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Bally's Corp (BALY)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 revenue rose 5.4% year over year to $663.7M but modestly missed S&P Global consensus of $668.9M; S&P “Primary EPS” was -$3.85 vs -$0.48 consensus, while GAAP EPS per 10-Q was -$1.70, reflecting higher costs and interest expense and continued losses in North America Interactive . Q3 EBITDA also came in below consensus ($109.2M vs $128.9M)*.
  • Casinos & Resorts grew 12.1% to $396.1M on the Queen merger and solid property performance; U.K. online grew 8.0% YoY; ex-Asia divestiture, International Interactive grew 11.7%. North America Interactive revenue grew 13.1% but remained loss-making (Adj. EBITDAR -$6.0M) .
  • Strategic catalysts: Intralot acquisition of Bally’s International Interactive closed in October for €2.7B; Bally’s now owns 58% of Intralot and used proceeds to repay ~$1.3B of secured/revolver debt; >$15M annual cost-savings program underway; Chicago project received $125.4M funding from GLPI; Bronx application advanced and NY license decision anticipated by year-end .
  • Stock narrative: Debt reduction, majority stake in a high-margin lottery/iGaming leader (Intralot) and cost actions are offsets to near-term EBITDA/EPS miss and NA Interactive losses; execution on Chicago/Bronx and clarity on SLB/deleveraging are potential near-term catalysts .

What Went Well and What Went Wrong

  • What Went Well
    • Casinos & Resorts revenue up 12.1% YoY to $396.1M, aided by Queen assets and outperformance in stable markets (Vicksburg, Kansas City, Queen Baton Rouge) .
    • U.K. online revenue +8.0% YoY (4.2% cc); excluding Asia divestiture, International Interactive revenue +11.7% YoY; segment Adj. EBITDAR up slightly to $91.9M .
    • Strategic execution: Intralot deal closed (€2.7B), Bally’s became 58% owner and paid down ~$1.3B secured/revolver debt; >$15M annual savings initiated; received $125.4M Chicago funding from GLPI .
    • CEO tone: “marked progress across multiple fronts on our transformation to the new Bally’s 2.0” and creation of a “global iGaming and lottery champion” with industry-leading margins .
  • What Went Wrong
    • Modest top-line miss (Q3 revenue $663.7M vs $668.9M consensus)* and EBITDA miss ($109.2M vs $128.9M consensus); S&P “Primary EPS” significantly below consensus (-$3.85 vs -$0.48) .
    • NA Interactive still loss-making (Adj. EBITDAR -$6.0M) despite 13.1% revenue growth; higher marketing and other expenses offset top-line .
    • Competitive headwinds persisted at certain properties (Shreveport, Evansville, Dover) and ~$4M of shared services costs shifted to C&R this quarter (≈$12M YTD allocation) .
    • Balance sheet at quarter-end showed higher net long-term debt ($3.72B) and $393M revolver drawn before Intralot proceeds/debt paydown .

Financial Results

Headline results

MetricQ3 2024Q2 2025Q3 2025
Revenue ($M)$630.0 $657.5 $663.7
GAAP EPS ($/share)——-$1.70

Estimates vs Actual (S&P Global)

MetricConsensusActual
Revenue ($)$668,924,310*$663,716,000*
EBITDA ($)$128,850,000*$109,214,000*
Primary EPS ($)-0.478*-3.8474*

Values retrieved from S&P Global.*

Segment revenue ($M)

SegmentQ3 2024Q2 2025Q3 2025
Casinos & Resorts$353.4 $393.3 $396.1
International Interactive$230.9 $206.1 $215.1
North America Interactive$44.1 $56.5 $49.9
Corporate & Other$1.6 $1.6 $2.7
Total$630.0 $657.5 $663.7

Segment Adjusted EBITDAR ($M)

SegmentQ3 2024Q2 2025Q3 2025
Casinos & Resorts$100.4 $106.0 $107.9
International Interactive$90.0 $82.2 $91.9
North America Interactive-$6.0 $2.5 -$6.0
Corporate & Other-$18.1 -$17.5 -$18.0

Balance sheet and liquidity KPIs

MetricDec 31, 2024Jun 30, 2025Sep 30, 2025
Cash & Cash Equivalents ($M)$171.2 $174.6 $160.7
Revolving Credit Facility Drawn ($M)— $250.0 $393.0
Term Loan Facility ($M)$1,886.7 $1,876.9 $1,872.1
Long-term Debt, net ($M)$3,299.3 $3,561.7 $3,722.6

Additional operating details

  • U.K. online revenue +8.0% YoY (4.2% cc) in Q3; ex-Asia divestiture, International Interactive revenue +11.7% YoY .
  • NA Interactive Adj. EBITDAR -$6.0M (management expects “meaningful” improvement in coming quarters) .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cost-savings programFY 2025 onward—“> $15M annual savings beginning in the current quarter” New
NA Interactive profitabilityNext few quarters—“Expect Adjusted EBITDAR … to improve meaningfully” Directional improvement
Baton Rouge (landsidization of former Belle of Baton Rouge)Q4 2025 completion; 2026 impact—Complete in Q4; “expect material improvement … in 2026” Timing affirmed
Intralot combined metricsPost-close—~€1.1B annual revenue; EBITDA margins >39% at Intralot (combined) New context
Deleveraging plans (SLB Lincoln)Post-SLB—Reduce secured debt/credit facilities by $500M after SLB; revolver commitments increased to $670M and extended to 2028 Plan detailed
Chicago project fundingQ4 2025—Received $125.4M from GLPI under Chicago Development Agreement Liquidity progress

Earnings Call Themes & Trends

Note: A Q3 2025 Bally’s earnings call transcript was not available in our document catalog as of this analysis; themes below reflect management commentary across Q1–Q3 earnings materials.

