Bally's Corporation Announces Preliminary Fourth Quarter and Full Year 2025 Results

Bally's Corporation ((", Bally', s", , NYSE:BALY) today reported preliminary financial results for the fourth quarter and full year ended December 31, 2025.

Preliminary Fourth Quarter 2025 Results and Recent Operating Highlights

• Company-wide revenue of $746.2 million increased 28.6% year over year
• Casinos & Resorts revenue of $366.2 million increased 12.9% year over year with results benefiting from The Queen Casino & Entertainment ("Queen") transaction completed in February 2025
• Bally's Intralot B2C revenue of $236.5 million, up 13.9% year over year driven by growth in UK and Spain, as well as the addition of Intralot's B2C business
• North America Interactive revenue of $62.3 million, up 55.4% year over year reflecting iGaming and sports wagering revenue growth
• In October, Intralot S.A. ("Intralot") completed the acquisition of Bally's International Interactive business for €2.7 billion consisting of cash and stock consideration
  • The combined company, Bally's Intralot S.A. ("Bally's Intralot", ATHEX: BYLOT), is a global iGaming and lottery leader
  • Bally's has a 58% controlling interest of Bally's Intralot and consolidates its financial results
• In December, Bally's Baton Rouge opened its new landside entertainment complex following the $160 million renovation of the former Belle of Baton Rouge
  • The downtown venue features a 242-room hotel, new dining options, and a renovated gaming area, replacing the previous riverboat operation
• In December, The New York State Gaming Commission awarded Bally's a license to build a casino resort in Ferry Point Park in The Bronx
  • Bally's plans to build a $4 billion casino and entertainment complex featuring 3,500 slot machines, 210 table games and a 500-room hotel, adjacent to its existing Jack Nicklaus-designed golf course
• In February, Bally's entered into a new $1.1 billion credit facility due 2031 and completed the previously announced sale and leaseback of the real estate assets of its Lincoln Casino Resort to GLP Capital L.P.
  • The Company used cash on hand from the Intralot transaction, as well as a portion of the proceeds from the new term loan facility and the Lincoln Casino Resort sale leaseback transaction to fully repay its previously outstanding $1.47 billion term loan due 2028

Preliminary Results and Form 10-K Extension

The Company will file an extension for the filing of its Annual Report on Form 10-K for the year ended December 31, 2025. Accordingly, we are announcing preliminary results for the year, which are based on currently available information and are subject to revision as management completes its internal review. Actual results may differ from these preliminary financial results and other financial information due to the completion of our internal procedures, the audit of our financial statements, final adjustments and other developments that may arise between now and the time the results are finalized. Further disclosures will be included in the Form 12b-25 filed with the Securities and Exchange Commission.

Summary of Preliminary Financial Results

Bally's combined its International Interactive Business and Intralot on October 8, 2025, creating Bally's Intralot, a global leader in iGaming and lottery. Bally's has a 58% controlling interest in Bally's Intralot and its results are consolidated in Bally's consolidated financials following the transaction. With the inclusion of Intralot, the Company has realigned its operations into four reportable segments: Casinos & Resorts, Bally's Intralot B2B, Bally's Intralot B2C, and North America Interactive. Prior period results have been recast to reflect the current segment presentation. Bally's Intralot B2B includes Bally's Intralot's global lottery operations and the Company's licensing business. Bally's Intralot B2C includes the International Interactive European iGaming and online sports betting operations, a retail casino in Newcastle, and other B2C businesses, primarily Intralot's sports betting operations in Turkey. Intralot is a public company and its financial results for reporting periods prior to the transaction are available on Bally's Intralot's website.

Total revenue from legacy Intralot consolidated by Bally's in the fourth quarter following the transaction was $98.2 million of which $76.5 million was in the B2B segment and $21.8 million was in the B2C segment.

Robeson Reeves, Bally's Chief Executive Officer, commented, "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.

"Domestically, we have made substantial progress on Bally's Chicago – the only casino in the city limits of Chicago and the largest in the state of Illinois. The permanent casino will feature approximately 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.

