Bally's Corporation
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4
PART I
ITEM 1.BUSINESS
Bally’s Corporation, a Delaware corporation, with global headquarters in Providence, Rhode Island, is referred to as the
“Company,” “Bally’s,” “we,” “our” or “us.” Our common stock is traded on the New York Stock Exchange (the “NYSE”)
under the symbol “BALY”.
Our Company
We are a global gaming, hospitality, entertainment and technology company with an expanding international footprint across
casino, interactive and lottery markets. We provide our customers and partners with physical and interactive entertainment and
gaming experiences worldwide. Our offerings include traditional casino gaming, iGaming, online bingo, sportsbook, free-to-
play games and technology driven lottery and gaming solutions.
As of February 28, 2026, we own and operate 20 casinos globally, including in the United Kingdom (“UK”) and in 11 states
across the United States (“US”), along with a golf course in New York and a horse racetrack in Colorado.
We also own Bally Bet Sportsbook & Casino, a premier sports betting and iCasino platform licensed in 14 jurisdictions in
North America, and a majority equity interest in Bally’s Intralot S.A. (“Intralot”) which is active in 39 jurisdictions worldwide
and is comprised of a global lottery, technology, management and services business and also the Bally’s Interactive
International division, a leading global interactive gaming operator. We also have rights to developable land in Las Vegas at the
site of the former Tropicana Las Vegas, have been awarded a license to build a full-scale casino and resort in The Bronx, New
York, and are developing an integrated destination resort in Chicago, Illinois.
Our revenues are primarily generated by these gaming and entertainment offerings. Our proprietary software and technology
stack is designed to allow us to provide consumers with differentiated offerings and exclusive content.
Our Strategy and Business Developments
We seek to continue to grow our business by focusing on expanding our integrated casino and interactive gaming platform,
optimizing our capital structure, and employing disciplined growth initiatives. We believe that interactive gaming represents a
significant strategic opportunity for the future growth of Bally’s and we will continue to proactively allocate resources in
regions where we anticipate iGaming regulation, in addition to those markets where iGaming is already well-established.
Across the globe, we engage in multiple state and private bidding processes, seeking to obtain new lottery agreements through
our innovative technology and solutions. We seek to increase revenues at our casinos and resorts through enhancing the guest
experience by providing popular games, restaurants, hotel accommodations, entertainment and other amenities in attractive
surroundings with high-quality guest service. We believe that our recent acquisitions have expanded and diversified us from
financial and market exposure perspectives, while continuing to mitigate our susceptibility to regional economic downturns,
idiosyncratic regulatory changes and increases in regional competition.
In 2025, we continued to execute our long-term strategy, focusing on portfolio expansion, interactive and digital growth, capital
structure optimization and operational excellence. Notable efforts included:
•In February 2025, we completed the previously announced merger transactions with Standard General L.P. and its
affiliates (“Standard General”) and The Queen Casino & Entertainment, Inc., and affiliate of Standard General
(“Queen Casino”), adding four regional gaming properties to our Casinos and Resorts portfolio. We believe that these
acquisitions strengthen our presence in core US markets and support our strategy of geographic diversification.
•In October 2025, we completed a landmark multi-stage transaction with Intralot that reshaped our operating footprint
by combining our Bally’s International Interactive business with Intralot’s lottery and gaming operations. We believe
that this strategic combination established a cohesive global footprint that strengthened both our business-to-business
(“B2B”) and business-to-consumer (“B2C”) channels. This integration brought together our advanced digital
technology framework, data systems and interactive expertise with Intralot’s established lottery infrastructure and
global market reach. We own 57.9% in the combined entity, which is listed on the Athens Stock Exchange as BYLOT.
•In April 2025, we committed A$200 million in convertible notes and subordinated debt to acquire an approximately
38% economic interest in The Star Entertainment Group Limited (“The Star”), a leading Australian casino operator
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Cautionary Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of the securities laws. Forward-looking statements are statements as to matters that are not historical facts, and include statements about our plans, objectives, expectations and intentions.
