olivLaw · US equity research
Bally's Corporation BALY
Hotels & Motels · SIC 7011 · Vertical: Hotels & Motels (SIC 7011)
Bally's Corporation is a global gaming, hospitality, entertainment and technology group operating casinos, iGaming, sports betting and lottery businesses through Bally's Intralot. In the second quarter of 2026 the company reported consolidated revenue growth of 20.5%, to 792.2 million USD, reflecting acquisitions and interactive expansion.
At the close of 04 Nov 2026, Bally's Corporation (BALY) stock was 13.48 USD (+3.69% on the day), with market capitalisation 680.3 m USD, dividend yield 0.74%, beta 1.06, 52-week range 8.84–19.36 USD. Latest reported quarter (Q2 2026): revenue of 792.2 m USD (+20.5% YoY), net income of -146.1 m USD, diluted EPS -2.41 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.6
- neutral
- Bollinger (20, 2)
- 13.05 – 14.11
- in the lower half of the band · %B 0.40 · band width 7.8%
- SMA 50 / 200
- 12.16 / 12.88
- mixed trend
- MACD (12, 26, 9)
- 0.19 / 0.31
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.2% | −1.1% | −1.2 pp | — |
| 3 months | −3.8% | −0.5% | −3.3 pp | — |
| 6 months | +2.4% | +4.4% | −2.0 pp | — |
| Year to date | −18.4% | +12.3% | −30.7 pp | — |
| 1 year | −25.7% | +13.5% | −39.3 pp | +9.5% |
| 3 years | unavailable | +76.4% | unavailable | +9.2% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q2 '25 | Q3 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 618.5 m | 621.7 m | 630.0 m | 580.4 m | 657.5 m | 663.7 m | 755.7 m | 792.2 m |
| Research & development | — | — | — | — | 21.6 m | — | — | 20.3 m |
| SG&A | 248.4 m | 252.4 m | 273.6 m | 269.0 m | 298.2 m | 292.5 m | 316.0 m | 334.2 m |
| Operating income | -74.0 m | 5.6 m | -157.7 m | -32.3 m | -2.4 m | 989.0 k | 91.6 m | -34.0 m |
| Depreciation & amortisation | 159.7 m | 78.8 m | 77.8 m | 63.2 m | 71.7 m | 78.4 m | 97.4 m | 91.7 m |
| Interest expense | 73.1 m | 74.2 m | 80.3 m | 71.7 m | 101.4 m | 110.8 m | 112.5 m | 121.2 m |
| Pre-tax income | -142.5 m | -61.7 m | -281.5 m | -66.8 m | -43.0 m | -147.5 m | -164.1 m | -177.6 m |
| Income tax | 31.4 m | -1.5 m | -33.6 m | 19.0 m | 185.4 m | -41.3 m | -3.2 m | -13.6 m |
| Net income | -173.9 m | -60.2 m | -247.9 m | -85.8 m | -228.4 m | -102.9 m | -161.9 m | -146.1 m |
| Diluted EPS | -3.61 | -1.24 | -5.10 | -1.76 ≈ | -3.76 | -1.70 | -2.69 | -2.41 |
| Operating cash flow | -7.9 m | 47.6 m ≈ | 36.5 m ≈ | 37.8 m | — | — | -145.0 m | -120.9 m ≈ |
| Capex | 28.1 m | 35.7 m | 92.3 m | 44.1 m | 49.0 m | — | 38.9 m | 35.1 m ≈ |
| Share repurchases | 0 | 0 ≈ | 0 ≈ | 0 | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 421.1 m | 437.5 m | 523.6 m | 372.8 m | 1.3 bn | 2.3 bn | 2.4 bn | 2.5 bn |
| Revenue YoY | unavailable | +3.9% | +19.7% | −28.8% | +254.7% | +70.6% | +8.6% | +0.1% |
| Net income | 62.2 m | 71.4 m | 55.1 m | -5.5 m | -114.7 m | -425.5 m | -187.5 m | -567.8 m |
| Net income YoY | unavailable | +14.8% | −22.8% | −110.0% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | 1.56 | 1.87 | 1.46 | -0.18 | -2.31 | -7.32 | -3.51 | -11.71 |
| Diluted EPS YoY | unavailable | +19.9% | −21.9% | −112.3% | unavailable | unavailable | unavailable | unavailable |
| net % | 14.8% | 16.3% | 10.5% | -1.5% | -8.7% | -18.9% | -7.7% | -23.2% |
| Free cash flow | 60.0 m | -19.6 m | 65.9 m | 4.2 m | -14.8 m | 58.7 m | -122.9 m | -85.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 171.2 m USD
- Financial debt
- 3.3 bn USD
- Net debt
- 3.1 bn USD
- Equity
- 30.9 m USD
- Total assets
- 5.9 bn USD
- Debt / equity
- 107.40x
- Current ratio
- 0.66x
- ROE
- -170.3%
- ROA
- -8.9%
- FCF margin
- -3.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 523.6 m | 372.8 m | 1.3 bn | 2.3 bn | 2.4 bn | 2.5 bn | SEC (XBRL)· 17 Mar 2025verified |
