Bally’s Corporation (NYSE: BALY) lifts Q2 2026 revenue 20% and advances $4B Bronx casino
Rhea-AI Filing Summary
Bally’s Corporation reported strong second quarter 2026 results, with consolidated revenue of $792.2 million, a 20.5% year-over-year increase. Growth was led by Bally’s Intralot B2C revenue of $243.5 million (up 22.3%), North America Interactive revenue of $66.1 million (up 16.9%), and Casinos & Resorts revenue of $401.0 million (up 2.0%). Total revenue for the six months ended June 30, 2026 reached $1.55 billion versus $1.27 billion on a pro forma combined basis a year earlier.
Casinos & Resorts Segment Adjusted EBITDAR rose to $109.6 million, while North America Interactive posted Segment Adjusted EBITDAR of $3.0 million, turning profitable despite a six‑month loss of $4.1 million. Bally’s Intralot B2C Segment Adjusted EBITDAR declined to $64.7 million from $75.2 million, pressured by the UK gaming tax rate hike from 21% to 40%, which had an estimated $39 million negative impact on segment EBITDAR, about 65% offset through growth and cost control.
The company highlighted progress on major projects including construction of the permanent Chicago casino, development of the Las Vegas Tropicana site alongside a new MLB stadium, and the $4.0 billion Bally’s Bronx integrated casino project, for which it has already paid a $500 million license fee and a $115 million contingent golf concession payment. Long-term debt stood at $4.51 billion at June 30, 2026, and Bally’s continues to use interest rate and currency swaps to manage financing costs.
Positive
- Consolidated revenue grew 20.5% year-over-year in Q2 2026 to $792.2 million, with six‑month revenue reaching $1.55 billion versus $1.27 billion pro forma a year earlier.
- Interactive and online channels posted strong gains: Bally’s Intralot B2C revenue rose 22.3% to $243.5 million and North America Interactive revenue grew 16.9% to $66.1 million in Q2.
- North America Interactive turned segment-profitable, delivering Segment Adjusted EBITDAR of $3.0 million in Q2 2026 and representing a digital business with over $250 million annualized revenue run-rate.
- Bally’s advanced large-scale development projects, including a planned $4.0 billion integrated casino in the Bronx, a permanent Chicago casino targeted for early 2027, and mixed-use development at the former Tropicana Las Vegas site.
- The company is expanding its lottery and B2B footprint with long-term contracts in Victoria (Australia), Chile, Greece, and Ontario, supporting diversified, recurring revenue streams.
- Despite a UK gaming tax hike, management estimates it offset about 65% of the $39 million negative EBITDAR impact in Q2 through top-line growth and cost discipline.
Negative
- The UK gaming tax rate increase from 21% to 40% created an estimated $39 million negative impact on Bally’s Intralot B2C Segment Adjusted EBITDAR in Q2 2026, and segment EBITDAR declined to $64.7 million from $75.2 million a year earlier.
- Bally’s carries substantial leverage, with long-term debt of $4.51 billion at June 30, 2026, including multiple term loans, bonds, and notes.
- Significant cash outlays included $502 million for acquisition of gaming licenses in the first half of 2026, as well as $133.6 million in payments under triple net operating leases, pressuring free cash flow.
- For the first six months of 2026, North America Interactive recorded a Segment Adjusted EBITDAR loss of $4.1 million, indicating profitability remains recent and not yet established over a full period.
- Casinos & Resorts Segment Adjusted EBITDAR in Q2 2026 was $109.6 million, only modestly above $106.0 million a year earlier, reflecting competitive pressures in certain regional markets.
Filing Explained
The evoke acquisition and Bronx funding remain in progress, with no disclosed completed acquisition, committed financing amount, or equity issuance terms.
This Form 8-K furnishes Bally’s second-quarter results under Item 2.02; the attached release is expressly furnished rather than filed. The material structural effect is therefore disclosure of transactions still in progress, not a completed acquisition or established new equity financing.
The proposed evoke acquisition is at the binding-offer stage, with regulatory approvals still underway, so it has not been disclosed as completed. For the Bally’s Bronx project, the company says it is raising capital; the July pre-construction loan term sheet is non-binding and the August equity arrangement is only a letter of intent, without committed financing or equity issuance terms.
The latest supplied balance-sheet snapshot, as of
The state-changing milestones are regulatory approvals for evoke and definitive, binding financing documentation for the Bronx project; this filing reports neither as complete.