Forward-looking statements are not guarantees and are subject to risks and uncertainties. Forward-looking statements are based on our current expectations and assumptions. Although we believe that our expectations and assumptions are reasonable at this time, they should not be regarded as representations that our expectations will be achieved. Actual results may vary materially. Forward-looking statements speak only as of the time of this report and we do not undertake to update or revise them as more information becomes available, except as required by law.
Important factors beyond those that apply to most businesses, some of which are beyond our control, that could cause actual results to differ materially from our expectations and assumptions include:
•unexpected costs and other events impacting our planned construction projects, including Bally’s Chicago;
•unexpected costs, difficulties integrating and other events impacting our completed acquisitions and our ability to realize anticipated benefits;
•risks associated with our rapid growth, including those affecting customer and employee retention, integration and controls;
•risks associated with the impact of the digitalization of gaming on our casino operations, our expansion into online gaming (“iGaming”) and sports betting and the highly competitive and rapidly changing aspects of our interactive businesses generally;
•the very substantial regulatory restrictions applicable to us, including costs of compliance;
•global economic challenges, including the impact of public health crises, global and regional conflicts, rising inflation, rising interest rates and supply-chain disruptions, could cause economic uncertainty and volatility and impact discretionary consumer spending;
•restrictions and limitations in agreements to which we are subject, including our debt, could significantly affect our ability to operate our business and our liquidity; and
•other risks identified in Part I. Item 1A. “Risk Factors” of Bally’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the SEC on March 23, 2026 and other filings with the SEC.
The foregoing list of important factors is not exclusive and does not include matters like changes in general economic conditions that affect substantially all gaming businesses.
You should not place undue reliance on our forward-looking statements.
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Overview
We are a global gaming, hospitality, entertainment and technology company with an expanding international footprint across casino, interactive and lottery markets. We provide our customers and partners with physical and interactive entertainment and gaming experiences worldwide. Our offerings include traditional casino gaming, iGaming, online bingo, sportsbook, free-to-play games and technology driven lottery and gaming solutions.
As of March 31, 2026, we own and operate 20 casinos globally, including in the United Kingdom (“UK”) and in 11 states across the United States (“US”), along with a golf course in New York and horse racetracks in Colorado and Wyoming. We also own Bally Bet Sportsbook & Casino, a premier sports betting and iCasino platform licensed in 14 jurisdictions in North America, and a majority equity interest in Bally’s Intralot S.A. (“Intralot”) which is active in 39 jurisdictions worldwide and is comprised of a global lottery, technology, management and services business and also the Bally’s Interactive International division, a leading global interactive gaming operator. We also have rights to developable land in Las Vegas at the site of the former Tropicana Las Vegas, have been awarded a license to build a full-scale casino and resort in The Bronx, New York (“Bally’s New York”), and are developing an integrated destination resort in Chicago, Illinois.
Our Strategy and Business Developments
We seek to continue to grow our business by focusing on expanding our integrated casino and interactive gaming platform, optimizing our capital structure, and employing disciplined growth initiatives. We believe that interactive gaming represents a significant strategic opportunity for the future growth of Bally’s and we will continue to proactively allocate resources in regions where we anticipate iGaming regulation, in addition to those markets where iGaming is already well-established. Across the globe, we engage in multiple state and private bidding processes, seeking to obtain new lottery agreements through our innovative technology and solutions. We seek to increase revenues at our casinos and resorts through enhancing the guest experience by providing popular games, restaurants, hotel accommodations, entertainment and other amenities in attractive surroundings with high-quality guest service. We believe that our recent acquisitions have expanded and diversified us from financial and market exposure perspectives, while continuing to mitigate our susceptibility to regional economic downturns, idiosyncratic regulatory changes and increases in regional competition.
We continue to make progress on the integration of our acquired assets and deploying capital on our strategic growth projects. These steps have advanced our transformation into a globally diversified gaming and technology operator with a strengthened portfolio, expanded global footprint and enhanced platforms across both digital and land-based channels.
