Bally's (BALY) Q3 2025 earnings summary

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.