Sources and calculations
- Bally's Corporation Form 8-K and Exhibit 99.1 (2026-08-14)
- Form 8-K purpose (current)
- Bally's latest supplied quarterly fundamentals (2026-03-31)
- Cash and equivalents vs quarterly operating cash outflow, in days of cash use $559,304,000 / ($145,021,000 / 90) = [object Object]
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Consolidated Revenue: $792.2 million
Six-Month Revenue 2026: $1,547.956 million
Bally’s Intralot B2C Q2 Revenue: $243.5 million
+5 more
8 metrics
Q2 2026 Consolidated Revenue
$792.2 million
Second quarter 2026, up 20.5% year-over-year
Six-Month Revenue 2026
$1,547.956 million
Six months ended June 30, 2026, versus $1,268.602 million pro forma in 2025
Bally’s Intralot B2C Q2 Revenue
$243.5 million
Second quarter 2026, up 22.3% year-over-year
North America Interactive Q2 Revenue
$66.1 million
Second quarter 2026, up 16.9% year-over-year
Casinos & Resorts Q2 Segment Adjusted EBITDAR
$109.6 million
Second quarter 2026, up from $106.0 million a year earlier
Bally’s Intralot B2C Q2 Segment Adjusted EBITDAR
$64.7 million
Second quarter 2026, down from $75.2 million in Q2 2025
Long-Term Debt
$4,506.700 million
Long-term debt, including current portion, at June 30, 2026
Acquisition of Gaming Licenses
$502.000 million
Cash paid in first six months of 2026
Key Terms
Segment Adjusted EBITDAR, triple net operating leases, Pro Forma Combined, Gaming Facility License, +2 more
6 terms
Segment Adjusted EBITDAR financial
"The Casinos & Resorts Segment Adjusted EBITDAR grew 3.4% year-over-year to $109.6 million"
A segment adjusted EBITDAR is a profitability measure for a particular business unit that starts with operating profit and then adds back interest, taxes, depreciation, amortization and rent, plus one-time or non-recurring items specific to that segment. It isolates the segment’s underlying cash-generating performance by removing financing, accounting and unusual effects, helping investors compare and value different parts of a company — like judging store performance by sales and running costs while ignoring differing lease or loan arrangements.
triple net operating leases financial
"plus rent expense associated with triple net operating leases for the real estate assets"
A triple net operating lease is a long-term rental agreement for real estate in which the tenant pays not only rent but also the property taxes, insurance and routine upkeep. Think of it like renting a house where the tenant also covers the bills and yard work; the owner gets steadier cash with fewer day-to-day costs but bears risks tied to tenant credit and long-term property value. Investors care because these leases create predictable income streams and shift many operating costs away from the property owner.
Pro Forma Combined financial
"Successor | | Pro Forma Combined (1) (in thousands) | Six Months Ended June 30, 2026"
A pro forma combined financial statement shows what two or more businesses’ financials would look like if they had been merged or otherwise combined for a prior period, after applying specific accounting adjustments and assumptions. Investors use it as a hypothetical, adjusted snapshot—like merging two household budgets to see combined income and expenses—to compare performance and estimate the likely scale, margins, or cash flow of the combined entity, recognizing it is not the same as audited historical results.
Gaming Facility License regulatory
"We were thrilled to receive a Gaming Facility License from the New York State Gaming Commission"
interest rate swap financial
"the Company entered into an additional $1.0 billion notional in interest rate swap contract arrangements"
An interest rate swap is a financial agreement where two parties exchange interest payments on a set amount of money over time. Typically, one side pays a fixed interest rate, while the other pays a variable rate that can change with market conditions. This helps investors manage or reduce their exposure to interest rate fluctuations, much like locking in a mortgage rate to avoid future cost increases.
Minority Business Enterprise (MBE) certification regulatory
"first publicly traded gaming company to achieve Minority Business Enterprise (MBE) certification"
Earnings Snapshot
Consolidated revenue (Q2 2026): $792.2 million
Quarter and six months ended June 30, 2026
Consolidated revenue (Q2 2026)
$792.2 million
20.5% year-over-year increase
Bally’s Intralot B2C revenue (Q2 2026)
$243.5 million
22.3% year-over-year increase
North America Interactive revenue (Q2 2026)
$66.1 million
16.9% year-over-year increase
Casinos & Resorts Segment Adjusted EBITDAR (Q2 2026)
$109.6 million
3.4% year-over-year increase
Bally’s Intralot B2C Segment Adjusted EBITDAR (Q2 2026)
$64.7 million
decline from $75.2 million in Q2 2025
FAQ
How did Bally’s Corporation (BALY) perform financially in Q2 2026?
