Logo

BALY

Bally's Corporation

BALY

Bally's Corporation • NYSE
$17.45 ▲ 3.01% (+0.51)
Market Cap $721.78 M
52w High $22.41
52w Low $8.46
Dividend Yield 0%
P/E -0.96
Volume 78.79K
Outstanding Shares 49.16M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $663.716M ▲ $262.601M ▼ $-102.912M ▲ -15.505% ▲ $6.63 ▲ $106.31M ▼
Q2-2025 $657.534M ▲ $369.93M ▼ $-228.436M ▼ -34.741% ▼ $-3.76 ▼ $126.259M ▲
Q1-2025 $618.482M ▲ $408.182M ▲ $-173.914M ▼ -28.119% ▼ $-3.61 ▼ $93.222M ▲
Q4-2024 $580.365M ▼ $344.879M ▼ $-85.789M ▲ -14.782% ▲ $-1.77 ▲ $85.468M ▲
Q3-2024 $629.974M $501.393M $-247.855M -39.344% $-5.1 $-129.709M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $239.913M ▲ $7.555B ▼ $7.033B ▼ $521.547M ▼
Q2-2025 $174.567M ▼ $7.794B ▲ $7.152B ▲ $630.078M ▼
Q1-2025 $264.682M ▲ $7.492B ▲ $6.683B ▲ $796.486M ▲
Q4-2024 $171.233M ▼ $5.86B ▼ $5.829B ▼ $30.902M ▼
Q3-2024 $190.975M $6.406B $6.172B $233.415M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-102.912M ▲ $-88.609M ▼ $-72.158M ▲ $181.212M ▲ $-990K ▲ $-139.342M ▼
Q2-2025 $-228.436M ▼ $16.798M ▲ $-142.755M ▼ $105.622M ▼ $-23.779M ▼ $-32.167M ▲
Q1-2025 $-16.508M ▲ $-38.185M ▼ $-38.494M ▼ $112.061M ▲ $33.428M ▲ $-85.066M ▼
Q4-2024 $-85.789M ▲ $37.821M ▲ $288.916M ▲ $-363.548M ▼ $-49.285M ▼ $-16.759M ▲
Q3-2024 $-247.855M $36.479M $-103.479M $15.906M $-43.81M $-67.887M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Casino
Casino
 $490.00M ▲$310.00M ▼$560.00M ▲$540.00M ▼
Food and Beverage
Food and Beverage
 $30.00M ▲$20.00M ▼$30.00M ▲$40.00M ▲
Hotel
Hotel
 $30.00M ▲$20.00M ▼$30.00M ▲$40.00M ▲
Licensing
Licensing
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Retail Entertainment And Other
Retail Entertainment And Other
 $0 ▲$10.00M ▲$20.00M ▲$40.00M ▲
Product and Service Other
Product and Service Other
 $20.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Bally’s has grown into a much larger company than it was a few years ago, but the business is not yet consistently profitable. Revenue has increased several times over since 2020 and then flattened out more recently, suggesting that the easy growth phase from acquisitions and expansion may be behind them for now. At the operating level, the core business can generate a healthy margin before overhead, but company‑wide costs, marketing, development, and other expenses are high. That has pushed operating results back into a loss after a brief period of modest profit. After interest and other non‑operating items, Bally’s has reported net losses every year, with the most recent year showing a particularly large loss per share. Cash-style earnings (often captured by EBITDA) are positive but relatively thin compared with the size of the revenue base. Overall, the income statement tells a story of a company that has successfully scaled its top line but is still struggling to turn that scale into steady, bottom‑line profitability.

Balance Sheet

Balance Sheet The balance sheet is heavily tilted toward debt. Bally’s now controls a sizable asset base, reflecting its casinos, technology platforms, and acquired businesses. However, this has been funded largely with borrowed money rather than shareholder equity. Equity has been shrinking and is now very small compared with total assets. That means there is only a thin cushion to absorb future losses or write‑downs. Cash on hand is modest, especially relative to the level of debt. In practical terms, this balance sheet structure increases financial risk. The company is more sensitive to interest costs, refinancing conditions, and any downturn in earnings. It also has less flexibility to make big new investments without either taking on more debt, raising equity, or selling assets.

