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Bally's (BALY) investor relations material

Bally's Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary10 Nov, 2025

Executive summary

  • Completed merger with Queen Casino & Entertainment in February 2025, expanding the casino portfolio and geographic footprint, and enhancing the development pipeline.

  • Closed the sale of the International Interactive business to Intralot for €2.7 billion, resulting in a 58% equity stake in Intralot and significant liquidity for future growth and debt reduction.

  • Revenue reached $663.7 million in Q3 2025, up 5.4% year-over-year, driven by growth in Casinos & Resorts and North America Interactive segments.

  • Focused on integrating acquired assets, investing in strategic growth projects, and expanding omni-channel gaming offerings, including major developments in Chicago, the Bronx, and Las Vegas.

  • Strategic initiatives include cost-saving programs and operational efficiencies.

Financial highlights

  • Q3 2025 revenue increased 5.4% year-over-year to $663.7 million; nine-month revenue up 2% to $1.69 billion.

  • Net loss for Q3 2025 was $106.2 million, an improvement from $247.9 million loss in Q3 2024.

  • Adjusted EBITDA for Q3 2025 was $130.6 million, down from $137.7 million in Q3 2024.

  • Casinos & Resorts segment revenue rose 12.1% year-over-year to $396.1 million, driven by the Queen acquisition.

  • International Interactive revenue declined 6.9% year-over-year to $215.1 million due to the sale of Asian operations.

Outlook and guidance

  • Proceeds from the Intralot transaction used to pay down up to $1.3 billion of secured debt and fully repay the revolving credit facility.

  • Anticipates over $15 million in annual cost savings from reorganization and efficiency programs starting in Q4 2025.

  • Ongoing construction of Bally's Chicago permanent facility, with $900 million of the $1.34 billion commitment remaining.

  • Decision on Bronx casino license expected by year-end; Las Vegas development plans announced.

  • Adjusted EBITDAR for North America Interactive expected to improve in coming quarters due to new leadership and cost management.

Current debt level post-Intralot deal?
What drives North America Interactive profitability?
How to mitigate new market entrant impact?
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Frequently asked questions

Bally's Corporation was incorporated in Missouri in 1952 as Bally Manufacturing Corporation. It is a gaming, hospitality, and entertainment company engaged in casinos and resorts, and online gaming businesses. The company's operations are focused on the Midwest region of the United States. It operates through two segments: Gaming Operations and Other Casino Operations. The Gaming Operations segment offers table games, slot machines, poker, blackjack tournaments, sports book, bingo, pool tables, restaurant and bar concessions, hotel rooms and other forms of entertainment. The Other Casino Operations segment operates high-rise resorts; hotel rooms; retail shops; banquet, convention, meeting and corporate event facilities; parking structures; restaurants and bars; fitness centers; spas; salon centers; golf courses; marina facilities; water park facilities, spa services. Bally's Corporation is based in Providence, Rhode Island.

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