Bally's (BALY) Q1 2026 earnings summary

Executive summary

• Total revenue for Q1 2026 was $755.7 million, up 28.3% year-over-year, driven by the integration of Queen, Intralot, and growth across all segments.

• Net loss attributable to shareholders was $161.9 million, compared to a combined net loss of $16.5 million in the prior year period.

• Major development projects advanced, including Bally's Chicago, Bally's Bronx, and Bally's Las Vegas, with significant capital allocations and land acquisitions completed.

• Integration of Bally's International Interactive and Intralot B2C is progressing, with strong UK performance and mitigation plans for increased gaming taxes.

• Strategic initiatives are positioning the company as a global omni-channel provider of retail and online gaming experiences.

Financial highlights

• Gaming revenue was $590.9 million, and non-gaming revenue was $164.9 million for Q1 2026.

• Income from operations was $91.6 million, up from a loss in the prior year, primarily due to a $105.8 million gain on the Twin River sale-leaseback.

• Interest expense, net, was $109.9 million; depreciation and amortization totaled $97.4 million.

• Cash and cash equivalents at quarter-end were $559.3 million, with total assets of $10.93 billion.

• Pro forma combined revenue for Q1 2026 was $755.7 million versus $611.1 million in Q1 2025.

Outlook and guidance

• Management expects to remain in compliance with all debt covenants through the next twelve months, supported by a conditional waiver on leverage ratio covenants.

• Ongoing capital projects include the Chicago Permanent Facility, Bally's New York, and Bally's Las Vegas, with significant capital commitments remaining.

• Economic conditions in operating regions remain stable, supporting confidence in leveraging operational expertise for growth projects.

• Bally's Bronx is expected to open by 2030, with construction underway and significant community benefits anticipated.

• UK gaming tax increase mitigation plan is in place, with robust business performance expected to continue.