2025 Transactions
On February 7, 2025, the Company completed the previously announced transactions under the Agreement and Plan of Merger (as amended, the “Merger Agreement”) with SG Parent LLC, a Delaware limited liability company (“Parent”), The Queen Casino & Entertainment, Inc., a Delaware corporation and affiliate of Parent (“Queen”), Epsilon Sub I, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub I”), Epsilon Sub II, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub II”, and together with the Company and Merger Sub I, the “Company Parties”), and, solely for purposes of specified provisions thereof, SG CQ Gaming LLC, a Delaware limited liability company (“SG Gaming” and together with Parent and Queen, the “Buyer Parties”).
On October 8, 2025 (the “Intralot Closing Date”), the Company completed the previously announced acquisition under the transaction agreement (the “Transaction Agreement”) of Intralot, pursuant to which Intralot agreed to acquire Bally’s International Interactive through a combined cash-and-equity transaction. Pursuant to the Transaction Agreement, (i) Intralot paid the Company €1.5 billion ($1.8 billion) in cash and issued approximately 873.7 million new shares in exchange for all of the issued and outstanding capital stock of Bally’s Holdings Limited which held Bally’s International Interactive, (ii) the Company’s ownership of Intralot increased to a controlling 57.9% interest through the issuance of equity to the Company’s consolidated subsidiary Premier Entertainment Sub, LLC via PE Sub Holdings LLC, an indirect wholly owned subsidiary of the Company, making the Company the majority shareholder of Intralot (the “Intralot Transaction”).
As a result of obtaining a controlling financial interest in Intralot, the Company retained control of Bally’s International Interactive, via Bally’s Holdings Limited, throughout the transaction. On the Intralot Closing Date, legal ownership of Bally’s Holdings Limited transferred from Premier Entertainment Sub to Intralot; however, Bally’s Corporation simultaneously obtained control of Intralot. Accordingly, Bally’s maintained control of Bally’s International Interactive, and as a result, the transfer of Bally’s International Interactive was accounted for as an equity transaction with the initial recognition of a 42.1% non-controlling interest, and no gain or loss was recognized in earnings.
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For further information on our recent acquisitions, refer to Notes 1 “General Information” and 7 “Business Combinations” to our condensed consolidated financial statements presented in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Operating Structure
Our business is organized into four reportable segments: (i) Casinos & Resorts, (ii) Bally’s Intralot B2B, (iii) Bally’s Intralot B2C, and (iv) North America Interactive.
Casinos & Resorts - includes 19 land-based casino properties, two horse racetracks and one golf course in the US:
| Property Name | Location | ||||||
| Bally’s Atlantic City Casino Resort (“Bally’s Atlantic City”) | Atlantic City, New Jersey | ||||||
Bally’s Black Hawk(1)(2) | Black Hawk, Colorado | ||||||
Bally’s Chicago Casino (“Bally’s Chicago”)(3) | Chicago, Illinois | ||||||
Bally’s Dover Casino Resort (“Bally’s Dover”)(2) | Dover, Delaware | ||||||
Bally’s Evansville Casino & Hotel (“Bally’s Evansville”)(2) | Evansville, Indiana | ||||||
Bally’s Kansas City Casino (“Bally’s Kansas City”)(2) | Kansas City, Missouri | ||||||
| Bally’s Lake Tahoe Casino Resort (“Bally’s Lake Tahoe”) | Lake Tahoe, Nevada | ||||||
Bally’s Quad Cities Casino & Hotel (“Bally’s Quad Cities”)(2) | Rock Island, Illinois | ||||||
Bally’s Shreveport Casino & Hotel (“Bally’s Shreveport”)(2) | Shreveport, Louisiana | ||||||
Bally’s Tiverton Casino & Hotel (“Bally’s Tiverton”)(2) | Tiverton, Rhode Island | ||||||
Bally’s Twin River Lincoln Casino Resort (“Bally’s Twin River”)(2) | Lincoln, Rhode Island | ||||||
| Bally’s Vicksburg Casino (“Bally’s Vicksburg”) | Vicksburg, Mississippi | ||||||
Hard Rock Hotel & Casino Biloxi (“Hard Rock Biloxi”)(2) | Biloxi, Mississippi | ||||||
| Bally’s Arapahoe Park | Aurora, Colorado | ||||||
| Bally’s Golf Links at Ferry Point (“Bally’s Golf Links”) | Bronx, New York | ||||||
The Queen Baton Rouge(2) | Baton Rouge, Louisiana | ||||||
Bally’s Baton Rouge Casino and Hotel (“Bally’s Baton Rouge”)(2) | Baton Rouge, Louisiana | ||||||
Casino Queen Marquette(2) | Marquette, Iowa | ||||||
DraftKings at Casino Queen(2) | East St. Louis, Illinois | ||||||
Bally’s Thunder Plains Park | Hillsdale, Wyoming | ||||||
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(1) Consists of three casino properties: Bally’s Black Hawk North Casino, Bally’s Black Hawk West Casino and Bally’s Black Hawk East Casino.
