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Edge20 Mar 2026
Tetra Pak: The Shape of Innovation
The story of Tetra Pak, the Rausing family, and how a paper tetrahedron gave rise to a company that now delivers almost 180 billion packages a year.
Bally's
Bally's (BALY) investor relations material
Bally's Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary16 Mar, 2026
Executive summary
Preliminary Q4 2025 revenue reached $746.2 million, up 28.6% year-over-year, driven by acquisitions and segment growth.
Full-year 2025 revenue on a pro forma combined basis was $2.68 billion, reflecting the integration of Queen and Intralot.
Major strategic moves included the acquisition of Intralot's B2C business, a controlling stake in Bally's Intralot, and a 38% equity interest in The Star Entertainment Group.
New casino licenses and property developments in New York (Bronx), Chicago, and Las Vegas signal aggressive expansion.
Financial highlights
Q4 2025 Casinos & Resorts revenue: $366.2 million, up 12.9% year-over-year, aided by the Queen acquisition.
Bally's Intralot B2C Q4 revenue: $236.5 million, up 13.9% year-over-year, with strong UK and Spain performance.
North America Interactive Q4 revenue: $62.3 million, up 55.4% year-over-year, with positive Segment Adjusted EBITDAR of $0.8 million.
Q4 Segment Adjusted EBITDAR: Casinos & Resorts $85.3 million (+5.6% YoY), B2C $92.9 million, B2B $17.4 million.
Cash and cash equivalents at year-end: $798.4 million; long-term debt (net): $4.46 billion.
Outlook and guidance
Management expects continued growth from expanded omni-channel operations and new property developments.
Bally's Intralot B2C segment is positioned to mitigate the impact of increased UK remote gaming duty in 2026.
Ongoing investments in Chicago, Bronx, and Las Vegas projects are expected to drive long-term growth.
North America Interactive EBITDAR drivers
Key milestones for major development projects
Star Entertainment turnaround strategy
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Latest events from Bally's
- Q2 revenue up 3% to $622M; net loss $60.2M; merger and Chicago financing announced.BALY
Q2 20242 Feb 2026 - Q3 net loss of $247.9M on $630M revenue; Interactive up 54.5%; merger and carve-out announced.BALYQ3 202416 Jan 2026
- Shareholders to vote on merger offering $18.25/share cash or rollover, with closing expected Q1 2025.BALYProxy Filing1 Dec 2025
- Shareholders to vote on a merger offering $18.25/share or rollover, with major governance changes.BALYProxy Filing1 Dec 2025
- Shareholders to vote on a merger offering $18.25/share cash or rollover, with Standard General to gain control.BALYProxy Filing1 Dec 2025
- Annual meeting to vote on directors, auditor, executive pay, and expanded equity plan.BALYProxy Filing1 Dec 2025
- Stockholders will vote on a merger amendment introducing Class A Common Stock with conversion rights.BALYProxy Filing1 Dec 2025
- Shareholders to vote on directors, executive pay, and auditor ratification at annual meeting.BALYProxy Filing1 Dec 2025
- Q3 2025 revenue up 5.4% YoY, net loss narrows, Intralot deal reduces debt and funds growth.BALYQ3 202512 Nov 2025
Next Bally's earnings date
Q1 202611 May, 2026
Bally's
Next Bally's earnings date
Q1 202611 May, 2026
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