholly-owned indirect subsidiary of the Company, Bally’s Chicago Operating Company, LLC entered into a Lease Termination and Short Term License Agreement with Chicago Tribune Company, LLC (“Tribune”), effective March 31, 2023, which, among other things, provided that the Company would have possession of 777 West Chicago Avenue, Chicago, Illinois 60610 (the “Permanent Chicago Site”) on or before July 5, 2024, subject to $150 million in payments by the Company to Tribune payable in full upon Tribune vacating the site on or prior to July 5, 2024 (the “Payment”). $10 million of the Payment was paid upon execution of the Lease Termination and Short Term License Agreement and $90 million of the Payment was paid during the third quarter of 2023. The Company paid the remaining $50 million on July 9, 2024 and gained possession of the property per the agreement with Tribune.
In the third quarter of 2024, as the result of a lease modification event, the Company derecognized $350.0 million of land relating to the site of the future Bally’s Chicago permanent facility. Refer to Note 18 “Leases” for further information
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