Bally’s Q1 2025 Revenue Dips to $589.2M but Growth Plans Gain Steam

Author: Mateusz Mazur

Date: 14.05.2025

Bally’s Corporation posted $589.2 million in Q1 2025 revenue, down 4.7%, but leaned into casino growth and global bets to fuel its future.

A Mixed Quarter with Big Moves

Bally’s Corporation kicked off 2025 with $589.2 million in revenue, a 4.7% drop from $618.5 million in Q1 2024, stung by the sale of its Asia interactive business.

Despite the dip, the company made bold plays, wrapping up a merger with The Queen Casino & Entertainment and inking a $200 million AUD deal with Australia’s Star Entertainment Group.

“Early in the 2025 first quarter we completed a series of transactions with The Queen Casino & Entertainment and Standard General which has further expanded our scale,” said CEO Robeson Reeves.

Adjusted EBITDAR for the Casinos & Resorts segment climbed 6.3% to $95.1 million, showing strength. But with losses in North America Interactive and a tough international market, Bally’s is hustling to spark growth across its empire.

Casinos & Resorts Hold Strong

The Casinos & Resorts segment, Bally’s bread-and-butter, pulled in $351.2 million, up 2.6% from last year, boosted by four new Queen properties added post-merger.

“C&R segment Adjusted EBITDAR grew 6.3% year over year to $95.1 million reflecting the addition of the Queen properties,” Reeves noted.

The segment’s stability shone through, even as bad weather and new competitors in some markets took a bite. In Rhode Island, marketing savvy offset traffic snarls from bridge construction, keeping players engaged. Bally’s legacy properties outpaced market growth in seven of twelve jurisdictions, a solid win in a competitive field.

The Chicago temporary casino kept fine-tuning operations, building a player base for the permanent site, backed by Gaming and Leisure Properties, set to open later. This segment’s roll proves Bally’s can lean on its land-based roots while chasing digital gains.

Interactive Segments: Ups and Downs

The International Interactive segment, focused on Europe, saw revenue slide 18.3% to $191.7 million, mainly due to the 2024 Asia business sale.

Strip that out, and revenue grew a healthy 7.7%, with the UK up 4.9% and Spain climbing after eased ad rules. “International Interactive revenue demonstrated continued strength in our U.K. operations,” Reeves said, crediting player retention and monetization.

Adjusted EBITDAR dipped 7.7% to $77.1 million, again tied to the Asia exit, but Europe’s regulated markets delivered strong margins.

North America Interactive, home to BallyBet and Bally Casino, grew revenue 12.5% to $44.5 million, fueled by Queen’s interactive arm and Rhode Island’s ramp-up, where online bets soaked up players hit by local traffic woes.

Yet, the segment posted a $6.6 million Adjusted EBITDAR loss, a sore spot as Bally’s tweaks marketing and costs. With BallyBet live in 11 states and iGaming in four, growth is promising but not yet profitable.

Challenges in the Mix

Bally’s faced headwinds in Q1. The 4.7% revenue drop, tied to the Asia sale, clouded an otherwise upbeat story. North America Interactive’s $6.6 million loss highlighted the grind to make digital bets pay off, despite 12.5% revenue growth.

“We continue to focus on productive marketing and optimizing our cost structure,” Reeves emphasized, signaling a push for profitability.

In Casinos & Resorts, weather and new rivals dulled Queen’s gains, while Rhode Island’s traffic issues forced quick marketing pivots. Corporate & Other posted a $17.8 million Adjusted EBITDAR loss, weighing on the bottom line.

Bally’s also skipped full-year Adjusted EBITDAR forecasts, citing tricky items like depreciation, which could leave investors guessing. Macroeconomic noise from trade policies loomed, though Q2 showed stability so far.

Betting on Global Growth

Bally’s didn’t sit still. The Queen merger added four casinos, beefing up its U.S. footprint, while the Chicago permanent casino build chugs along.

The Star Entertainment deal, with $67 million AUD funded in April 2025, could net Bally’s a 38% stake in Australia’s gaming scene, aligning with its playbook of turning around undervalued assets.

“The opportunity to take a significant equity stake in Star and influence its future is consistent with Bally’s historical operating strategy,” Reeves said.

With $611.1 million in pro forma revenue, including Queen, Bally’s is scaling up, betting on its mix of 11-state sports betting, four-state iGaming, and 15 U.S. casinos to drive value.