Bally's Corporation

Bally's Corporation (BALY) reported total revenue of $2.44 billion for FY 2025 ending December 31, 2025, primarily from gaming and entertainment offerings across casinos, iGaming, sportsbook, and lottery operations. Despite revenue, the company posted a loss from operations of $277.7 million, driven by total operating costs and expenses of $2.71 billion, including $1.14 billion in general and administrative expenses, $293.1 million in depreciation and amortization, and $181.6 million in impairment charges. Net other expense was $340.3 million, mainly from $365.2 million interest expense net, leading to a pretax loss of $618.0 million. After a $47.6 million tax provision, net loss was $665.5 million, with $650.1 million attributable to Bally's, or $11 basic and diluted loss per share on 60.6 million shares. Balance sheet reflects $11.23 billion total assets, including $3.43 billion goodwill and $3.00 billion intangibles, against $8.69 billion liabilities, with long-term debt net at $4.46 billion. Cash flows showed operating use of $11.0 million, investing inflow of $1.84 billion net amid $2.12 billion acquisitions, and financing outflow of $1.14 billion including $416.2 million share repurchases. Key 2025 developments included mergers adding casinos, Intralot combination for 57.9% ownership, and Chicago/Bronx projects, positioning for growth despite losses and risks like regulation and competition.

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