Bally’s Corporation has continued to shift its focus from acquisitions to a focus on operational execution as it continues its expansion across North America.
Publishing its preliminary Q4 results, Bally’s reported a 28.6% year-on-year increase in company-wide revenue, which hit $746.2m. The growth in revenue, Bally’s said, was largely driven by the acquisition of new casinos, including its Baton Rouge property.
Casino and resorts revenue rose by 12.9% to $366.2m, largely attributed to the acquisition of four regional gaming properties from Queen Casino & Entertainment earlier in 2025. However, Bally’s noted that this growth was partially offset by new competition in Dover, Evansville and Shreveport.
North America drives the growth
North America was highlighted as a market of particular importance for Bally’s during Q4, with its North America Interactive division generating $62.3m in revenues for the quarter – a 55.4% rise compared to the same period last year.
The improvement to revenues comes after several years of heavy spending as the brand looks to compete with industry heavyweights, such as DraftKings and FanDuel. The final quarter marks the first time that the segment is finally beginning to stabilize, reporting a positive adjusted EBITDAR of $800,000.
While the EBITDAR isn’t the largest amount we’ve ever seen during a trading quarter, it’s an enormous increase when you consider that Bally’s had previously reported a $10.2m loss in Q4 2024.
The reason for the swing into the red is likely due to a number of factors, however the expansion of iGaming in states like New Jersey, Pennsylvania, and Rhode Island has certainly helped provide a welcome boost to bottom-line figures.
With iGaming offering higher margins than sports betting, it’s likely that this could help continue to drive growth for the Bally’s brand going forward.
“Our fourth quarter completed a successful and truly transformational year for Bally’s. In 2025, we reshaped and expanded our portfolio both domestically and internationally, online and in retail, while strengthening our balance sheet and positioning the Company for near- and long-term growth,” commented Robeson Reeves, Bally’s Chief Executive Officer.
Big developments are underway
As Bally’s continues to expand its footprint stateside in 2026, the U.S. market is watching closely to see how its properties in the Bronx, and its Chicago Permanent Resort, will define the company’s outlook going forward.
Back in December 2025, Bally’s was awarded one of the coveted New York downstate licenses. Having recently completed its $157m purchase of the Ferry Point site, formerly a Trump-branded golf course, Bally’s plans to turn the property into an integrated resort with “3,400 slots, over 170 table games, a 500-room hotel tower, a 3,000-seat theater, ten food and beverage venues and a river-side public park” – due to open by 2030.
Meanwhile its Chicago Permanent Resort, one of the company’s most significant domestic developments, continues to remain a point of tension.
As it stands, construction at the former Tribune site is continuing to move vertically, having just hit the 21st floor. However, the opening of the property is unlikely to hit its target date, with Bally’s seeking a 12-month extension to push the permanent opening to September 2027.
The temporary Medinah Temple site is performing adequately but remains the primary revenue generator in that market for now.
Looking forward
Reflecting on its results for 2025, Bally’s noted that strategic initiatives implemented by its North American Interactive leadership team – including a focus on customer experience, AI, and automation – are now starting to bear fruit.
However, despite the positives, the US market continues to remain wary of Bally’s $4.5bn debt load. Bally’s has taken somewhat of an aggressive approach to using “sale-leasback” deals – entering into a new $1.1bn credit facility due in 2031 and essentially selling the land under its casinos such as its Lincoln Casino Resort to raise cash that will be used to fund both the huge construction costs in Chicago and New York.
Proceeds from the Intralot transaction, wherein Intralot bought Bally’s non-North America interactive business in October for €2.7bn (approximately $3bn), will also be used to repay an existing $1.47bn term loan.
“In summary, our strategic initiatives of the past year have created a scaled, growing, global omni-channel provider of retail and online experiences,” continued Reeves. “We continue to demonstrate strategic and prudent use of our capital resources and balance sheet to drive growth and returns for our stakeholders.
“Combined with our operational expertise and long-term vision, we are aggressively pursuing and executing on the many growth opportunities before us.”
