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.
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| 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?
Research analysts who have asked questions during Bally's earnings calls.
Chad Beynon
Macquarie
7 questions for BALY
Colin Mansfield
CBRE Institutional Research
6 questions for BALY
Jeffrey Stantial
Stifel Financial Corp.
5 questions for BALY
Jonnathan Navarrete
Northland Capital Markets
4 questions for BALY
Barry Jonas
Truist Securities
2 questions for BALY
David Katz
Jefferies Financial Group Inc.
2 questions for BALY
Jeff Stantial
Stifel Financial Corp.
2 questions for BALY
Ramin Sobhany
Truist Securities
2 questions for BALY
Brandt Montour
Barclays PLC
1 question for BALY
Jordan Bender
JMP Securities
1 question for BALY
| 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 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.
- 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.
- 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.
- 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%.
- 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.
- 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.
- Bally's Corporation secured an extension of $460 million of its revolving credit facility commitments to a new maturity date of October 1, 2028.
- Lenders representing $620 million in commitments consented to the proposed sale and leaseback of the Twin River Lincoln Casino Resort, which is expected to generate $735 million in cash before expenses. Upon completion, 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% pro rata prepayment of term loan and first lien notes. This is expected to reduce combined outstanding balances of term loans and first lien notes from approximately $2.4 billion to $1.94 billion.
- Separately, Bally's is progressing with the €2.7 billion sale of its International Interactive business, expected to close in Q4 2025, with Bally's anticipated to receive approximately €1.5 billion in cash and a pro forma ownership in excess of 60% of Intralot S.A..
- Bally's Corporation entered into a Third Amendment to Credit Agreement on September 11, 2025, extending the maturity of $460 million of its revolving commitments to October 1, 2028.
- The amendment reduces the financial covenant for the first lien net leverage ratio from 5.00:1.00 to 4.50:1.00, with a further reduction to 4.00:1.00 upon the consummation of the Intralot S.A. transaction.
- Revolving lenders holding $620 million of outstanding revolving commitments consented to the proposed sale and leaseback of Twin River Lincoln Casino Resort for $735 million before transaction expenses.
- Within ten (10) business days after the completion of the sale and leaseback transaction, Bally's will be required to permanently reduce $500 million in lender commitments or outstanding secured indebtedness, including a 7.5% reduction in outstanding revolver commitments.
- Bally's Corporation has filed carve-out financial statements for its Bally's International Interactive (BII) business, which is being acquired by Intralot S.A. in a transaction expected to close in the fourth quarter of 2025.
- Upon completion of the transaction, Bally's Corporation is anticipated to become the majority shareholder of Intralot.
- For the year ended December 31, 2024, BII reported net gaming revenue of €685.6 million, marking an 11.7% increase from the previous year.
- BII's net income before taxes for the year ended December 31, 2024, was €224.6 million, and net cash generated from operating activities reached €304.7 million.
- Bally's Corporation's indirect subsidiary, Bally's Chicago Operating Company, LLC, entered into an amended and restated ground lease and a development agreement with GLP Capital, L.P. on July 17, 2025.
- These agreements are for the development of the Bally's Chicago casino and resort.
- GLP has committed to advance up to $940 million for the hard costs of constructing the permanent casino and resort.
- The Chicago Lease Agreement has a 15-year term with potential five-year renewal terms, and rent will be $20.0 million annually plus an annual amount equal to 8.5% of the GLP Development Advances.