| SG&A | 180.4 m | 206.0 m | 597.9 m | 825.7 m | 1.1 bn | 1.0 bn | SEC (XBRL)· 17 Mar 2025verified |
| Operating income | 114.6 m | -18.4 m | 93.4 m | -293.0 m | 104.0 m | -258.3 m | SEC (XBRL)· 17 Mar 2025verified |
| Depreciation & amortisation | 32.4 m | 37.8 m | 144.8 m | 300.6 m | 350.4 m | 379.5 m | SEC (XBRL)· 17 Mar 2025verified |
| EBITDA | 147.0 m ≈ | 19.5 m ≈ | 238.2 m ≈ | 7.6 m ≈ | 454.4 m ≈ | 121.2 m ≈ | SEC (XBRL)· 17 Mar 2025derived |
| Interest expense | 39.8 m | 62.6 m | 117.9 m | 208.2 m | 277.6 m | 310.3 m | SEC (XBRL)· 17 Mar 2025verified |
| Pre-tax income | 75.2 m | -74.8 m | -119.1 m | -454.5 m | -185.7 m | -552.5 m | SEC (XBRL)· 17 Mar 2025verified |
| Income tax | 20.1 m | -69.3 m | -4.4 m | -28.9 m | 1.8 m | 15.3 m | SEC (XBRL)· 17 Mar 2025verified |
| Net income | 55.1 m | -5.5 m | -114.7 m | -425.5 m | -187.5 m | -567.8 m | SEC (XBRL)· 17 Mar 2025verified |
| Diluted EPS | 1.46 | -0.18 | -2.31 | -7.32 | -3.51 | -11.71 | SEC (XBRL)· 17 Mar 2025verified |
| Weighted average diluted shares | 37.8 m | 31.3 m | 49.6 m | 58.1 m | 53.4 m | 48.5 m | SEC (XBRL)· 17 Mar 2025verified |
| Dividend per share | 0.20 | 0.10 | 0.10 | 0.10 | — | — | SEC (XBRL)· 01 Mar 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 182.6 m | 123.4 m | 206.2 m | 212.5 m | 163.2 m | 171.2 m | SEC (XBRL)· 17 Mar 2025verified |
| Receivables | 23.2 m | 14.8 m | 48.2 m | 71.7 m | 70.3 m | 55.5 m | SEC (XBRL)· 17 Mar 2025verified |
| Inventories | 7.9 m | 9.3 m | 11.5 m | 14.2 m | 14.6 m | 19.3 m | SEC (XBRL)· 17 Mar 2025verified |
| Current assets | 245.0 m | 289.0 m | 567.2 m | 522.7 m | 572.3 m | 447.9 m | SEC (XBRL)· 17 Mar 2025verified |
| Property, plant & equipment, net | 510.4 m | 749.0 m | 838.7 m | 1.2 bn | 1.2 bn | 630.7 m | SEC (XBRL)· 17 Mar 2025verified |
| Goodwill | 133.1 m | 187.0 m | 2.1 bn | 1.7 bn | 1.9 bn | 1.8 bn | SEC (XBRL)· 17 Mar 2025verified |
| Intangibles (excl. goodwill) | 110.4 m | 663.4 m | 2.5 bn | 2.0 bn | 1.9 bn | 1.3 bn | SEC (XBRL)· 17 Mar 2025verified |
| Total assets | 1.0 bn | 1.9 bn | 6.6 bn | 6.3 bn | 6.9 bn | 5.9 bn | SEC (XBRL)· 17 Mar 2025verified |
| Accounts payable | 14.9 m | 15.9 m | 87.5 m | 70.1 m | 69.2 m | 85.8 m | SEC (XBRL)· 17 Mar 2025verified |
| Short-term debt | 3.0 m | 5.8 m | 19.5 m | 19.5 m | 19.5 m | 19.5 m | SEC (XBRL)· 17 Mar 2025verified |
| Long-term debt | 680.6 m | 1.1 bn | 3.4 bn | 3.5 bn | 3.6 bn | 3.3 bn | SEC (XBRL)· 17 Mar 2025verified |
| Current liabilities | 89.8 m | 143.2 m | 570.1 m | 755.8 m | 874.8 m | 677.8 m | SEC (XBRL)· 17 Mar 2025verified |
| Total liabilities | 810.5 m | 1.6 bn | 4.9 bn | 5.5 bn | 6.2 bn | 5.8 bn | SEC (XBRL)· 17 Mar 2025verified |
| Equity | 211.4 m | 326.6 m | 1.6 bn | 806.2 m | 635.9 m | 30.9 m | SEC (XBRL)· 17 Mar 2025verified |
Cash flow · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 94.1 m | 19.5 m | 82.8 m | 271.0 m | 188.6 m | 114.0 m | SEC (XBRL)· 17 Mar 2025verified |
| Capex | 28.2 m | 15.3 m | 97.5 m | 212.3 m | 311.5 m | 199.8 m | SEC (XBRL)· 17 Mar 2025verified |
| Free cash flow | 65.9 m ≈ | 4.2 m ≈ | -14.8 m ≈ | 58.7 m ≈ | -122.9 m ≈ | -85.8 m ≈ | SEC (XBRL)· 17 Mar 2025derived |
| Investing cash flow | -38.9 m | -444.8 m | -2.3 bn | -302.9 m | -207.8 m | 97.8 m | SEC (XBRL)· 17 Mar 2025verified |
| Financing cash flow | 48.9 m | 366.4 m | 2.4 bn | 43.2 m | 65.8 m | -287.8 m | SEC (XBRL)· 17 Mar 2025verified |
| Dividends paid | 7.5 m | 3.2 m | 0 | 0 | — | — | SEC (XBRL)· 01 Mar 2023verified |
| Share repurchases | 223.1 m | 33.3 m | 87.0 m | 153.4 m | 99.1 m | 0 | SEC (XBRL)· 17 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 12.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 680.3 m USD
Key indicators
Coverage and freshness
Score by group
13% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.31 – 1.77 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)1.31 – 1.77 (Mid 1.51)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 22.8% | 100 (on a fixed band) | 67% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.9x | 9 (on a fixed band) | 33% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial9/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Bally’s Corporation (BALY). Latest full fiscal year: 2024; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.5 bn USD in 2024; YoY growth 0.1%.
The estimated value range is 1.31–1.77 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 1.51 USD, the price of 13.48 USD leaves a potential of -88.8% (value / price − 1) and a margin of safety of -794.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 22.8%
What contradicts it
- Current ratio: 0.9x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Hotels & Motels (SIC 7011) · same industry (4-digit SIC) · compared with 26 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| HTHTH World Group Ltd | 154.3 bn | 218.4 | 41.5% | 20.1% | +10.5% | +9% / +37% |
| MARMarriott International Inc | 109.4 bn | 42.4 | — | 9.7% | +4.3% | +39% / +110% |
| HLTHilton Worldwide Holdings Inc. | 83.8 bn | 50.8 | — | 13.4% | +7.7% | +32% / +125% |
| IHGInterContinental Hotels Group PLC | 29.0 bn | 36.2 | — | 14.6% | +5.4% | +31% / +124% |
| LVSLas Vegas Sands Corp. | 25.5 bn | 16.7 | 262.8% | 11.8% | +15.2% | −40% / −12% |
| ATATAtour Lifestyle Holdings Limited | 14.5 bn | 63.7 | 50.5% | 16.6% | +41.0% | −9% / +97% |
| WYNNWynn Resorts, Limited | 8.5 bn | 19.7 | — | 6.1% | +0.1% | −36% / −2% |
| MGMMGM Resorts International | 8.3 bn | 12.7 | 26.8% | 3.9% | +1.7% | −7% / −17% |
| CZRCaesars Entertainment, Inc. | 6.0 bn | — | -15.1% | -4.5% | +2.1% | +26% / −34% |
| WHWyndham Hotels & Resorts, Inc. | 5.9 bn | 29.8 | 38.2% | 14.0% | +1.5% | +10% / +4% |
| MLCOMelco Resorts & Entertainment Limited | 5.7 bn | 30.6 | — | 3.6% | +11.3% | −48% / −33% |
| BYDBoyd Gaming Corp | 5.5 bn | 11.7 | 19.6% | 12.3% | +4.1% | −7% / +32% |
| CHHChoice Hotels International Inc | 5.4 bn | 26.7 | 146.5% | 12.7% | +0.8% | +32% / +9% |
| TNLTravel & Leisure Co. | 4.7 bn | 20.7 | — | 5.7% | +4.1% | +13% / +118% |
| PKPark Hotels & Resorts Inc. | 3.4 bn | — | -5.0% | -6.4% | −2.2% | +57% / +14% |
| SHOSunstone Hotel Investors, Inc. | 2.4 bn | 54.7 | 2.8% | 5.3% | +6.0% | +39% / +32% |
| PENNPenn Entertainment, Inc. | 2.3 bn | — | -37.4% | -12.7% | +5.8% | +18% / −29% |
| XHRXenia Hotels & Resorts, Inc. | 2.0 bn | 628.9 | 0.3% | 0.3% | +3.8% | +57% / +79% |
| MCRIMonarch Casino & Resort, Inc. | 2.0 bn | 17.9 | 20.4% | 20.4% | +4.4% | +17% / +80% |
| BALYBally’s Corporation | 680.3 m | — | — | — | +0.1% | −26% / unavailable |
| FLLFull House Resorts Inc | 29.1 m | — | -936.4% | -12.1% | +3.5% | −70% / −84% |
| CNTYCentury Casinos, Inc. | 16.9 m | — | — | -9.6% | −0.5% | −61% / −86% |
| RRRRed Rock Resorts, Inc. | — | 29.1 | 60.8% | 5.8% | +3.7% | −17% / +9% |
| MRNOMurano Global Investments Plc | — | — | -54.7% | -488.8% | +154.6% | −88% / −98% |
| HHyatt Hotels Corporation | — | 98.6 | 5.6% | 2.6% | +6.8% | +16% / +66% |
1- and 3-year price returns: for BALY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Bally's Corporation is a global gaming, hospitality, entertainment and technology group operating casinos, iGaming, sports betting and lottery businesses through Bally's Intralot. In the second quarter of 2026 the company reported consolidated revenue growth of 20.5%, to 792.2 million USD, reflecting acquisitions and interactive expansion.
SWOT
Strengths
- Diversified portfolio of casinos, online platforms and lotteries, with a presence in several countries and a large loyal customer base through the rewards programme.
