Results strong in Vicksburg, Kansas City, and the Queen Baton Rouge
Bally’s Corp generated revenue of $663.7m in its third quarter, an increase of 5.4 per cent year over year with casinos and resorts revenue of $396.1m, up 12.1 per cent year over year with UK online revenue growing eight per cent, while international interactive revenue of $215.1m fell by 6.9 per cent year over year.
Casino revenue rose due to the addition of four regional gaming properties from Queen earlier in 2025. While several properties continued to experience the impact of new market entrants in the last 12 months, in particular, Shreveport, Evansville and Dover, Bally’s casinos that operate in a stable competitive environment outpaced market revenue growth in the third quarter. Adjusted EBITDAR results were particularly strong at our properties in Vicksburg, Kansas City, and the Queen Baton Rouge, where the 2023 landside relocation continues to drive market share gains and Adjusted EBITDAR. the company will complete the landside conversion of Bally’s Baton Rouge (former Belle of Baton Rouge) in the fourth quarter and expect material improvement at that property in 2026.
Robeson Reeves, Bally’s Chief Executive Officer, commented: “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. We announced in October that Intralot S.A. completed its acquisition of Bally’s International Interactive business for €2.7bn, comprised of €1.530bn cash paid to Bally’s and 873.7m new Intralot shares issued to Bally’s. Following the closing, Bally’s became the majority shareholder of Intralot with a 58 per cent ownership interest. Importantly, we allocated a portion of the cash proceeds from the transaction to pay down approximately $1.3bn of secured debt and outstanding revolver balances.
“The combination of Bally’s International Interactive and Intralot created a global iGaming and lottery champion with enhanced scale, diversification, and a highly complementary product offering across B2G, B2B and B2C channels. Intralot is now one of the largest listed companies on the Athens Stock Exchange, and the combined entity is expected to generate approximately €1.1bn in annual revenue. With industry-leading EBITDA margins in excess of 39 per cent, driven by operational synergies, cross-market opportunities, and continued data-driven innovation, Intralot is superbly positioned to unlock significant cross-selling opportunities and drive growth and long-term value creation.
“Following the closing of the Intralot transaction, in October, we implemented cost-savings programs focused on driving efficiencies and improved profitability across the enterprise. This reorganization initiative primarily focused on optimizing Corporate and Casinos & Resorts overhead and expenses and we anticipate more than $15m in annual savings beginning in the current quarter.
“Domestically, construction remains in full swing at our permanent gaming and entertainment destination resort in Chicago. The resort – the only casino within Chicago’s city limits, will feature approximately 3,400 slots, over 170 table games, a 500-room hotel tower, a 3,000-seat theater, various food and beverage venues and a river-side public park. We are proud to be working with Bally’s partners at Gaming and Leisure Properties (Nasdaq: GLPI), to benefit from GLPI’s decades of casino construction and development expertise and to bring the project to completion. In October, we received the first funding from GLPI under the Chicago Development Agreement of $125.4 million.
“In September, the Bally’s Bronx Community Advisory Committee approved our application for Bally’s proposed $4.0 billion casino, a 16-acre integrated resort with approximately 3,500 slot machines and 250 table games, a 500-room hotel and a 2,000-person event center. This proposal represents the largest private investment in the borough’s history, with the potential to generate meaningful economic benefits and significant job creation in the community. Bally’s is now one of three remaining applicants for up to three downstate New York state gaming licenses with a decision anticipated by year’s end. We are both excited for, and committed to, the opportunity to serve the Bronx community.
“Last month, we announced plans to develop Bally’s Las Vegas on the former Tropicana site, sharing a 35-acre campus with the Las Vegas Athletics. This once-in-a-generation opportunity to redefine the heart of the Strip will create a landmark experience that only Las Vegas can deliver, featuring a mix of sports, casino, dining, and immersive entertainment with direct access to the ballpark.
“In summary, with Bally’s 2.0, and now Intralot, we have created a scaled, global omni-channel provider of retail and online experiences by expanding globally as a gaming, lottery and entertainment operator. We continue to demonstrate strategic and prudent use of our capital resources to drive growth and returns for our stakeholders. Combined with our operational expertise and long-term vision, we are eagerly and aggressively pursuing the many growth opportunities before us.”
Third quarter 2025 International Interactive revenue demonstrated continued strength in Bally’s U.K. operations. UK online revenue rose eight per cent (4.2 per cent in constant currency) versus the third quarter of 2024, driven by continued strong player monetization and additional revenue driving initiatives, such as the launch of a sports betting offering. Overall, International Interactive revenue declined 6.9 per cent, reflecting last year’s divestiture of the Asia interactive business.
Revenue for Bally’s North America Interactive segment of $49.9m rose 13.1 per cent year over year reflecting growth in Rhode Island as the market continues to ramp up, strong performance in online sports betting and the contribution of the interactive portion of Queen.
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Results strong in Vicksburg, Kansas City, and the Queen Baton Rouge Bally’s Corp generated revenue of $663.7m in its third quarter, an increase of 5.4 per cent year over year with casinos and resorts revenue of $396.1m, up 12.1 per cent year over year with UK online revenue growing eight per cent, while international interactive…
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