Bally’s Corporation posted Q1 2026 consolidated revenue of $755.7 million, up 28.3% year over year, as growth across its UK interactive operations and North American digital segment outpaced margin pressure in Casinos & Resorts.
Segment Performance
Casinos & Resorts generated $379.7 million in Q1 2026, up 8.1% year over year, supported by the addition of The Queen Casino & Entertainment properties acquired in February 2025 and landside openings at Bally’s Baton Rouge in December 2025 and Marquette in February 2026. Strong performance at Chicago and Quad Cities was partially offset by elevated competition in Shreveport and Dover. Segment Adjusted EBITDAR rose 1.2% to $96.2 million, with growth held back by the competition headwinds and approximately $1.6 million in additional shared services costs reallocated from Corporate.
Bally’s Intralot B2C revenue reached $239.9 million, up 31.0% year over year. On a pro forma basis against Q1 2025 — the more like-for-like comparison given the Intralot consolidation timing — revenue rose from $183.1 million. UK online revenue grew 10.5% in constant currency, driven by an increase in new player volumes. Spain delivered 1.7% growth in constant currency. Segment Adjusted EBITDAR reached $87.1 million, up from $68.5 million on a pro forma basis.
The Bally’s Intralot B2B segment, which includes Intralot’s B2B and B2G lottery operations across 39 jurisdictions, generated $74.0 million in revenue with Segment Adjusted EBITDAR of $15.1 million. The segment reported essentially flat EBITDAR year over year despite softer US lottery activity. Results include $7.5 million in negative IFRS-to-US GAAP adjustments related to different accounting treatment of software development costs and leases.
North America Interactive revenue rose 35.9% to $60.5 million, reflecting wagering revenue growth across all verticals. The segment recorded negative Adjusted EBITDAR of $7.1 million, a $0.9 million improvement year over year.
UK Tax Increase and Competitive Positioning
The UK remote gaming duty increase took effect on 1 April 2026. Bally’s said its UK iGaming revenue growth in Q1 outpaced competitors, attributing part of the gain to reduced marketing from weaker operators following the tax change announcement.
CEO Robeson Reeves said the company remained confident in its mitigation plan disclosed in 2025.
“While the higher UK remote gaming duty went into effect on April 1st, our UK business has been robust, and we remain confident in the gaming tax increase mitigation plan we disclosed last year.”
Development Pipeline
Bally’s is advancing three major capital projects across the US. In Chicago, structural steel was completed in April 2026 — the “topping out” milestone of what will be the only casino within Chicago city limits and the largest in Illinois. The permanent facility will include approximately 3,400 slots, over 170 table games, a 500-room hotel tower, a 3,000-seat theater, and ten food and beverage venues.
In New York, Bally’s received its Gaming Facility License from the New York State Gaming Commission for the Bronx project — a $4.0 billion integrated resort the company describes as the largest private development in the borough’s history. During Q1, Bally’s paid the $500 million statutory New York licence fee, committed $115 million in contingent consideration for a golf course concession, and secured approximately 16 acres of parkland. The resort is targeted to open by 2030 and will include a 500-room hotel, a 2,000-seat event centre, and an 18-hole golf course.
Bally’s Las Vegas, on the former Tropicana site co-located with Major League Baseball’s Las Vegas Athletics, is in active development. Construction of the Athletics stadium is underway ahead of a planned 2028 season opening, with Bally’s in active discussions with potential entertainment and retail partners.
Balance Sheet and Star Entertainment
In February 2026, Bally’s entered a new $1.1 billion credit facility due 2031 and completed a sale-and-leaseback of Lincoln Casino Resort’s real estate assets to GLP Capital L.P. The company used proceeds from the Intralot transaction, the new term loan, and the sale-leaseback to fully repay its previously outstanding $1.47 billion term loan due 2028. Long-term debt as of 31 March 2026 stood at $4.4 billion.
Bally’s also holds a 38% equity interest in The Star Entertainment Group, converted from a loan following Australian regulatory suitability confirmation in Q4 2025. In early May, Star completed a full debt refinancing through a US$390 million facility from WhiteHawk Capital Partners, a move Bally’s said substantially increased Star’s liquidity and set the stage for a continued operational recovery.
Source: Bally’s Corporation