Bally’s reported Q2 2026 revenue of $792.2 million, up 20.5% year-over-year. Growth was driven by Bally’s Intralot B2C, North America Interactive, and Casinos & Resorts, with total six‑month revenue of $1.55 billion versus $1.27 billion pro forma a year earlier.
Which segments drove Bally’s (BALY) revenue growth in the second quarter of 2026?
Q2 2026 growth was led by Bally’s Intralot B2C revenue of $243.5 million (up 22.3%), North America Interactive revenue of $66.1 million (up 16.9%), and Casinos & Resorts revenue of $401.0 million (up 2.0%), reflecting strength across online and land-based operations.
What impact did the UK gaming tax increase have on Bally’s (BALY) results?
The UK gaming tax rate increase from 21% to 40% had an estimated $39 million negative impact on Bally’s Intralot B2C Segment Adjusted EBITDAR in Q2 2026. Management estimates it offset about 65% of this impact through revenue growth and cost reductions.
How leveraged is Bally’s Corporation (BALY) as of June 30, 2026?
At June 30, 2026, Bally’s reported long-term debt of $4.51 billion, including term loans, revolving credit facilities, and multiple series of senior notes. The company uses interest rate and currency swaps to manage portions of this debt profile and related financing costs.
What major development projects is Bally’s (BALY) currently pursuing?
Bally’s is progressing a $4.0 billion integrated casino project in the Bronx, New York, a permanent Chicago casino targeted for early 2027, and a Las Vegas retail and entertainment complex at the former Tropicana site, alongside the MLB Las Vegas Athletics stadium.
How did Bally’s North America Interactive segment perform in Q2 2026?
North America Interactive delivered Q2 2026 revenue of $66.1 million, up 16.9% year-over-year, and Segment Adjusted EBITDAR of $3.0 million. For the first six months of 2026, the segment remained slightly negative with Segment Adjusted EBITDAR of -$4.1 million.
What were Bally’s (BALY) key cash investments in the first half of 2026?
In the first half of 2026, Bally’s reported $73.95 million of capital expenditures, $19.23 million of cash paid for capitalized software, and $502 million for acquisition of gaming licenses, alongside $133.56 million of cash payments under triple net operating leases.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 8-K
_______________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 14, 2026
________________________
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
| (Address of Principal Executive Offices and Zip Code) | ||||||||
________________________
(401 ) 475-8474
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 14, 2026, Bally's Corporation published a press release to report its financial results for the second quarter ended June 30, 2026. The press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
The information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and will not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or under the Exchange Act, except as otherwise expressly stated in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Press Release of Bally's Corporation dated August 14, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BALLY'S CORPORATION | ||||||||
| By: | /s/ Vladimira Mircheva | |||||||
| Name: | Vladimira Mircheva | |||||||
| Title: | Chief Financial Officer | |||||||
Date: August 14, 2026
Exhibit 99.1
BALLY’S CORPORATION REPORTS SECOND QUARTER 2026 RESULTS
PROVIDENCE, R.I., - August 14, 2026 - Bally’s Corporation (NYSE: BALY) (“Bally’s” or the “Company”) today reported financial results for the second quarter ended June 30, 2026.
