Bally's (BALY) Q2 2026 earnings summary

Executive summary

• Total revenue for Q2 2026 was $792.2 million, up 20.5% year-over-year, driven by the integration of Bally's Intralot entities, strong Intralot B2C and North America Interactive growth, and expansion in European gaming markets.

• Net loss attributable to shareholders was $146.1 million for Q2 2026, an improvement from a $228.4 million loss in Q2 2025.

• Major development projects advanced, including Chicago casino construction and the $4.0 billion Bronx integrated casino, with significant capital invested and additional financing underway.

• The company completed the sale-leaseback of Bally's Twin River for $700 million, recording a $105.8 million gain and using proceeds to reduce debt.

• Strategic acquisition activity included a binding offer to acquire evoke plc, expanding global sports betting and online gaming presence.

Financial highlights

• Q2 2026 revenue: $792.2 million (+20.5% YoY); six-month revenue: $1.55 billion (+24% YoY).

• Q2 2026 net loss: $146.1 million; six-month net loss: $308.0 million.

• Adjusted EBITDA for Q2 2026: $124.0 million; Adjusted EBITDAR: $187.5 million.

• Segment Adjusted EBITDAR for Q2 2026: Casinos & Resorts $109.6 million, Intralot B2C $64.7 million, North America Interactive $3.0 million.

• Cash and equivalents at June 30, 2026: $487.8 million.

Outlook and guidance

• Management is focused on expanding the integrated casino and interactive gaming platform, optimizing capital structure, and executing margin management commitments.

• The company is pursuing financing alternatives to address liquidity and covenant compliance, including asset monetization, equity sale, and new debt.

• Execution in the second half of 2026 is expected to create revenue tailwinds domestically and internationally, with multiple levers to improve profitability.

• Margin management and cost discipline are planned to offset UK tax impacts and support organic growth.

• Substantial doubt exists about the company's ability to continue as a going concern due to liquidity and covenant risks.