(2) Properties leased from Gaming and Leisure Properties, Inc. (“GLPI”). Refer to Note 15 “Leases” for further information.
(3) Temporary casino facility as the Company’s future permanent casino resort in Chicago (the “Chicago Permanent Facility”) is constructed. The site of the Chicago Permanent Facility is leased from GLPI.
Bally’s Intralot B2B - includes Intralot’s global lottery operations and the Company’s licensing business.
Bally’s Intralot B2C - includes the Company’s interactive European gaming operations, Intralot’s B2C lottery operations, as well as one casino property, Bally’s Newcastle, in the UK.
North America Interactive - includes the North American operations of Bally’s Interactive, primarily a B2C online iGaming and online sportsbook operator; and consumer facing service and marketing engines.
Refer to Note 18 “Segment Reporting” to our condensed consolidated financial statements for additional information on our segment reporting structure.
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Macroeconomic and Other Factors
Our business is subject to risks caused by global economic challenges, including those caused by public health crises such as the COVID-19 pandemic, the impact of global and regional conflicts, rising inflation, rising interest rates and supply-chain disruptions, that can cause economic uncertainty and volatility. These challenges can negatively impact discretionary consumer spending and could result in a reduction in visitors to our properties, including those that stay in our hotels, or discretionary spending by our customers on entertainment and leisure activities. In addition, inflation generally affects our business by increasing our cost of labor. In periods of sustained inflation, it may be difficult to effectively control such increases to our costs and retain key personnel.
Key Performance Indicators
The key performance indicator used in managing our business is consolidated Adjusted EBITDA and segment Adjusted EBITDAR which are non-GAAP measures. Adjusted EBITDA is defined as earnings, or loss, for the Company, or where noted its reporting segments, before, in each case, interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, acquisition and other transaction related costs, share-based compensation and certain other gains or losses as well as, when presented for our reporting segments, an adjustment related to the allocation of corporate cost among segments. Segment Adjusted EBITDAR is Adjusted EBITDA (as defined above) for the Company’s reportable segments, plus rent expense associated with triple net operating leases for the real estate assets used in the operations of the Bally’s casinos.
We use consolidated Adjusted EBITDA and segment Adjusted EBITDAR to analyze the performance of our business and they are used as determining factors for performance-based compensation for members of our management team. We use consolidated Adjusted EBITDA and segment Adjusted EBITDAR when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a more fulsome understanding of our core operating results and as a means to evaluate period-to-period performance. Also, we present consolidated Adjusted EBITDA and segment Adjusted EBITDAR because they are used by some investors and creditors as indicators of the strength and performance of ongoing business operations, including our ability to service debt, and to fund capital expenditures, acquisitions and operations. These calculations are commonly used as a basis for investors, analysts and credit rating agencies to evaluate and compare operating performance and value companies within our industry. Consolidated Adjusted EBITDA and segment Adjusted EBITDAR information is presented because management believes that they are commonly used measures of performance in the gaming industry and that they are considered by many to be key indicators of our operating results.