Second Quarter 2026 and Recent Highlights
•Consolidated revenue of $792.2 million increased 20.5% year-over-year
•Casinos & Resorts revenue of $401.0 million, up 2.0% year-over-year benefitting from landside move of Bally’s Baton Rouge and Bally’s Marquette, as well as strong growth at Bally’s temporary Chicago facility
•Bally's Intralot B2C revenue of $243.5 million, up 22.3% year-over-year driven by strong revenue growth in the UK, as well as the addition of Intralot's B2C business
•North America Interactive revenue of $66.1 million, up 16.9% year-over-year, reflecting healthy wagering revenue growth across all verticals
•In June, Bally’s Intralot announced an agreement to acquire evoke plc, a global leader in sports betting and online gaming
Summary of Financial Results
| Successor | Predecessor | |||||||||||||||||||||||||||||||
| (in thousands) | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Period from February 8, 2025 to June 30, 2025 | Period from January 1, 2025 to February 7, 2025 | |||||||||||||||||||||||||||
| Revenue: | ||||||||||||||||||||||||||||||||
| Casinos & Resorts | $ | 401,017 | $ | 393,333 | $ | 780,745 | $ | 620,184 | $ | 124,299 | ||||||||||||||||||||||
| Bally’s Intralot B2B | 79,488 | 7,046 | 153,444 | 11,929 | 3,720 | |||||||||||||||||||||||||||
| Bally’s Intralot B2C | 243,481 | 199,020 | 483,419 | 306,887 | 75,265 | |||||||||||||||||||||||||||
| North America Interactive | 66,064 | 56,502 | 126,520 | 84,059 | 16,941 | |||||||||||||||||||||||||||
| Corporate & Other | 2,184 | 1,633 | 3,828 | 3,169 | 273 | |||||||||||||||||||||||||||
| Total | $ | 792,234 | $ | 657,534 | $ | 1,547,956 | $ | 1,026,228 | $ | 220,498 | ||||||||||||||||||||||
Robeson Reeves, Bally’s Chief Executive Officer, commented, “We delivered solid second quarter results across the enterprise and I am proud of the hard work and dedication of our team members as we move into the next phase of Bally’s omni-channel growth. We generated 20% consolidated year-over-year revenue growth driven by 22% growth in Bally’s Intralot B2C, 17% growth in North America Interactive, and 2% growth in our Casinos & Resorts business reflecting stable regional performance. As we look to the second half of 2026, our execution is creating revenue tailwinds both domestically and internationally, generating multiple levers to improve profitability, and building a solid foundation for long-term shareholder returns.
“Domestically, we are making substantial progress on our development projects. Construction of Bally’s Chicago continues as we target opening of the permanent casino in early 2027. In Las Vegas, Major League Baseball’s Las Vegas Athletics are rapidly advancing construction on their new stadium, with completion slated before the start of the team’s 2028 season opening. At the same time, we are actively progressing the development of the retail, entertainment and dining complex. We are in advanced negotiations with potential partners for exciting retail and entertainment offerings, and look forward to updating the market on our plans as the project progresses.
“We were thrilled to receive a Gaming Facility License from the New York State Gaming Commission at the end of last year. Bally’s has already made substantial investments in the project, including the $500 million license fee and $115 million golf course concession contingent payment, both of which were made in the first quarter of 2026. The $4.0 billion Bally’s Bronx integrated casino project is expected to open by 2030 and will feature 3 million square feet of gaming facilities, a 500-room hotel, a 2,000-person event center, and an 18-hole world-class golf course. We are actively raising additional capital for the further development and construction of the project and have substantial interest from potential partners for both project debt and equity financings. In July, we signed a non-binding term sheet for a pre-construction loan for Bally’s Bronx, and in August we entered into a letter of intent with a potential equity investor.
“North America Interactive was a standout in the second quarter. Revenue grew 16.9% year-over-year to $66.1 million, and Segment Adjusted EBITDAR rose to $3.0 million as profitability growth outpaced the top line increase. The customer-focused and automation initiatives Sina Miri and his team have put in place over the past year are now showing up in both financial metrics. On a second quarter run-rate, this is a digital business generating over $250 million of annualized revenue that is contributing positively at the segment level.
“On the international interactive side, our Bally’s Intralot B2C segment achieved solid performance in the second quarter of 2026, which was the first quarter to reflect the UK gaming tax increase from 21% to 40% (effective April 1, 2026). Against that backdrop, our top line in the UK continues to strengthen as constant currency year-over-year growth accelerated from 10.5% in the first quarter to 11.6% in the second quarter, and that momentum has carried into July when we saw year-over-year growth of approximately 13.0%. Importantly, we have delivered this quarter-on-quarter growth acceleration without incremental marketing spend - a real testament to the strength of our player base, product offering and the team behind it. The gross negative impact of the UK gaming tax change on our B2C segment EBITDAR was approximately $39 million in the quarter. We have been able to offset close to 65% of this impact through top-line growth and disciplined cost control, with our marketing reductions still to begin as planned into the second half. We remain firmly on track against the margin management commitments we previously disclosed to investors.