"In December, the New York State Gaming Commission issued a Gaming Facility License to develop Bally's Bronx. Bally's Bronx is a $4.0 billion integrated casino resort project, the largest private development in the borough's history. Expected to open by 2030, it is anticipated to be a 16-acre attraction with 3 million square feet of gaming facilities, a 500-room hotel, a 2,000-person event center and a cultural destination. We are both excited for and committed to the Bronx project, which is a tremendous opportunity for the local community, with over $765 million of community benefits and thousands of jobs.

"We continue to move forward with our development of Bally's Las Vegas on the former Tropicana site, sharing a 35-acre campus with Major League Baseball's Las Vegas Athletics. This multi-phased project will feature an exciting mix of sports, casino, retail, dining, and immersive entertainment experiences with over 500,000 square feet of space and direct access to the ballpark. With construction already underway to support the A's 2028 season opening, Bally's Las Vegas is set to redefine the retail, dining and entertainment experience in the heart of the Strip.

"In 2025, we expanded our retail holdings internationally with an investment in The Star Entertainment Group (ASX: SGR, "Star"), Australia's second largest gaming operator with three casinos that had come under distress. In the fourth quarter, following confirmation of suitability by Australian regulators, Bally's converted its loan to Star into a 38% equity interest. With a proven track record of revitalizing underperforming businesses, Bally's is excited to lend its expertise to Star and contribute to its successful turnaround as a leading operator in the Asia-Pacific region.

"On the digital interactive side, we became the majority shareholder of Bally's Intralot and created a global iGaming and lottery champion with enhanced scale, diversification, and a highly complementary product offering across B2C, B2G and B2B channels.

"In summary, our strategic initiatives of the past year have created a scaled, growing, global omni-channel provider of retail and online experiences. 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."

Preliminary Fourth Quarter Financial Review

Fourth quarter 2025 Casinos & Resorts revenue of $366.2 million rose 12.9% year over year, primarily reflecting the addition of four regional gaming properties from Queen earlier in 2025, partially offset by new competition in Shreveport, Evansville and Dover. Casinos & Resorts Segment Adjusted EBITDAR grew 5.6% year over year to $85.3 million reflecting the fourth quarter 2025 revenue increase, partially offset by elevated competition and the allocation of approximately $2.2 million of additional shared services costs from Corporate to Casinos & Resorts to better align with our business structure (for the full year 2025, approximately $14.6 million additional shared services costs were allocated from Corporate to Casinos & Resorts). Properties operating in stable competitive environments continued to grow year over year in the fourth quarter, with particularly strong Adjusted EBITDAR improvements at Lincoln and Bally's Baton Rouge (previously Belle of Baton Rouge), which had the grand opening of its $160 million landside conversion in December.

Fourth quarter 2025 Bally's Intralot B2C revenue demonstrated continued strength in our U.K. operations. U.K. online revenue rose 6.3% in constant currency versus the fourth quarter of 2024, driven by a large increase in new player volumes as well as continuing momentum in sports betting. In November, the United Kingdom announced an increase in remote gaming duty effective April 2026. As a strong operator with high margins, our Bally's Intralot B2C segment is well positioned to mitigate the impact of this change and take market share, and our UK iGaming revenue growth in the fourth quarter already outpaced that of our closest competitors. Revenues in Spain also grew 6.3% year over year in constant currency, supported by improved long-term retention and an increase in sports-led new players. Year over year growth in the B2C segment was further supported by the inclusion of Intralot's B2C operations in the fourth quarter of 2025, partially offset by the divestiture of the Asia interactive business in October 2024 that generated $14.1 million of revenue in the fourth quarter of 2024 which was included in Bally's Intralot B2C segment (for the full year 2024, the divested Asia interactive business generated $170.1 million of revenue which was included in Bally's Intralot B2C results).

Bally's Intralot B2B segment includes Intralot's B2B and B2G operations, following the completion of the Intralot transaction. Prior year fourth quarter revenue and Segment Adjusted EBITDAR represent a royalty cash flow stream related to the Asia interactive business following its divestiture in October 2024.

