Bally’s Corp recently released its latest 10-Q report. The company describes itself as a gaming, hospitality, entertainment and technology operator with 20 casinos globally, including properties in the UK and 11 U.S. states, plus a golf course in New York and horse racetracks in Colorado and Wyoming. It also operates Bally Bet Sportsbook & Casino, holds a majority interest in Bally’s Intralot, and has development rights tied to Las Vegas, The Bronx and Chicago.
In Item 2, Bally’s says its business remains exposed to construction risk, integration risk, regulatory constraints, and pressure from inflation, higher interest rates and supply-chain disruptions. The filing specifically points to unexpected costs and other events affecting Bally’s Chicago and Bally’s New York, along with difficulties integrating completed acquisitions and realizing expected benefits. The company also flags risks from the digital shift in gaming, including iGaming and sports betting, where it says competition is intense and the market is changing quickly.
Bally’s says consolidated Adjusted EBITDA and segment Adjusted EBITDAR are the key measures it uses to manage performance and determine management compensation. It also says these metrics are used by investors, creditors and analysts to assess operating strength, debt service capacity and valuation, especially because the company uses triple-net leases in parts of its casino portfolio.
For the second quarter, Bally’s reported revenue of $792.2 million, up from $657.5 million a year earlier. The company posted an operating loss of $34.0 million, compared with a $2.4 million loss in the prior-year quarter, and a net loss of $164.0 million versus $228.4 million a year earlier.
For the first six months of 2026, revenue totaled $1.548 billion, compared with $1.026 billion in the comparable 2025 period. Bally’s reported income from operations of $57.6 million for the half-year, versus a $4.2 million loss in the prior-year period, while net loss widened to $324.8 million from $193.9 million.
By segment, Casinos & Resorts generated $311.4 million of gaming revenue in the quarter, up from $305.9 million a year earlier, and $89.6 million of non-gaming revenue, up from $87.5 million. Bally’s Intralot B2C produced $242.9 million of gaming revenue, up from $195.9 million, while Bally’s Intralot B2B contributed $79.5 million of non-gaming revenue, compared with $7.0 million a year earlier. North America Interactive posted $53.8 million of gaming revenue, down from $55.9 million, and $12.3 million of non-gaming revenue, up from $0.6 million.
On the cost side, total gaming expenses rose to $316.3 million from $242.0 million, and total non-gaming expenses increased to $84.1 million from $48.0 million. General and administrative expense was $334.2 million in the quarter, compared with $172.5 million a year earlier, with Bally’s Intralot B2B accounting for $44.1 million of that total after having no comparable expense in the prior-year quarter.
The company also says it updated its reportable segments in the fourth quarter of 2025 following the Intralot transaction agreement dated July 18, 2025. Its current reporting structure now consists of Casinos & Resorts, Bally’s Intralot B2B, Bally’s Intralot B2C and North America Interactive. The market has reacted to these announcements by moving the company's shares 3.71% to a price of $13.99. Check out the company's full 10-Q submission here.