“It is worth flagging that market consolidation in the UK has not moved quite as quickly as we originally expected. We see that as an opportunity still ahead of us rather than a concern, particularly as smaller operators come under increasing pressure post-World Cup and through the fall tax season. We are already delivering double-digit growth ahead of that consolidation, which gives us confidence in our position.
“On the lottery side, we are making deliberate investments as we win and renew contracts, several of which are landing together at the same time. In April, we announced the award of a 15-year electronic gaming machine monitoring license in Victoria, Australia and a new contract of up to 12 years with the State Lottery of Chile. In May, we announced a new contract with Hellenic Lotteries in Greece, and in June, we were selected by OLG (Ontario Lottery & Gaming Corporation) as its new lottery technology solution provider. We are bringing in the right leadership and technology capability, including utilizing expertise from the legacy Gamesys business, to optimize the service and technology we deliver for our lottery partners.
“In June, we announced our binding offer to acquire evoke plc, with regulatory approvals from the relevant competition and gaming authorities currently underway. Our accomplishments during the quarter strengthen our confidence in the value we can create together. The same playbook of cost discipline and organic growth translates directly to a business of evoke's scale and customer reach.
“In summary, our strategic initiatives are creating a highly scaled, growing, global omni-channel provider of retail and online experiences and we are aggressively pursuing and executing on the many growth opportunities before us.”
Second Quarter Financial Review
Second quarter 2026 Casinos & Resorts revenue of $401.0 million rose 2.0% year-over-year, with growth most notably at Bally’s Baton Rouge (formerly the Belle of Baton Rouge) which opened landside in December 2025, as well as Marquette that moved landside in February 2026. Casinos & Resorts also saw solid growth in the Company’s properties in Chicago and Quad Cities, partially offset by elevated competition impacting Atlantic City and East Saint Louis. Our overall portfolio recorded 4.3% growth in rated visitation, reflecting our ability to effectively engage and drive data base performance. The Casinos & Resorts Segment Adjusted EBITDAR grew 3.4% year-over-year to $109.6 million reflecting the second quarter 2026 revenue increase, partially offset by the allocation of approximately $1.6 million of additional shared services costs from Corporate to Casinos & Resorts to better align with our business structure.
Second quarter 2026 Bally’s Intralot B2C revenue reflects continued strength in our U.K. operations. U.K. online revenue rose 11.6% in constant currency versus the second quarter of 2025, driven by organic growth and our strong player base. During the quarter, we mitigated the impact of the UK gaming tax increase through top line growth and disciplined cost reductions. Revenues in Spain delivered robust 15.1% year-over-year growth in constant currency, driven by an increase in new player volumes. Year-over-year growth in the Bally’s Intralot B2C segment was further supported by the inclusion of Intralot’s B2C business (sports betting in Turkey) starting in the fourth quarter of 2025. Bally’s presentation of Bally’s Intralot B2C Segment Adjusted EBITDAR under US GAAP includes approximately $5 million of negative IFRS to US GAAP adjustments due primarily to different accounting treatment of leases.
The Bally’s Intralot B2B segment includes Intralot’s B2B and B2G operations following the completion of the Intralot transaction in the fourth quarter of 2025. Prior year second quarter revenue and Segment Adjusted EBITDAR represent a royalty cash flow stream related to a divested business. Bally’s presentation of Bally’s Intralot B2B Segment Adjusted EBITDAR under US GAAP includes approximately $7 million of negative IFRS to US GAAP adjustments due primarily to different accounting treatment of software development costs and leases.
Revenue for our North America Interactive segment of $66.1 million rose 16.9% year-over-year in the second quarter with Segment Adjusted EBITDAR of $3.0 million, a $0.5 million improvement over prior year. The business continues to demonstrate heathy, sustainable growth, with strong momentum across the U.S. and Canada.
Reconciliation of GAAP Measures to Non-GAAP Measures
To supplement the financial information presented on a generally accepted accounting principles (“GAAP”) basis, Bally’s has included in this earnings release non-GAAP financial measures for consolidated Adjusted EBITDA and Segment Adjusted EBITDAR, which exclude certain items described below. The reconciliations of these non-GAAP financial measures to their comparable GAAP financial measures are presented in the tables appearing below.
“Adjusted EBITDA” is earnings, or loss, for Bally’s, or where noted Bally’s reportable segments, before, in each case, interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, acquisition and other transaction related costs, share-based compensation, and certain other gains or losses as well as, when presented for Bally’s reportable segments, an adjustment related to the allocation of corporate costs among segments.
