Bally’s Corporation (NYSE: BALY) posted preliminary fourth quarter 2025 revenue of $746.2 million, a 28.6% increase year over year, as the completion of its €2.7 billion Intralot acquisition and strong growth across its North America Interactive segment reshaped the company’s financial profile.
The results are preliminary. Bally’s is filing an extension for its annual 10-K report and has flagged that actual figures may differ once the audit is complete.
Full-Year 2025: Pro Forma Revenue of $2.68 Billion
On a pro forma combined basis, which includes Queen Casino & Entertainment results for the full year, Bally’s reported total 2025 revenue of $2.68 billion, essentially flat against $2.68 billion in 2024. The picture changes significantly at the segment level.
Casinos & Resorts generated pro forma revenue of $1.53 billion, down from $1.57 billion in the prior year. Adjusted EBITDAR for the segment fell to $399.8 million from $439.4 million in 2024, reflecting elevated competition at several regional properties including Shreveport, Evansville and Dover.
Properties operating in stable competitive environments performed better. Lincoln and Bally’s Baton Rouge, which opened its $160 million landside entertainment complex in December following the conversion from the former Belle of Baton Rouge riverboat, delivered particularly strong EBITDAR improvements in Q4.
Bally’s Intralot B2C: UK and Spain Drive Organic Growth
The B2C segment, which now includes Bally’s International Interactive operations and Intralot’s consumer-facing business, reported Q4 revenue of $236.5 million, up 13.9% year over year. Pro forma full-year B2C revenue came in at $828.3 million, down from $902.6 million in 2024, though the year-over-year comparison is distorted by the divestiture of the Asia interactive business in October 2024, which contributed $170.1 million to 2024 revenue.
UK online revenue grew 6.3% in constant currency in Q4, driven by increased new player volumes and sustained momentum in sports betting. The company said its UK iGaming revenue growth outpaced that of its closest competitors during the quarter.
Spain posted the same rate of constant currency growth at 6.3%, supported by improved long-term player retention and an increase in sports-led new player acquisition.
The UK Remote Gaming Duty increase to 40%, effective April 2026, is the most immediate headwind for this segment. Bally’s said its high-margin B2C operation is well positioned to absorb the impact and take market share from less profitable competitors.
Pro forma B2C Adjusted EBITDAR came in at $323.0 million for the full year, compared to $329.6 million in 2024.
Bally’s Intralot B2B: A New Segment Emerges
The B2B segment, created following the Intralot transaction, includes Intralot’s global lottery operations and Bally’s licensing business. Q4 revenue was $79.9 million, with total legacy Intralot revenue consolidated by Bally’s in the quarter reaching $98.2 million, of which $76.5 million sat in B2B and $21.8 million in B2C.
Pro forma full-year B2B revenue was $101.1 million with Adjusted EBITDAR of $38.5 million. The segment had minimal prior-year comparables because the Intralot combination only closed in early October 2025.
North America Interactive: Turning Profitable
The standout performer was North America Interactive, which reported Q4 revenue of $62.3 million, up 55.4% year over year. The segment posted positive Adjusted EBITDAR of $0.8 million in the quarter, compared to a loss of $10.2 million in Q4 2024.
Pro forma full-year revenue reached $215.3 million, up from $190.1 million in 2024. The segment still reported a full-year EBITDAR loss of $9.2 million, but that was a significant improvement from the $13.8 million loss in the prior year.
Bally’s attributed the turnaround to strategic initiatives implemented by its new North America Interactive leadership team, focused on customer experience, AI and automation.
Development Pipeline: Bronx, Chicago and Las Vegas
Beyond the financial results, Bally’s laid out a development pipeline that will define its capital allocation for the next several years.
In December, the New York State Gaming Commission awarded Bally’s a licence to build a casino resort at Ferry Point Park in the Bronx. The $4 billion project is expected to open by 2030 and will feature 3,500 slot machines, 210 table games, a 500-room hotel and a 2,000-person event centre. Bally’s said the project represents over $765 million in community benefits.
The permanent Bally’s Chicago casino, the only casino within Chicago city limits, is under construction. The finished property will include approximately 3,400 slots, over 170 table games, a 500-room hotel, a 3,000-seat theatre and ten food and beverage venues.
In Las Vegas, Bally’s is developing the former Tropicana site on a 35-acre campus shared with Major League Baseball’s Las Vegas Athletics, with construction already underway to support the A’s 2028 season opening.
Star Entertainment: 38% Equity Stake Confirmed
Bally’s also confirmed it converted its loan to The Star Entertainment Group (ASX: SGR) into a 38% equity interest during Q4, following regulatory suitability confirmation by Australian regulators. Star, Australia’s second-largest gaming operator, has been under significant regulatory and financial distress.
Balance Sheet and Refinancing
Bally’s ended 2025 with $798.4 million in cash, up from $171.2 million a year earlier, reflecting cash inflows from the Intralot transaction. Total long-term debt stood at $4.5 billion, up from $3.3 billion at end of 2024, with the increase driven by the consolidation of Intralot’s debt facilities.
In February 2026, the company entered a new $1.1 billion credit facility due 2031 and completed the sale-leaseback of its Lincoln Casino Resort to GLP Capital. The proceeds, combined with cash on hand from the Intralot deal, were used to fully repay the $1.47 billion term loan due 2028.
“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.”
Robeson Reeves, CEO, Bally’s Corporation
Capital expenditure for 2025 totalled $184.3 million across the successor and predecessor periods, with an additional $37.8 million in capitalised software costs.
Source: Bally’s Corporation
