BALY · Bally's Corporation

Bally's Corporation reported solid first quarter results with consolidated revenue of $755.7 million, a 28.3% increase compared to the pro forma combined revenue of $611.1 million in the prior year period. Growth was broad-based: Casinos & Resorts revenue rose 8.1% to $379.7 million, benefiting from the Queen Casino & Entertainment acquisition completed in February 2025 and organic growth. Bally's Intralot B2C segment saw a 31% revenue increase to $239.9 million, driven by strong UK performance and the addition of Intralot's B2C business. North America Interactive revenue grew 35.9% to $60.5 million, with segment Adjusted EBITDAR loss improving to $7.1 million from $8.0 million on a combined basis. On the financing front, the company entered into a new $1.1 billion credit facility due 2031 and completed the sale-leaseback of Lincoln Casino Resort, using proceeds to fully repay its prior $1.47 billion term loan due 2028. Management highlighted progress on major development projects: Bally's Chicago saw the topping out of structural steel, Bally's Bronx paid a $500 million license fee and secured land, and Bally's Las Vegas (former Tropicana site) is advancing alongside the Athletics' stadium. The company also converted its loan to Star Entertainment Group into a 38% equity interest in Q4 2025, and Star subsequently refinanced its debt. CEO Robeson Reeves expressed confidence in the company's growth projects and synergy plans, despite the UK remote gaming duty increase effective April 2026.