Consolidated Adjusted EBITDAR is used outside of our financial statements solely as a valuation metric. Consolidated Adjusted EBITDAR is defined as consolidated Adjusted EBITDA plus rent expense associated with triple net operating leases. Consolidated Adjusted EBITDAR is an additional metric used by analysts in valuing gaming companies subject to triple net leases since it eliminates the effects of variability in leasing methods and capital structures. This metric is included as supplemental disclosure because (i) we believe Consolidated Adjusted EBITDAR is used by gaming operator analysts and investors to determine the equity value of gaming operators and (ii) financial analysts refer to Consolidated Adjusted EBITDAR when valuing our business. We believe Consolidated Adjusted EBITDAR is useful for equity valuation purposes because (i) its calculation isolates the effects of financing real estate, and (ii) using a multiple of Consolidated Adjusted EBITDAR to calculate enterprise value allows for an adjustment to the balance sheet to recognize estimated liabilities arising from operating leases related to real estate.
Consolidated Adjusted EBITDA and segment Adjusted EBITDAR should not be construed as alternatives to net income, the most directly comparable GAAP measure, as indicators of our performance. In addition, consolidated Adjusted EBITDA and segment Adjusted EBITDAR as used by us may not be defined in the same manner as other companies in our industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. Consolidated Adjusted EBITDAR should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net income, because it excludes the rent expense associated with our triple net operating leases for real estate assets used in the operations of our casino properties.
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First Quarter 2026 Results
The following table presents, for the periods indicated, certain revenue and income items:
| Successor | Predecessor | |||||||||||||||||||||||||||
| (in millions) | Three Months Ended March 31, 2026 | Period from February 8, 2025 to March 31, 2025 | Period from January 1, 2025 to February 7, 2025 | |||||||||||||||||||||||||
| Total revenue | $ | 755.7 | $ | 368.7 | $ | 220.5 | ||||||||||||||||||||||
| Income (loss) from operations | 91.6 | (1.8) | (20.8) | |||||||||||||||||||||||||
| Net (loss) income | (160.9) | 34.5 | (51.0) | |||||||||||||||||||||||||
The following table presents, for the periods indicated, certain income and expense items expressed as a percentage of total revenue:
| Successor | Predecessor | |||||||||||||||||||||||||||
| Three Months Ended March 31, 2026 | Period from February 8, 2025 to March 31, 2025 | Period from January 1, 2025 to February 7, 2025 | ||||||||||||||||||||||||||
| Total revenue | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||
| Gaming and non-gaming expenses | 47.2 | % | 44.1 | % | 47.4 | % | ||||||||||||||||||||||
| General and administrative | 41.8 | % | 43.5 | % | 51.9 | % | ||||||||||||||||||||||
| Gain on sale-leaseback | (14.0) | % | — | % | — | % | ||||||||||||||||||||||
| Depreciation and amortization | 12.9 | % | 12.9 | % | 10.1 | % | ||||||||||||||||||||||
| Total operating costs and expenses | 87.9 | % | 100.5 | % | 109.4 | % | ||||||||||||||||||||||
| Income (loss) from operations | 12.1 | % | (0.5) | % | (9.4) | % | ||||||||||||||||||||||
| Other (expense) income: | ||||||||||||||||||||||||||||
| Interest expense, net | (14.5) | % | (14.0) | % | (12.3) | % | ||||||||||||||||||||||
| Other non-operating expense, net | (19.3) | % | (2.4) | % | (1.1) | % | ||||||||||||||||||||||
| Total other expense, net | (33.8) | % | (16.5) | % | (13.4) | % | ||||||||||||||||||||||
| Loss before income taxes | (21.7) | % | (17.0) | % | (22.8) | % | ||||||||||||||||||||||
| (Benefit) provision for income taxes | (0.4) | % | (26.3) | % | 0.3 | % | ||||||||||||||||||||||
| Net (loss) income | (21.3) | % | 9.4 | % | (23.1) | % | ||||||||||||||||||||||
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Note: Amounts in table may not subtotal due to rounding.
Segment Performance
During the first quarter of 2025, the Company moved a component of the North America Interactive operating segment into a separate operating segment, which is reported in the Corporate & Other category. In the fourth quarter of 2025, the Company further updated its operating and reportable segments in connection with the Intralot Transaction. These changes were made to better align with the Company’s strategic growth initiatives and how its chief operating decision maker evaluates performance and allocates resources. Prior period reportable segment results and related disclosures have been conformed to reflect the Company’s current reportable segments.
