Bally's (BALY) president nets shares from 2025 performance award

Rhea-AI Filing Summary

Bally's Corp president George T. Papanier reported the vesting of performance-based stock units and related tax withholding. Based on 2025 performance goals, 30,357 performance units vested on March 23, 2026, resulting in the same number of common shares being issued.

The company retained 11,946 shares at $12.11 per share to cover tax withholding obligations, leaving Mr. Papanier with a net increase of 18,411 directly held shares. After these transactions, he directly holds 315,874 Bally's common shares and indirectly holds 9,000 shares through a trust.

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

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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^*

Papanier George T.

(Last) (First) (Middle)

C/O BALLY'S CORPORATION

100 WESTMINSTER STREET

(Street)

PROVIDENCE RHODE ISLAND 02903

(City) (State) (Zip)

UNITED STATES

(Country)

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)
	President

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/23/2026

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

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

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

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
Common Stock	03/23/2026		A(1)		30,357	A	$0	327,820	D
Common Stock	03/23/2026		F(2)		11,946	D	$12.11	315,874	D
Common Stock								9,000	I	By Trust

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

Explanation of Responses:

1. On March 23 2026, the reporting person was granted 35,714 performance units eligible to vest at target levels of performance (with vesting of more or less shares possible based on actual performance) based on the extent to which certain financial and other strategic goals were met for the year ended December 31, 2025. Based on the performance of Bally's Corporation (the "Company") against the applicable goals, 30,357 performance units subject to such criteria vested on March 23, 2026, resulting in the issuance of 30,357 shares of the Company's common stock to the reporting person.

2. As described in footnote 1, on March 23, 2026, the reporting person became entitled to receive 30,357 shares of the Company's common stock. The Company retained 11,946 shares of Company common stock to satisfy certain tax withholding obligations in connection with the vesting.

Remarks:

	/s/ Victoria Ellis, Attorney-In-Fact	03/25/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Bally's Corp (BALY) report for George T. Papanier?

George T. Papanier reported a performance-based stock vesting. On March 23, 2026, 30,357 performance units vested and converted into common shares, reflecting compensation tied to 2025 financial and strategic goals rather than an open-market stock purchase or sale.

How many Bally's (BALY) shares did George T. Papanier receive and retain?

Papanier became entitled to 30,357 Bally's common shares. The company withheld 11,946 shares to cover tax obligations, so he effectively retained 18,411 additional directly held shares from this award, increasing his overall direct equity position in Bally's.

Were any of George T. Papanier’s Bally's (BALY) transactions open-market buys or sells?

No open-market buys or sells were reported. The Form 4 shows a stock award vesting (code A) and shares withheld for taxes (code F). The withholding is a tax mechanism, not a discretionary market sale by Papanier.

How many Bally's (BALY) shares does George T. Papanier hold after this Form 4?

After these transactions, Papanier directly holds 315,874 shares. The filing also shows an additional 9,000 Bally's common shares held indirectly through a trust, providing a clearer picture of his total reported equity exposure.

What performance period determined George T. Papanier’s Bally's (BALY) stock vesting?

The vesting was based on 2025 performance. The 35,714 performance units granted were tied to financial and strategic goals for the year ended December 31, 2025, with 30,357 units ultimately vesting based on Bally's actual results.

At what price were Bally's (BALY) shares withheld for George T. Papanier’s taxes?

Shares were withheld at $12.11 per share. To satisfy tax withholding obligations from the vesting, Bally's retained 11,946 common shares valued at $12.11 each, rather than Papanier selling shares in the open market to cover those taxes.