“Segment Adjusted EBITDAR” is Adjusted EBITDA (as defined above) for Bally’s reportable segments, plus rent expense associated with triple net operating leases for the real estate assets used in the operation of the Bally’s casinos. For the Bally's Intralot B2B, Bally's Intralot B2C, North America Interactive, and Other segments, Segment Adjusted EBITDAR and segment Adjusted EBITDA are equivalent due to a lack of triple net operating lease for real estate assets used in those segments.
Management has historically used consolidated Adjusted EBITDA and Segment Adjusted EBITDAR when evaluating operating performance because Bally’s believes that these metrics are necessary to provide a full understanding of Bally’s core operating results and as a means to evaluate period-to-period performance. Management also believes that consolidated Adjusted EBITDA and Segment Adjusted EBITDAR are measures that are widely used for evaluating operating performance of companies in Bally’s industry and a principal basis for valuing such companies as well. Adjusted EBITDAR is used outside of our financial statements solely as a valuation metric. Management believes Adjusted EBITDAR is an additional metric traditionally used by analysts in valuing gaming companies subject to triple net leases since it eliminates the effects of variability in leasing methods and capital structures. Consolidated Adjusted EBITDA and segment Adjusted EBITDAR should not be construed as alternatives to GAAP net income as an indicator of Bally’s performance. In addition, Adjusted EBITDA or Segment Adjusted EBITDAR as used by Bally’s may not be defined in the same manner as other companies in Bally’s industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies.
About Bally’s Corporation
Bally’s (NYSE: BALY) is a fast-growing global entertainment brand with 20 casinos across 11 U.S. states and one casino in Newcastle, UK, along with a golf course in New York and horse racetracks in Colorado and forthcoming in Wyoming. Bally’s also owns Bally Bet, a first-in-class sports betting and iGaming platform licensed in 16 jurisdictions in North America. Bally’s holds a majority interest in Bally’s Intralot S.A. (ATSE: BYLOT), a leading lottery solutions supplier and gaming operator active in 39 jurisdictions worldwide. Bally’s casino operations include approximately 17,700 slot machines, 630 table games, and 3,950 hotel rooms. Bally’s also has rights to developable land in Las Vegas at the site of the former Tropicana Las Vegas, has been awarded a license to build a full-scale casino and resort in The Bronx, New York, and an integrated destination resort in Chicago, Illinois. Bally’s is the first publicly traded gaming company to achieve Minority Business Enterprise (MBE) certification through the National Minority Supplier Development Council (NMSDC). Bally’s has over 12,000 employees across the world, recognized for their innovation, energy, and dedication to creating thrilling gaming experiences.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may generally be identified by the use of words such as “anticipate,” “believe,” “expect,” “intend,” “plan” and “will” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by Bally’s in this press release, its reports filed with the Securities and Exchange Commission (“SEC”) and other public statements made from time-to-time speak only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for Bally’s to predict or identify all such events or how they may affect it. Bally’s has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include those included in Bally’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by Bally’s with the SEC. These statements constitute Bally’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
| Investor Contact | Media Contact | |||||||
| Mira Mircheva | Joseph Jaffoni, Christin Armacost | |||||||