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The following table sets forth certain financial information associated with results of operations:
| Successor | Predecessor | |||||||||||||||||||||||||||
| (in thousands, except percentages) | Three Months Ended March 31, 2026 | Period from February 8, 2025 to March 31, 2025 | Period from January 1, 2025 to February 7, 2025 | |||||||||||||||||||||||||
| Revenue: | ||||||||||||||||||||||||||||
| Gaming | ||||||||||||||||||||||||||||
| Casinos & Resorts | $ | 300,698 | $ | 178,534 | $ | 95,984 | ||||||||||||||||||||||
| Bally’s Intralot B2C | 239,132 | 107,736 | 74,849 | |||||||||||||||||||||||||
| North America Interactive | 51,025 | 27,509 | 14,934 | |||||||||||||||||||||||||
| Total Gaming revenue | 590,855 | 313,779 | 185,767 | |||||||||||||||||||||||||
| Non-gaming | ||||||||||||||||||||||||||||
| Casinos & Resorts | 79,030 | 48,317 | 28,315 | |||||||||||||||||||||||||
| Bally’s Intralot B2B | 73,956 | 4,883 | 3,720 | |||||||||||||||||||||||||
| Bally’s Intralot B2C | 806 | 131 | 416 | |||||||||||||||||||||||||
| North America Interactive | 9,431 | 48 | 2,007 | |||||||||||||||||||||||||
| Corporate & Other | 1,644 | 1,536 | 273 | |||||||||||||||||||||||||
| Total Non-gaming revenue | 164,867 | 54,915 | 34,731 | |||||||||||||||||||||||||
| Total revenue | $ | 755,722 | $ | 368,694 | $ | 220,498 | ||||||||||||||||||||||
| Operating costs and expenses: | ||||||||||||||||||||||||||||
| Gaming | ||||||||||||||||||||||||||||
| Casinos & Resorts | $ | 116,555 | $ | 64,515 | $ | 37,637 | ||||||||||||||||||||||
| Bally’s Intralot B2C | 108,051 | 44,437 | 33,335 | |||||||||||||||||||||||||
| North America Interactive | 50,256 | 24,571 | 17,022 | |||||||||||||||||||||||||
| Total Gaming expenses | $ | 274,862 | $ | 133,523 | $ | 87,994 | ||||||||||||||||||||||
| Non-gaming | ||||||||||||||||||||||||||||
| Casinos & Resorts | $ | 43,735 | $ | 24,840 | $ | 16,240 | ||||||||||||||||||||||
| Bally’s Intralot B2B | 33,178 | — | — | |||||||||||||||||||||||||
| Bally’s Intralot B2C | 161 | 1,140 | 16 | |||||||||||||||||||||||||
| North America Interactive | 4,531 | 2,565 | 68 | |||||||||||||||||||||||||
| Corporate & Other | — | 564 | 202 | |||||||||||||||||||||||||
| Total Non-gaming expenses | $ | 81,605 | $ | 29,109 | $ | 16,526 | ||||||||||||||||||||||
| General and administrative | ||||||||||||||||||||||||||||
| Casinos & Resorts | $ | 181,550 | $ | 92,005 | $ | 63,503 | ||||||||||||||||||||||
| Bally’s Intralot B2B | 26,974 | — | — | |||||||||||||||||||||||||
| Bally’s Intralot B2C | 47,354 | 20,123 | 16,818 | |||||||||||||||||||||||||
| North America Interactive | 12,909 | 3,029 | 5,512 | |||||||||||||||||||||||||
| Corporate & Other | 47,259 | 45,234 | 28,568 | |||||||||||||||||||||||||
| Total General and administrative | $ | 316,046 | $ | 160,391 | $ | 114,401 | ||||||||||||||||||||||
| Margins: | ||||||||||||||||||||||||||||
| Gaming expenses as a percentage of Gaming revenue | 47 | % | 43 | % | 47 | % | ||||||||||||||||||||||
| Non-gaming expenses as a percentage of Non-gaming revenue | 49 | % | 53 | % | 48 | % | ||||||||||||||||||||||
| General and administrative as a percentage of Total revenue | 42 | % | 44 | % | 52 | % | ||||||||||||||||||||||
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The three months ended March 31, 2026 (successor) compared to the successor period from February 8, 2025 to March 31, 2025 and the predecessor period from January 1, 2025 to February 7, 2025.
