You might also like
Bally's Corporation is a global gaming, hospitality, and entertainment company that operates casinos, resorts, and online gaming platforms. The company provides physical and interactive entertainment experiences, including traditional casino games, iGaming, online bingo, sportsbook, and free-to-play games. Bally's serves customers across the United States, Europe, and Asia, leveraging proprietary technology and strategic acquisitions to expand its offerings.
- Casinos & Resorts - Operates 19 casinos across 11 states in the United States, featuring slot machines, table games, hotel accommodations, restaurants, entertainment venues, and amenities. Includes a horse racetrack and a golf course.
- International Interactive - Offers iCasino and online bingo experiences through Gamesys' European and Asian operations, with significant revenue from the UK and Japan. Includes global licensing activities.
- North America Interactive - Provides sports betting, iGaming, and free-to-play gaming brands, including Bally Bet and Bally Casino. Holds online sports betting licenses in 13 jurisdictions and operates consumer-facing services like SportCaller and Live at the Bike.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
George T. Papanier ExecutiveBoard | President of Bally's Corporation | George T. Papanier is the President of Bally's Corporation since March 31, 2023. He previously served as President and CEO from February 2011 to September 2021 and has been a board director since 2013. | ||
Craig L. Eaton Executive | President, Rhode Island Operations and Corporate Secretary | Craig L. Eaton has been serving as the President, Rhode Island Operations and Corporate Secretary for Bally's Corporation since January 1, 2024. He has over 30 years of experience in legal, regulatory, and business operations and has been with the company since 2005. | ||
Kim M. Barker Executive | Executive Vice President and Chief Legal Officer | Community College of Rhode Island Foundation; Providence Mutual Fire Insurance Company; American Gaming Association; International Association of Gaming Advisors | Kim M. Barker has served as the Executive Vice President and Chief Legal Officer at Bally's Corporation since December 2022 and holds external board roles with several organizations including the Community College of Rhode Island Foundation, Providence Mutual Fire Insurance Company, American Gaming Association, and International Association of Gaming Advisors. | |
Marcus Glover Executive | Executive Vice President and Chief Financial Officer (CFO) | Marcus Glover has over 20 years of experience in the hospitality and gaming industry and has been the Executive Vice President and CFO of Bally's Corporation since May 2023. Prior to joining Bally's, he held senior roles including Chief Strategy Officer at QPSI LLC and executive positions at MGM Resorts and Caesars Entertainment. | ||
Robeson M. Reeves Executive | Chief Executive Officer | Robeson M. Reeves is the Chief Executive Officer of Bally's Corporation since March 31, 2023. He previously served as President of Bally's Interactive Division from October 1, 2021 to March 2023 at the same company. | View Report → |
- Considering the ongoing headwinds in Rhode Island and the persistent challenges from the Interstate 195 bridge disruption affecting Lincoln’s revenue and margins, what specific operational tactics will management deploy to stabilize performance in these markets?
- With the Casino & Resorts segment’s adjusted EBITDAR declining by 15% and margins falling from 33% to 28%, how does management plan to accelerate the efficiency-focused initiatives to reverse these pressures before further competitive challenges emerge?
- Given the current ramp-up at the temporary Chicago facility and the planned commencement of construction for the permanent casino next year, what execution risks do you foresee during the transition phase and how will these be mitigated?
- The North America Interactive segment showed a 55% revenue improvement yet still reported an adjusted EBITDA loss of approximately $11 million; what detailed steps are being taken to achieve positive EBITDA and narrow this loss in the coming quarters?
- With the recent move to separate the Asia and other rest-of-world markets into an independent royalty-based model, what impact do you anticipate this will have on the company’s overall growth trajectory and margin visibility moving forward?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
State of Rhode Island & Delaware | Company’s share of gaming revenue from these states | Gaming | $14.1 million (approx. 22.6% of total accounts receivable of $62.6 million) as of Dec 31, 2024 |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
The Queen Casino & Entertainment Inc. | 2025 | Bally’s executed a merger involving a share exchange (approximately 30.5 million common shares issued at a 2.4537 share ratio) and cash consideration ($18.25 per share for 22.8 million shares, financed partly through $500 million in senior secured notes), expanding its portfolio by adding four casinos and entering the Iowa market, subject to regulatory approvals. |
Bally’s Golf Links at Ferry Point | 2023 | Bally’s acquired this 18‐hole links-style golf course on September 12, 2023, for $52.6 million in cash (net of adjustments) with contingent considerations that could total up to $125 million, aligning with its strategy to diversify the Casinos & Resorts segment while delivering early profitable revenue. |
Casino Secret (BACA Limited) | 2023 | Completed on January 5, 2023, the acquisition of Casino Secret for a total consideration of $49.3 million involved significant intangible assets (including player relationships and trade names) and goodwill to bolster Bally’s International Interactive segment, with notable revenue contributions in subsequent reporting periods. |
Tropicana Las Vegas | 2022 | Bally’s completed the Tropicana Las Vegas acquisition on September 26, 2022 for $148.3 million (with $146.5 million in cash and a 50-year lease agreement for the land), acquiring key intangible assets and positioning itself strategically on the Las Vegas Strip with significant visibility and development opportunities. |
Recent press releases and 8-K filings for BALY.
- Bally's Corp has entered into a binding agreement with The Star Entertainment Group on April 7, 2025, for a strategic investment of AUD 300 million via convertible notes and subordinated debt.
- The transaction is structured in multiple tranches, enabling Bally's to potentially obtain up to 56.7% of The Star’s fully diluted share capital upon conversion.
- The investment aims to support the operational turnaround of The Star, pending further shareholder and regulatory approvals.
- Mira Mircheva has been appointed as Executive Vice President and Chief Financial Officer, subject to regulatory approvals.
- Marcus Glover has been designated as Executive Vice President, Global Operations, indicating a key management change.
- Q4 2024 revenue was $580.4 million, reflecting a 5.1% year-over-year decline, with Casinos & Resorts at $324.4 million.
- International Interactive revenue declined by 9.1% to $214.5 million, while North America Interactive revenue grew by 24.4%.
- The company broke ground on its permanent Chicago casino, completed demolition of a Las Vegas property, and finalized transactions with Standard General and The Queen Casino & Entertainment.
- Merger Completion: On February 7, 2025, Bally's Corp completed its transactions with Standard General and its affiliate The Queen Casino & Entertainment, marking a significant corporate restructuring.
- Transaction Details: The merger involved issuing 30.5 million shares to Queen shareholders and paying $18.25 per share in cash for 22.8 million shares; the cash payment was financed with $500 million in senior secured notes.
- Post-Merger Structure: As a result, Bally's now has 48.4 million shares outstanding with an additional 11.6 million warrants remaining.