Bally's (BALY) Q4 2025 earnings summary

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.