TopicPrevious Mentions (Q1 2025)Previous Mentions (Q2 2025)Current Period (Q3 2025)Trend
AI/technology & dataEmphasis on “gaming and data technology” with strategic Star investment Continued strength in digital; core U.K. growth “Data-driven innovation” highlighted at Intralot; omni-channel platform; iPost selected to unify digital marketing across 14 casinos Expanding digital/data capabilities
Regional gaming environmentStable, some weather/supply pressures; outpaced market in 7/12 jurisdictions Stable; outpaced markets in 9/15 jurisdictions; noted new competition Stable in many markets; new entrants pressure Shreveport/Evansville/Dover; strong Baton Rouge, Vicksburg, Kansas City Stable core; targeted competitive pressure
International onlineU.K. +4.9% YoY; ex-Asia +7.7% U.K. +8.8% YoY; ex-Asia +10.0% U.K. +8.0% YoY; ex-Asia +11.7% Sustained U.K./EU strength post-divestiture
NA InteractiveRamp in RI; Bally Bet live in 11 states Revenue +21.5%; Adj. EBITDAR + to $2.5M Revenue +13.1%; Adj. EBITDAR -$6.0M; expect improvement Mixed; focus on costs/optimization
Balance sheet/liquidityPost-Queen combination; growing revolver use Revolver drawn $250M; debt $3.56B net Intralot closed; ~$1.3B debt paydown; revolver $393M at Q3; SLB and revolver amendments announced Deleveraging underway post-close
Strategic projectsChicago construction ongoing Chicago progressing Chicago funding $125.4M; Bronx application approved; LV Tropicana site plan announced Visible execution progress

Management Commentary

  • “Our solid third quarter results and recent strategic initiatives highlight further marked progress across multiple fronts on our transformation to the new Bally’s 2.0.”
  • On Intralot: “The combined entity is expected to generate approximately €1.1 billion in annual revenue [with] EBITDA margins in excess of 39% … [and is] superbly positioned to unlock significant cross-selling opportunities and drive growth and long-term value creation.”
  • Cost actions: “We implemented cost-savings programs … and we anticipate more than $15 million in annual savings beginning in the current quarter.”
  • Projects: “Construction remains in full swing at our permanent … resort in Chicago … [received] first funding … of $125.4 million.”
  • Regulatory: “Bally’s Bronx Community Advisory Committee approved our application … Bally’s is now one of three remaining applicants … with a decision anticipated by year’s end.”

Q&A Highlights

  • A Q3 2025 Bally’s earnings call transcript was not available in our document catalog; management’s disclosures are drawn from the 8-K and press releases for Q3 2025 .

Estimates Context

  • Revenue of $663.7M was slightly below S&P Global consensus of $668.9M (miss ~$5.2M); EBITDA of $109.2M missed $128.9M consensus (miss ~$19.6M); S&P “Primary EPS” of -$3.85 missed -$0.48 consensus*. GAAP EPS per 10-Q was -$1.70 .
  • Expectation resets: Continued NA Interactive losses and competitive pressure at several properties may lead to slight downward revisions to near-term profitability assumptions, partially offset by cost-savings and deleveraging tailwinds.*

Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Near-term: Modest revenue miss and sizable EPS/EBITDA shortfall vs S&P consensus were offsets to healthy C&R growth and resilient U.K. online; focus on cost-savings ramp and NA Interactive profitability path could drive estimate stabilization .
  • Strategic: Intralot close transforms Bally’s into a majority owner of a scaled lottery/iGaming platform with high margins; initial ~$1.3B debt paydown is a tangible deleveraging milestone .
  • Projects: Chicago funding received; execution milestones (Baton Rouge landside completion in Q4; expected 2026 improvement) and NY downstate license decision represent visible catalysts .
  • Balance sheet: Revolver increased/extended; SLB of Twin River Lincoln plus Intralot proceeds support further secured debt reduction; monitor pro forma interest and liquidity runway .
  • Segment mix: C&R steady; International online healthy ex-Asia; NA Interactive requires disciplined marketing and cost control to reach profitability .
  • Trading setup: Stock likely keyed to deleveraging cadence, Chicago/Bronx updates, and early evidence of NA Interactive margin improvement; better-than-expected cost realization could be an upside surprise .

Notes on sources: Q3 press release/8-K and prior two quarters’ press releases provide financials and commentary . GAAP EPS from the Q3 10-Q (SEC) . Estimates from S&P Global as noted with asterisks.