Bally's (BALY) Company Report

Bally's Corporation (BALY) announced on December 8, 2025, an amended and restated commitment letter, increasing its financing commitments.
The new financing package totals $1.1 billion, comprising a $600 million Initial Term Loan and up to a $500 million Delayed Draw Term Loan.
Proceeds from the Delayed Draw Term Loan are earmarked for New York State casino license fees and related expenses.
The financing, provided by Ares Management Credit funds, King Street Capital Management, and TPG Credit, is anticipated to close in the first quarter of 2026.

Dec 8, 2025, 1:34 PM

8-K

Bally's Secures $1.1 Billion Financing for New York Casino Development

BALY

Debt Issuance

New Projects/Investments

Bally's Corporation has secured a $1.1 billion financing package, comprising a $600 million initial term loan and a $500 million delayed draw term loan, to fund its New York casino development and refinance existing debt.
This financing, backed by private credit firms such as Ares Management Credit and King Street Capital Management, is critical for covering a $500 million licensing fee to obtain a full commercial casino license in New York.
The funds will also support general corporate purposes, including strategic growth in online gaming and resort developments, and are expected to strengthen Bally's financial position by reducing reliance on revolving credit lines.
Completion of the financing is anticipated in early 2026, marking a significant step in Bally's casino portfolio growth in the U.S. and internationally.
A provision in the term loans allows lenders to potentially claim an equity stake in Bally’s New York development, its online arm Intralot, and Australia’s Star Entertainment Group.

Dec 8, 2025, 12:25 PM

Bloomberg

Bally's Reports Q3 2025 Results and Strategic Developments

BALY

Earnings

M&A

New Projects/Investments

Bally's Corporation reported Q3 2025 company-wide revenue of $663.7 million, an increase of 5.4% year over year.
In early Q4 2025, Bally's completed Intralot S.A.'s acquisition of its International Interactive business for €2.7 billion, making Bally's the majority shareholder of Intralot S.A..
The company allocated $1.3 billion from the Intralot transaction proceeds to pay down secured debt and revolver balances.
Bally's implemented cost-savings programs in October 2025, anticipating over $15 million in annual savings.

Nov 10, 2025, 9:26 PM

8-K

Bally's Reports Strong Q3 2025 Revenue Growth and Strategic Divestiture

BALY

Earnings

M&A

New Projects/Investments

Bally's Corporation reported company-wide revenue of $663.7 million for the third quarter ended September 30, 2025, representing a 5.4% increase year over year.
The company completed the sale of its International Interactive business to Intralot S.A. for €2.7 billion, resulting in Bally's becoming the majority shareholder of Intralot S.A. with a 58% ownership interest and enabling the paydown of approximately $1.3 billion of secured debt.
Casinos & Resorts revenue grew 12.1% to $396.1 million, primarily due to the Queen merger, while International Interactive revenue declined 6.9% to $215.1 million due to the Asia interactive business divestiture, though it grew 11.7% excluding this impact.
Bally's is advancing significant development projects, including a permanent gaming and entertainment resort in Chicago, a proposed $4.0 billion casino in the Bronx, and plans for Bally's Las Vegas on the former Tropicana site.

Nov 10, 2025, 9:15 PM

Press Release

Bally's Grants Executive Stock Options and Announces Management Departure

BALY

Executive Compensation

Management Change

Bally's Corporation granted 1,881,000 option rights to CEO Robeson Reeves and 1,254,000 incentive stock options to President George Papanier on October 7, 2025, both with an exercise price of $18.25 per share.
These options will vest partly based on continuous service in three equal annual installments and partly based on continuous service and achievement of performance criteria through March 15, 2027, March 15, 2028, and March 15, 2029.
President George Papanier's employment agreement was extended to December 31, 2028, effective November 1, 2025.
Marcus Glover, Executive Vice President, Global Operations, notified the company of his departure on October 8, 2025.

Oct 14, 2025, 8:42 PM

8-K

Bally's Corporation Completes Sale of International Interactive Business to Intralot S.A.