Total Revenue
The following table sets forth certain financial information associated with revenue:
| Successor | Predecessor | |||||||||||||||||||||||||||
| (in thousands) | Three Months Ended March 31, 2026 | Period from February 8, 2025 to March 31, 2025 | Period from January 1, 2025 to February 7, 2025 | |||||||||||||||||||||||||
| Gaming | $ | 590,855 | $ | 313,779 | $ | 185,767 | ||||||||||||||||||||||
| Hotel | 29,654 | 18,713 | 11,006 | |||||||||||||||||||||||||
| Food and beverage | 33,633 | 20,254 | 11,304 | |||||||||||||||||||||||||
| Technology Services | 58,905 | — | — | |||||||||||||||||||||||||
| Licensing | 3,011 | 4,883 | 3,720 | |||||||||||||||||||||||||
| Retail, entertainment and other | 39,664 | 11,065 | 8,701 | |||||||||||||||||||||||||
| Total revenue | $ | 755,722 | $ | 368,694 | $ | 220,498 | ||||||||||||||||||||||
Total revenue for the Successor three months ended March 31, 2026 increased 28%, from $589.2 million for the Predecessor period from January 1, 2025 to February 7, 2025 and successor period from February 8, 2025 to March 31, 2025. Increases in total revenue from the Predecessor period from January 1, 2025 to February 7, 2025 and Successor period from February 8, 2025 to March 31, 2025 are primarily driven by the revenue additions from Queen, beginning on February 8, 2025, and the Intralot entities, beginning October 8, 2025, contributing $68.5 million and $95.2 million, respectively, to the Successor three months ended March 31, 2026.
Gaming and Non-gaming Expenses
During the Successor three months ended March 31, 2026, gaming and non-gaming expenses grew proportionally relative to total revenue. The expenses for the Predecessor period from January 1, 2025 to February 7, 2025 and Successor period from February 8, 2025 to March 31, 2025 amounted to $267.2 million. This growth in expenses compared to the prior year is primarily due to the changes in revenue year over year.
General and Administrative
General and administrative expense for the Successor three months ended March 31, 2026 compared to the Predecessor period from January 1, 2025 to February 7, 2025 and Successor period from February 8, 2025 to March 31, 2025, increased 15% or $41.3 million, from $274.8 million. These increases were mainly attributable to additional costs for the Queen properties and Intralot entities of $26.6 million and $34.3 million, respectively, offset by a $25.0 million decrease in costs associated with the Merger compared to the prior year.
Depreciation and Amortization
Depreciation and amortization expense for the Successor three months ended March 31, 2026 increased $27.6 million from $69.8 million compared to the Predecessor period from January 1, 2025 to February 7, 2025 and Successor period from February 8, 2025 to March 31, 2025. Changes year over year are primarily due to a $28.1 million increase in expense attributable to our Intralot business, partially offset a decrease in depreciation expense related to the assets sold as part of the Bally’s Twin River sale-leaseback with GLPI in the first quarter of 2026.
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Income (Loss) From Operations
Income from operations was $91.6 million for the Successor three months ended March 31, 2026, compared to Loss from operations of $22.6 million for the Predecessor period from January 1, 2025 to February 7, 2025 and Successor period from February 8, 2025 to March 31, 2025. Changes year over year are primarily due to a $105.8 million Gain on sale-leaseback in the Successor three months ended March 31, 2026.