Chief Financial Officer | JCIR | |||||||
| 401-475-8564 | 212-835-8500 | |||||||
| ir@ballys.com | baly@jcir.com | |||||||
Revenue and Segment Adjusted EBITDAR (unaudited)
| Successor | Predecessor | |||||||||||||||||||||||||||||||
| (in thousands) | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Period from February 8, 2025 to June 30, 2025 | Period from January 1, 2025 to February 7, 2025 | |||||||||||||||||||||||||||
| Revenue: | ||||||||||||||||||||||||||||||||
| Casinos & Resorts | $ | 401,017 | $ | 393,333 | $ | 780,745 | $ | 620,184 | $ | 124,299 | ||||||||||||||||||||||
| Bally’s Intralot B2B | 79,488 | 7,046 | 153,444 | 11,929 | 3,720 | |||||||||||||||||||||||||||
| Bally’s Intralot B2C | 243,481 | 199,020 | 483,419 | 306,887 | 75,265 | |||||||||||||||||||||||||||
| North America Interactive | 66,064 | 56,502 | 126,520 | 84,059 | 16,941 | |||||||||||||||||||||||||||
| Corporate & Other | 2,184 | 1,633 | 3,828 | 3,169 | 273 | |||||||||||||||||||||||||||
| Total | $ | 792,234 | $ | 657,534 | $ | 1,547,956 | $ | 1,026,228 | $ | 220,498 | ||||||||||||||||||||||
Adjusted EBITDAR(2) | ||||||||||||||||||||||||||||||||
| Casinos & Resorts | $ | 109,611 | $ | 105,967 | $ | 205,807 | $ | 177,507 | $ | 23,554 | ||||||||||||||||||||||
| Bally’s Intralot B2B | 21,931 | 7,046 | 37,047 | 11,929 | 3,720 | |||||||||||||||||||||||||||
| Bally’s Intralot B2C | 64,739 | 75,159 | 151,831 | 118,471 | 25,220 | |||||||||||||||||||||||||||
| North America Interactive | 2,994 | 2,484 | (4,143) | 139 | (5,661) | |||||||||||||||||||||||||||
| Corporate & Other | (11,760) | (17,506) | (24,096) | (27,209) | (6,774) | |||||||||||||||||||||||||||
| Successor | Pro Forma Combined(1) | ||||||||||
| (in thousands) | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 | |||||||||
| Revenue: | |||||||||||
| Casinos & Resorts | $ | 780,745 | $ | 764,321 | |||||||
| Bally’s Intralot B2B | 153,444 | 15,649 | |||||||||
| Bally’s Intralot B2C | 483,419 | 382,152 | |||||||||
| North America Interactive | 126,520 | 103,038 | |||||||||
| Corporate & Other | 3,828 | 3,442 | |||||||||
| Total | $ | 1,547,956 | $ | 1,268,602 | |||||||
Adjusted EBITDAR(2) | |||||||||||
| Casinos & Resorts | $ | 205,807 | $ | 206,536 | |||||||
| Bally’s Intralot B2B | 37,047 | 15,649 | |||||||||
| Bally’s Intralot B2C | 151,831 | 143,691 | |||||||||
| North America Interactive | (4,143) | (4,103) | |||||||||
| Corporate & Other | (24,096) | (35,294) | |||||||||
________________________________
(1) Proforma combined financial information represents combined Bally’s and Queen results for the periods presented. The Company believes proforma combined information will be beneficial to investors as it provides a baseline for comparative future results of the combined company. Refer to tables in this press release for a reconciliation of this non-GAAP financial measure to the most directly comparable measure calculated in accordance with GAAP.
(2) Segment Adjusted EBITDAR is Bally’s reportable segment GAAP measure and its primary measure for profit or loss for its reportable segments. “Segment Adjusted EBITDAR” is Adjusted EBITDA (as defined above) for Bally’s reportable segments, plus rent expense associated with triple net operating leases for the real estate assets used in the operation of the Bally’s casinos. For the Bally’s Intralot B2C, Bally’s Intralot B2B, North America Interactive and Corporate & Other segments, Adjusted EBITDAR and segment Adjusted EBITDA are equivalent due to a lack of triple net operating lease for real estate assets used in those segments.
Supplemental Unaudited Condensed Combined Financial Information
The supplemental unaudited financial information below combines the historical results of operations of Bally’s and Queen for the periods presented and has been prepared to reflect the merger as if they had occurred on January 1, 2025.
