Bally's Corporation

What they do

Bally's operates Casinos Resorts properties that generate gaming and non-gaming revenue, and it runs Bally's Intralot, which provides B2B and B2C sports betting and online gaming internationally. The North America Interactive segment operates online sports betting and iGaming products in the U.S. and Canada. The company is also developing major projects including Bally's Chicago and the Bally's Bronx integrated casino in New York.

Revenue drivers

• Casinos Resorts — Regional land-based casinos and resorts, the largest segment at $401.0 million of Q2 2026 revenue (about 51% of total), benefiting from the landside moves of Bally's Baton Rouge and Bally's Marquette and the temporary Chicago facility.
• Bally's Intralot B2C — Consumer-facing international online sports betting and gaming, $243.5 million in Q2 2026 (about 31% of revenue), up 22.3% year-over-year driven by UK growth and the addition of Intralot's B2C business.
• North America Interactive — U.S. and Canada online wagering, $66.1 million in Q2 2026 (about 8% of revenue), up 16.9% year-over-year with Segment Adjusted EBITDAR of $3.0 million.
• Bally's Intralot B2B — Business-to-business sports betting and gaming technology and services, $79.5 million in Q2 2026 (about 10% of revenue), up from $7.0 million a year earlier after the Intralot transaction.

Recent performance

Q2 2026 consolidated revenue was $792.2 million, up 20.5% year-over-year, with all four reporting segments growing. Gaming revenue was $608.0 million and non-gaming revenue $184.2 million. The company reported a net loss attributable to Bally's of $146.1 million and a loss from operations of $34.0 million for the quarter, with interest expense, net, of $119.0 million. First-half 2026 revenue was $1,548.0 million and net loss attributable to Bally's was $308.0 million.

Strategy

Management is pursuing omni-channel growth across land-based casinos, international interactive, and North America Interactive. It is building the permanent Bally's Chicago casino, targeting an early 2027 opening, and developing the $4.0 billion Bally's Bronx project in New York, which it expects to open by 2030. Bally's paid a $500 million New York license fee and a $115 million golf course concession contingent payment in the first quarter of 2026, and says it is raising additional capital with interest from potential debt and equity partners. Bally's Intralot announced an agreement in June to acquire evoke plc.

Risks

• Sustained losses and accumulated deficit — Bally's has reported annual net losses every year from 2021 through 2025 and an accumulated deficit of $958.1 million at June 30, 2026.
• Heavy debt and interest burden — Long-term debt, net, was $4.47 billion at June 30, 2026, and Q2 2026 interest expense, net, was $119.0 million, which management identifies as a drag on profitability.
• Large development execution risk — The Chicago and Bronx projects are major capital commitments, and management states it is still actively raising additional capital for the Bronx, with only a non-binding pre-construction loan term sheet and a letter of intent from a potential equity investor disclosed.
• Lease and fixed-cost obligations — Lease liabilities totaled about $2.39 billion at June 30, 2026 ($126.8 million current and $2.27 billion long-term), alongside property and equipment of $703.4 million, reflecting a capital-light but commitment-heavy structure.

Outlook

Management cites second-half 2026 revenue tailwinds domestically and internationally and multiple levers to improve profitability. It targets an early 2027 opening for the permanent Bally's Chicago casino and expects Bally's Bronx to open by 2030. The company says it is in advanced negotiations with potential retail and entertainment partners for the Las Vegas project and continues to raise capital for Bally's Bronx.