Cash Flow

Cash Flow Bally’s is generating positive cash from operations, which is an important strength. The business does bring in cash from customers after paying day‑to‑day operating costs. However, investment spending has been consistently heavy, especially on property development and technology, so free cash flow has generally been negative. This means the growth and transformation of the company have been funded largely by external capital rather than by surplus cash from the existing business. If capital spending remains high while profits stay under pressure, that pattern could continue. The path to a healthier cash profile would involve either stronger operating cash flow, lower investment spending, or both. Until then, the company remains dependent on borrowing, asset sales, or other financing to support expansion and balance sheet needs.

Competitive Edge

Competitive Edge Bally’s is trying to stand out in a crowded gaming and sports betting market by positioning itself as an integrated, “one‑stop” ecosystem that ties together physical casinos, online sports betting, and digital casino games. Its advantages include control over key technology platforms, a broad but still growing physical footprint, and a powerful media partnership that puts the Bally’s brand in front of sports fans through regional sports networks. The loyalty program that connects in‑person and online play is designed to keep customers inside the Bally’s universe. On the other hand, competition is intense. In online sports betting and iGaming, Bally’s faces much larger, better‑funded rivals that spend heavily on marketing and promotions. In land‑based casinos, it competes with both major national chains and strong regional players. Its smaller scale and heavier debt load may make it harder to match competitors on marketing and product breadth over long periods, so execution on its differentiated omni‑channel strategy is critical.

Innovation and R&D

Innovation and R&D Innovation is one of the clearer bright spots. Bally’s has invested heavily in building its own technology stack through acquisitions like Bet.Works and Gamesys, giving it control over its sports betting and iGaming platforms instead of relying on third parties. This enables features such as a single account and wallet across products, integrated loyalty and rewards, and more personalized offers based on customer data. The planned evolution of its betting app (“Bally Bet 2.0”) and expansion of iCasino content are central to this push. The partnership with Sinclair’s sports networks gives Bally’s a unique way to blend live sports, interactive content, and betting, potentially lowering customer acquisition costs if used effectively. Recent moves to sell international online assets and refocus on North America simplify the story and free up management attention, but also reduce geographic diversification. The innovation strategy has clear potential, but its financial payoff depends on user adoption, regulatory trends, and how well Bally’s can keep up with rapid product improvements from larger rivals.

Summary

Bally’s is in the middle of a major transformation: from a smaller regional casino operator into a technology‑enabled, omni‑channel gaming company with both physical and digital reach. The strategy is ambitious and creatively designed, with clear strengths in technology ownership, brand visibility through media, and integration of land‑based and online experiences. Financially, however, the picture is more strained. The company has succeeded in scaling revenue but has not yet converted that into reliable profits. Losses have persisted, leverage is high, and free cash flow has been negative due to substantial investment spending. The balance sheet now has a thin equity cushion and meaningful debt, increasing the importance of steady cash generation and disciplined capital use. Future outcomes hinge on execution: turning its tech and media assets into profitable customer growth, completing large projects like Chicago on time and on budget, and gradually shifting from debt‑funded expansion toward self‑funded growth. The opportunity is significant, but so are the financial and competitive risks, and the company has limited room for prolonged missteps given its current capital structure.

NEWS

November 10, 2025 · 4:15 PM UTC

Bally's Corporation Reports Third Quarter 2025 Results

Read more

November 3, 2025 · 4:15 PM UTC

Bally's Corporation to Report 2025 Third Quarter Results After Market Close on November 10

Read more

October 9, 2025 · 10:45 AM UTC

Bally's Corporation and Intralot S.A. Complete Intralot's Acquisition of Bally's International Interactive Business for €2.7 Billion

Read more

October 7, 2025 · 6:38 AM UTC

Bally's Corporation Selects iPost to Power Email Marketing Across 14 Properties

Read more

September 30, 2025 · 7:00 AM UTC

Bally's Corporation Announces Increase to Its Revolving Credit Facility Commitments

Read more