2025 CONDENSED COMBINED INCOME STATEMENT INFORMATION
| Bally’s | Queen | |||||||||||||||||||||||||||||||
| Successor | Predecessor | |||||||||||||||||||||||||||||||
| (in thousands) | Three Months Ended June 30, 2025 | Period from February 8, 2025 to June 30, 2025 | Period from January 1, 2025 to February 7, 2025 | Period from January 1, 2025 to February 7, 2025 | Combined Six Months Ended June 30, 2025 | |||||||||||||||||||||||||||
| Revenue: | ||||||||||||||||||||||||||||||||
| Casinos & Resorts | $ | 393,333 | $ | 620,184 | $ | 124,299 | $ | 19,838 | $ | 764,321 | ||||||||||||||||||||||
| Bally’s Intralot B2B | 7,046 | 11,929 | 3,720 | — | 15,649 | |||||||||||||||||||||||||||
| Bally’s Intralot B2C | 199,020 | 306,887 | 75,265 | — | 382,152 | |||||||||||||||||||||||||||
| North America Interactive | 56,502 | 84,059 | 16,941 | 2,038 | 103,038 | |||||||||||||||||||||||||||
| Corporate & Other | 1,633 | 3,169 | 273 | — | 3,442 | |||||||||||||||||||||||||||
| $ | 657,534 | $ | 1,026,228 | $ | 220,498 | $ | 21,876 | $ | 1,268,602 | |||||||||||||||||||||||
| Adjusted EBITDAR | ||||||||||||||||||||||||||||||||
| Casinos & Resorts | $ | 105,967 | $ | 177,507 | $ | 23,554 | $ | 5,475 | $ | 206,536 | ||||||||||||||||||||||
| Bally’s Intralot B2B | 7,046 | 11,929 | 3,720 | — | 15,649 | |||||||||||||||||||||||||||
| Bally’s Intralot B2C | 75,159 | 118,471 | 25,220 | — | 143,691 | |||||||||||||||||||||||||||
| North America Interactive | 2,484 | 139 | (5,661) | 1,419 | (4,103) | |||||||||||||||||||||||||||
| Corporate & Other | (17,506) | (27,209) | (6,774) | (1,311) | (35,294) | |||||||||||||||||||||||||||
Selected Financial Information (unaudited)
Balance Sheet Data
| (in thousands) | June 30, 2026 (Successor) | December 31, 2025 (Successor) | |||||||||
2026 Term Loans | $ | 1,109,518 | $ | — | |||||||
Term Loan Facility(1) | — | 1,472,594 | |||||||||
| Intralot British Term Loan | 530,277 | 538,720 | |||||||||
| Intralot Greek Term Loan | 228,441 | 234,962 | |||||||||
| Revolving Credit Facility | 303,750 | — | |||||||||
| Intralot Revolving Credit Facility | 74,243 | — | |||||||||
| Intralot 6.00% Greek Retail Bond due 2029 | 148,487 | 152,726 | |||||||||
| Fixed Rate Senior Notes: | |||||||||||
| 5.625% Senior Notes due 2029 | 750,000 | 750,000 | |||||||||
| 5.875% Senior Notes due 2031 | 735,000 | 735,000 | |||||||||
| Intralot 6.75% Senior Secured Notes due 2031 | 685,323 | 704,886 | |||||||||
Intralot Floating Rate Senior Notes due 2031(2) | 342,661 | 352,443 | |||||||||
| Intralot Supplemental Indenture | 2,368 | 2,436 | |||||||||
| Less: Unamortized original issue discount | (51,969) | — | |||||||||
Less: Unamortized fair value adjustment(3) | (351,399) | (443,110) | |||||||||
| Long-term debt, including current portion | 4,506,700 | 4,500,657 | |||||||||
| Less: Current portion of 2026 Term Loans, Term Loan Facility and Intralot Greek Term Loan | (39,977) | (37,344) | |||||||||
| Long-term debt, net of discount and deferred financing fees; excluding current portion | $ | 4,466,723 | $ | 4,463,313 | |||||||
Cash Flow Data
| Successor | Predecessor | |||||||||||||||||||
| (in thousands) | Six Months Ended June 30, 2026 | Period from February 8, 2025 to June 30, 2025 | Period from January 1, 2025 to February 7, 2025 | |||||||||||||||||
| Capital Expenditures | $ | 73,954 | $ | 79,422 | $ | 16,424 | ||||||||||||||
| Cash paid for capitalized software | 19,227 | 20,533 | 2,315 | |||||||||||||||||
| Acquisition of gaming licenses | 502,000 | 2,000 | — | |||||||||||||||||
Cash payments associated with triple net operating leases(2) | 133,561 | 69,983 | 14,877 | |||||||||||||||||
________________________________
(1) The Company has entered certain currency swaps to synthetically convert $500 million of its Term Loan Facility to €461.6 million fixed-rate Euro-denominated instrument due October 2028 paying a weighted-average fixed-rate coupon of approximately 6.69% per annum. The Company also entered certain currency swaps to synthetically convert $200 million notional amount of its floating rate Term Loan Facility to an equivalent £159.2 million GBP-denominated floating rate instrument with tenor of the swap instrument due October 2026. Additionally, as part of the Company’s risk management program, to further manage the Company’s exposure to interest rate movements, the Company entered into an additional $1.0 billion notional in interest rate swap contract arrangements to fix interest rates until 2028.
(2) Consists of payments made in connection with Bally’s triple net operating leases, as defined above.