Revenue for our North America Interactive segment of $62.3 million rose 55.4% year over year in the fourth quarter and recorded positive Segment Adjusted EBITDAR of $0.8 million compared to a negative Segment Adjusted EBITDAR in the prior year of $10.2 million. This material improvement reflects strong growth across both iGaming and sports betting. Strategic initiatives implemented by our new North America Interactive leadership team focused on customer experience, AI, and automation are bearing the positive results we anticipated while positioning the business for continued growth.

Reconciliation of GAAP Measures to Non-GAAP Measures

To supplement the financial information presented on a generally accepted accounting principles ("GAAP") basis, Bally's has included in this earnings release non-GAAP financial measures for consolidated Adjusted EBITDA and Segment Adjusted EBITDAR, which exclude certain items described below. The reconciliations of these non-GAAP financial measures to their comparable GAAP financial measures are presented in the tables appearing below.

"Adjusted EBITDA" is earnings, or loss, for Bally's, or where noted Bally's reportable segments, before, in each case, interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, acquisition and other transaction related costs, share-based compensation, and certain other gains or losses as well as, when presented for Bally's reporting segments, an adjustment related to the allocation of corporate costs among segments.

"Segment Adjusted EBITDAR" is Adjusted EBITDA (as defined above) for Bally's reportable segments, plus rent expense associated with triple net operating leases for the real estate assets used in the operation of the Bally's casinos and the assumption of the lease for real estate and land underlying the operations of the Bally's Lake Tahoe property. For the International Interactive, North America Interactive, and Other segments, Segment Adjusted EBITDAR and segment Adjusted EBITDA are equivalent due to a lack of triple net operating lease for real estate assets used in those segments.

Management has historically used consolidated Adjusted EBITDA and Segment Adjusted EBITDAR when evaluating operating performance because Bally's believes that these metrics are necessary to provide a full understanding of Bally's core operating results and as a means to evaluate period-to-period performance. Management also believes that consolidated Adjusted EBITDA and Segment Adjusted EBITDAR are measures that are widely used for evaluating operating performance of companies in Bally's industry and a principal basis for valuing such companies as well. Adjusted EBITDAR is used outside of our financial statements solely as a valuation metric. Management believes Adjusted EBITDAR is an additional metric traditionally used by analysts in valuing gaming companies subject to triple net leases since it eliminates the effects of variability in leasing methods and capital structures. Consolidated Adjusted EBITDA and segment Adjusted EBITDAR should not be construed as alternatives to GAAP net income as an indicator of Bally's performance. In addition, Adjusted EBITDA or Segment Adjusted EBITDAR as used by Bally's may not be defined in the same manner as other companies in Bally's industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies.

About Bally's Corporation

Bally's (NYSE:BALY) is a fast-growing global entertainment brand with 19 casinos across 11 US states and one casino in Newcastle, UK, along with a golf course in New York and a horse racetrack in Colorado. Bally's also owns Bally Bet, a first-in-class sports betting and iGaming platform licensed in 14 jurisdictions in North America. Bally's holds a majority interest in Bally's Intralot S.A. (ATHEX: BYLOT), a leading lottery solutions supplier and gaming operator active in 39 jurisdictions globally. Bally's casino operations include approximately 17,700 slot machines, 630 table games, and 3,950 hotel rooms. Bally's also has rights to developable land in Las Vegas at the site of the former Tropicana Las Vegas, has been awarded a license to build a full-scale casino and resort in The Bronx, New York and is developing an integrated destination resort in Chicago, Illinois. Bally's has approximately 10,800 employees across the world, recognized for their innovation, energy, and dedication to creating thrilling gaming experiences.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intend," "plan" and "will" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by Bally's in this press release, its reports filed with the Securities and Exchange Commission ("SEC") and other public statements made from time-to-time speak only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for Bally's to predict or identify all such events or how they may affect it. Bally's has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include those included in Bally's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by Bally's with the SEC. These statements constitute Bally's cautionary statements under the Private Securities Litigation Reform Act of 1995.

Supplemental Unaudited Condensed Combined Financial Information

The supplemental unaudited financial information below combines the historical results of operations of Bally's and Queen for the periods presented and has been prepared to reflect the merger as if they had occurred on January 1, 2024.

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