Other Income (Expense)
Other Expense was $255.7 million for the Successor three months ended March 31, 2026, compared to $90.4 million for the Predecessor period from January 1, 2025 to February 7, 2025 and Successor period from February 8, 2025 to March 31, 2025. The increase of $165.4 million year over year is primarily due to a $63.4 million Loss on Extinguishment of Debt and $104.3 million Loss on fair value of fair value option assets in the Successor three months ended March 31, 2026, compared to $17.4 million Loss on Extinguishment of Debt and $5.5 million gain on fair value of fair value option assets in the Predecessor period from January 1, 2025 to February 7, 2025 and Successor period from February 8, 2025 to March 31, 2025.
Provision (Benefit) for Income Taxes
During the three months ended March 31, 2026 (Successor) and the period from February 8, 2025 to March 31, 2025 (Successor), the Company recorded a benefit for income tax of $3.2 million and $97.1 million, respectively. For the period from January 1, 2025 to February 7, 2025 (Predecessor), the Company recorded a provision of $0.7 million. The effective tax rate for the three months ended March 31, 2026 (Successor), the period from February 8, 2025 to March 31, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor) was 2.0%, 155.2% and (1.3)%, respectively.
As of March 31, 2026 (Successor), the Company projects an annual tax benefit relative to its pre-tax loss offset in part by the valuation allowance on interest and a $13.3 million discrete provision on the benefit of the Bally’s Twin River sale-leaseback during the three months ended March 31, 2026 (Successor).
Net Loss
Net loss attributable to Bally’s Corporation for the three months ended March 31, 2026 (Successor) was $161.9 million compared to a combined net loss of $16.5 million for the Predecessor period from January 1, 2025 to February 7, 2025 and Successor period from February 8, 2025 to March 31, 2025. This fluctuation from the prior year was attributable to the factors noted above.
58
Adjusted EBITDA and Adjusted EBITDAR by Segment
The following table presents segment Adjusted EBITDAR, which is our reportable segment GAAP measure and our primary measure for profit or loss for our reportable segments, and consolidated Adjusted EBITDA. The following table reconciles consolidated Adjusted EBITDA, which is a non-GAAP measure, to net income (loss), as derived from our financial statements:
| Successor | Predecessor | |||||||||||||||||||||||||||
| (in thousands) | Three Months Ended March 31, 2026 | Period from February 8, 2025 to March 31, 2025 | Period from January 1, 2025 to February 7, 2025 | |||||||||||||||||||||||||
| Adjusted EBITDAR | ||||||||||||||||||||||||||||
| Casinos & Resorts | $ | 96,196 | $ | 71,540 | $ | 23,554 | ||||||||||||||||||||||
| Bally’s Intralot B2B | 15,116 | 4,883 | 3,720 | |||||||||||||||||||||||||
| Bally’s Intralot B2C | 87,092 | 43,312 | 25,220 | |||||||||||||||||||||||||
| North America Interactive | (7,137) | (2,345) | (5,661) | |||||||||||||||||||||||||
| Corporate & Other | (12,336) | (9,703) | (6,774) | |||||||||||||||||||||||||
Next expected filings
- ~2026-08-15 10-Q expected by 2026-08-16 (in 2 days)
- ~2026-11-16 10-Q expected by 2026-11-17 (in 95 days)
- ~2027-05-22 10-Q expected by 2027-05-23 (in 282 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-08-05 8-K Material Agreement Entered; Financial Statements and Exhibits
- 2026-06-11 8-K Material Agreement Entered; Financial Statements and Exhibits
- 2026-05-28 S-8 Employee Benefit Plan Registration
- 2026-05-18 8-K Earnings Release; Financial Statements and Exhibits
- 2026-05-18 10-Q Quarterly Report
- 2026-05-08 DEFA14A Additional Proxy Materials
- 2026-04-20 10-K/A Annual Report (Amended)
- 2026-03-23 10-K Annual Report
- 2026-03-16 8-K Earnings Release; Financial Statements and Exhibits
- 2026-02-17 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 2026-02-12 8-K Other Events; Financial Statements and Exhibits
- 2026-02-02 8-K Officer/Director Change; Other Events; Financial Statements and Exhibits
- 2025-12-08 8-K Other Events; Financial Statements and Exhibits
- 2025-11-12 10-Q Quarterly Report
- 2025-11-10 8-K Earnings Release; Financial Statements and Exhibits