BALY: 940,500 Stock Options Issued to CEO, Vesting 2027–2029

Rhea-AI Filing Summary

Bally's Corporation director and Chief Executive Officer received stock options on 10/07/2025. The award grants 940,500 options exercisable at $18.25 per share and expiring on 10/07/2035. The options were reported as acquired and are held directly by the reporting person. Vesting is ratable and conditioned on continuous service, with portions scheduled to vest on 01/01/2027, 01/01/2028, and 01/01/2029.

The filing shows no cash paid at grant ($0 reported for underlying shares) and indicates the form was signed via attorney-in-fact on 10/09/2025. This is a compensation-related equity grant to an executive who also serves as a director, increasing their direct potential ownership over time if options are exercised.

Positive

• Large equity award of 940,500 options aligns executive incentives with shareholder returns
• Ratable vesting schedule over 2027–2029 links retention to multi-year performance
• Standard exercise price of $18.25 indicates a market-based strike at grant

Negative

• Potential dilution from 940,500 options if fully exercised
• Concentration of power as the recipient serves as both CEO and director

Insights

Compensation Analyst

Executive stock-option grant aligns pay with future share performance.

The grant of 940,500 options at an exercise price of $18.25 vests ratably over 2027–2029 and expires in 2035, tying potential executive upside to medium- and long-term share price performance. Because the grant is an option award with no cash paid at issuance, it is a standard equity incentive rather than an immediate transfer of stock.

The key dependencies are continued service through each vesting date and future stock-price performance relative to the $18.25 strike. Investors may watch outstanding option dilution and the executive's exercise behavior over the next 12–48 months as vesting dates pass and market conditions evolve.

Corporate Governance Advisor

The CEO's dual role as director and officer makes this a governance-significant grant.

Granting options to an individual who serves as both director and CEO concentrates economic incentives and governance influence in one person. The filing shows direct beneficial ownership through options rather than indirect holdings, which is straightforward for disclosure purposes.

Monitor vesting on 01/01/2027, 01/01/2028, and 01/01/2029 and any subsequent filings that report exercises, dispositions, or additional grants within the next 3 years to assess dilution and alignment with shareholder interests.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Reeves Robeson

(Last) (First) (Middle)

C/O BALLY'S CORPORATION

100 WESTMINSTER STREET

(Street)

PROVIDENCE RI 02903

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Bally's Corp [ BALY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
10/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options	$18.25	10/07/2025		A		940,500		(1)	10/07/2035	Common Stock	940,500	$0	940,500	D

Explanation of Responses:

1. The stock options will ratably vest subject to the reporting person's continuous service with the Company or a Subsidiary on January 1 of each 2027, 2028 and 2029.

Remarks:

	/s/ Victoria Ellis, Attorney-In-Fact	10/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What did Bally's (BALY) report on the Form 4 filed in October 2025?

The Form 4 reports that the CEO and director received 940,500 stock options on 10/07/2025 with an exercise price of $18.25 and an expiration of 10/07/2035.

When do the awarded options vest for the reporting person?

The options vest ratably subject to continuous service, with scheduled vesting on 01/01/2027, 01/01/2028, and 01/01/2029.

Was any cash paid for the underlying shares at grant?

No cash was reported for the underlying shares; the filing shows $0 for the shares underlying the option grant at reporting.

Who filed the Form 4 and when was it signed?

The Form 4 was filed for reporting person Reeves Robeson and was signed by an attorney-in-fact on 10/09/2025.

How could this option grant affect shareholders?

If fully exercised, the 940,500 options could increase outstanding shares and cause dilution; the timing depends on vesting and any future exercises.