BALY

M&A

New Projects/Investments

Bally's Corporation announced that Intralot S.A. completed the acquisition of Bally's International Interactive business on October 8, 2025.
The transaction valued Bally's International Interactive at an enterprise value of €2.7 billion.
Bally's received €1.53 billion in cash and €1.136 billion in newly issued Intralot shares, resulting in Bally's becoming the majority shareholder of Intralot with a 58% equity interest.
Bally's intends to allocate at least $1.0 billion of the cash after-tax proceeds for the reduction of its secured debt and a minimum of $200 million to fund the development of its Chicago casino.

Oct 9, 2025, 8:03 PM

8-K

Bally's Completes Sale of Interactive Business, Becomes Majority Shareholder in Intralot

BALY

M&A

New Projects/Investments

Management Change

Bally's Corporation completed the sale of its International Interactive business to Intralot S.A. for €2.7 billion, consisting of €1.53 billion in cash and €1.136 billion in newly issued Intralot shares.
This transaction makes Bally's the majority shareholder in Intralot with a 58% equity stake, creating a combined global iGaming and lottery leader expected to generate approximately €1.1 billion in annual revenue.
Bally's CEO Robeson Reeves will oversee both companies, becoming Intralot’s Chief Executive Officer, to leverage Bally's digital capabilities and Intralot's lottery scale for global expansion.
Bally's plans to use at least $1 billion of the proceeds to reduce secured debt and $200 million to develop its Chicago casino, aiming to enhance liquidity and support strategic growth.

Oct 9, 2025, 4:42 PM

Morningstar

Bally's Corporation and Intralot S.A. Complete Acquisition of Bally's International Interactive Business

BALY

M&A

New Projects/Investments

Intralot S.A. has completed the acquisition of Bally’s International Interactive business for an enterprise value of €2.7 billion.
The acquisition consideration included €1.530 billion in cash paid to Bally's and €1.136 billion in newly issued Intralot shares.
As a result of the transaction, Bally's Corporation now holds a 58% equity interest in Intralot S.A., becoming its majority shareholder.
Bally's intends to allocate at least $1.0 billion of the cash after-tax proceeds to reduce its secured debt and a minimum of $200 million to fund the development of its Chicago casino.
The combined Intralot entity is expected to generate approximately €1.1 billion in annual revenue with EBITDA margins exceeding 39%.

Oct 9, 2025, 2:45 PM

Press Release

Bally's increases revolving credit facility commitments and secures lender consent for asset sale

BALY

Debt Issuance

M&A

Bally's Corporation has increased its revolving credit facility (RCF) commitments to a total of $670 million, with $510 million in the extended maturity tranche due October 1, 2028.
All RCF lenders, representing $670 million in commitments, have consented to the proposed sale and leaseback (SLB) of the Twin River Lincoln Casino Resort to GLPI for $735 million in cash proceeds before transaction expenses and taxes.
Upon completion of the SLB Transaction, Bally's plans to reduce secured debt and credit facilities by an aggregate of $500 million, including a 7.5% permanent reduction of RCF commitments and an approximate 19% reduction of outstanding term loan and first lien notes.
The combined outstanding balances of term loans and first lien notes are expected to decrease from approximately $2.4 billion to $1.92 billion following the SLB Transaction, if similarly ratified by term loan lenders.
Bally's continues to progress on the €2.7 billion sale of its International Interactive business to Intralot S.A., which is anticipated to close during the fourth quarter of 2025.

Sep 30, 2025, 11:00 AM

Press Release

Bally's Corp. Files 8-K with Unaudited Pro Forma Financials for International Interactive Business

BALY

M&A

Earnings

Debt Issuance

Bally's Corp. filed an 8-K presenting unaudited pro forma financial information for the year ended December 31, 2024, and for the six and twelve months ended June 30, 2025, along with a pro forma balance sheet as of June 30, 2025.
The Bally's International Interactive Business (BII) generated total revenues of €726.8 million and Adjusted EBITDA of €301.6 million for the twelve months ended June 30, 2025.
For the six months ended June 30, 2025, BII's revenue increased by 12.7% to €366.2 million and Adjusted EBITDA rose by €31.7 million to €151.9 million compared to the prior year period.
The pro forma financial statements incorporate adjustments for an acquisition and related new debt financings and a share capital increase.