Bally’s Q3 Revenue Climbs to $664M as Transformation Focuses on US Assets
Bally’s Corporation (BALY) reported consolidated revenue of $663.7 million for the third quarter of 2025, marking a 5.4% increase over the previous year.
The company recorded a consolidated net loss of $106.2 million but achieved a positive operating income of $989 thousand, a major improvement over a $157.7 million operating loss in Q3 2024. This performance reflects the company’s progress on its “Bally’s 2.0” transformation, which is heavily focused on its US-based casino and interactive assets.
Casinos & Resorts Segment Improves Profit
The Casinos & Resorts segment, which includes 19 US casinos, drove the revenue growth. Segment revenue reached $396.1 million, up 12.1% year-over-year.
This increase was primarily driven by the inclusion of newly acquired Queen Casino & Entertainment (Queen) properties.
The segment’s Adjusted EBITDAR improved to $107.9 million, up from $100.4 million in the prior period. However, profitability was partially offset by high competitive pressures in certain markets, notably Shreveport, Evansville, and Dover.
The integration of the Queen properties helped to offset these regional market headwinds.
Digital Business Undergoes Strategic Change
Bally’s digital sector, split between International and North America Interactive, showed strategic reorientation during the quarter.
International Interactive Exits Asia
The International Interactive segment posted revenues of $215.1 million, a 6.9% drop. This decline was mainly due to the company’s divestiture of portions of its Asian interactive business in late 2024. Despite the lower revenue, the segment’s Adjusted EBITDAR grew to $91.9 million (up from $90.0 million) due to a strict focus on cost efficiencies and favorable European currency exchange rates.
CEO Robeson Reeves highlighted a key strategic move: Bally’s entered into a definitive agreement in Q3 to sell the rest of its International Interactive business to Intralot S.A. for approximately €2.7 billion. The transaction, which closed in October 2025, made Bally’s the majority shareholder of Intralot with a 58% ownership stake and provided cash proceeds used to pay down about $1.3 billion in secured debt.
North America Interactive Investment Continues
The North America Interactive segment, which includes Bally Bet sports betting and iGaming platforms, saw revenue climb 13.1% to $49.9 million. This growth was fueled by expanding iGaming presence and the integration of the Queen’s sports business.
The segment recorded an Adjusted EBITDAR loss of $6.0 million, which was similar to the loss in the prior year. The growth in revenue was counterbalanced by higher marketing investments needed to build brand presence and acquire users in the competitive US online betting market.
Major US Development Projects
The company continued to advance key US development projects during the quarter:
- Bally’s Chicago Casino: Bally’s secured development financing through an agreement with GLP in July 2025. GLP committed to providing up to $940 million in advances to cover hard construction costs for the permanent Chicago casino.
- Las Vegas Campus: Plans were approved to develop the 35-acre Las Vegas Athletics ballpark campus on land owned by Bally’s/Tropicana. This development aims to integrate sports, entertainment, and casino operations on the Las Vegas Strip.
Reeves summarized the quarter, stating, “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.”
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