BALY insider grant: 627K stock options, 10-year term

Rhea-AI Filing Summary

Insider option grant and ownership update for Bally's Corporation (BALY). A reporting person identified as George T. Papanier, who is both a director and an officer (President), received an award of 627,000 stock options on 10/07/2025 with an exercise price of $18.25 and an expiration date of 10/07/2035. The options were granted as an acquisition (code A) and are recorded as directly owned. The options vest ratably subject to continuous service on 1/01/2027, 1/01/2028, and 1/01/2029. Following the grant, the reporting person beneficially owns 627,000 underlying shares if exercised. The filing is signed by an attorney-in-fact on 10/09/2025.

Positive

• Significant alignment: Grant of 627,000 options ties compensation to long-term share performance
• Extended term: Ten-year expiration (10/07/2035) provides long runway for value creation

Negative

• Potential dilution: 627,000 underlying shares could increase outstanding share count if exercised
• Service condition risk: Vesting depends on continuous service through 1/01/2029, which may not be met

Insights

Compensation & Governance Analyst

Large option award aligns executive pay with long-term share performance.

The 627,000 stock option grant at an $18.25 strike and ten-year term ties a substantial portion of potential compensation to future share-price appreciation over the next decade. Vesting is time-based and ratable on 1/01/2027

Key dependencies include the reporting person's continued service through each vesting date and future share-price movement above the strike to realize value; monitor outstanding equity and dilution metrics at the next reporting cycle and any related changes to executive agreements within 12–24 months.

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
Estimated average burden
hours per response:			0.5

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 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)
	President

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		627,000		(1)	10/07/2035	Common Stock	627,000	$0	627,000	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.
* 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.

FAQ

What did Bally's Corp (BALY) report on Form 4?

The Form 4 shows that director and President George T. Papanier was granted 627,000 stock options on 10/07/2025 at an exercise price of $18.25 with an expiration of 10/07/2035.

How do the options vest for the BALY reporting person?

The options vest ratably subject to continuous service on 1/01/2027, 1/01/2028, and 1/01/2029.

How many shares would be outstanding if the options are exercised?

The grant covers 627,000 underlying common shares; exercising would increase the reporting person's beneficial holdings by that amount.

What is the exercise price and expiration of the options reported?

The exercise price is $18.25 and the options expire on 10/07/2035.

Who filed the Form 4 on behalf of the reporting person?

The form is signed by Victoria Ellis, Attorney-In-Fact on 10/09/2025.