- Well-known brand in the gaming industry and proprietary technology, including the Vitruvian data and marketing platform.
- Solid growth in the online and international segments in 2026, offsetting relatively flat US casino performance.
Weaknesses
- High debt and financing costs for development projects, which limit financial flexibility.
- Significant net losses in fiscal 2025 and internal control weaknesses reported as material.
- Dependence on local regulation and licences, so the loss of one licence can have knock-on effects.
Opportunities
- Expansion of iGaming and sports betting in states moving to legalise these activities could raise online segment revenue.
- Completing Bally's Chicago and the New York project could open new long-term revenue sources.
- Consolidation of the UK online operator market could offer acquisition opportunities and higher market share.
Threats
- Higher gaming taxes in the UK and other European markets could reduce profit margins.
- Growing competition from Native American casinos and online operators could erode regional market share.
- Cyber and data-protection risks could damage reputation and create legal liability.
Risks
- Debt and project financinghigh
Construction costs and licence payments may require additional financing, and covenants in debt agreements can limit operations.
- Regulation and licensinghigh
Regulators hold broad powers over licences, and failure to meet conditions can lead to suspensions or fines.
- Sensitivity to discretionary spendingmedium
Lower consumer discretionary spending, particularly during inflation, can reduce visits and gaming revenue.
- Acquisition integrationmedium
Integrating Intralot and the planned evoke plc acquisition may bring unexpected costs and delay the anticipated benefits.
- Cybersecurity and datamedium
Security incidents or technology failures could disrupt operations and expose the company to sanctions.
Investment thesis
What would need to be true (bull case)
- Rising revenue in the online and international segments, plus a large loyal customer base, could support the group's expansion if the second-quarter 2026 trend continues.
- Completing the large projects in Chicago, Las Vegas and New York could add long-term revenue sources.
- If the Intralot integration and the evoke plc acquisition go to plan, the group's global scale could improve operating efficiency.
What would break the thesis
- High debt and large construction costs could limit financial flexibility if revenue growth falls short.
- The UK tax increase could continue to pressure B2C margins even as revenue grows.
- Regional and online competition could keep pressure on market share and marketing costs.
What to watch
- Opening of the permanent Bally's Chicago casino and evolution of construction costsearly 2027
- Completion of the evoke plc acquisition and regulatory approvals2027
- Impact of the UK gaming tax increase on B2C segment EBITDARQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The strategy focuses on expanding the integrated casino and interactive platform, optimising the capital structure and pursuing disciplined growth through acquisitions and development projects such as Bally's Chicago, Bally's Bronx and the Las Vegas site 12. The company sees interactive gaming as a significant strategic opportunity and allocates resources to markets where iGaming regulation is expected 1. The Bronx licence and the planned acquisition of evoke plc could change the group's risk and growth profile 3.
Quarterly results show growing diversification: in the second quarter of 2026 Casinos & Resorts generated 401.0 million USD, Bally's Intralot B2C 243.5 million USD and North America Interactive 66.1 million USD 3. The company also announced an intention to acquire evoke plc, a global leader in sports betting and online gaming 3.
Segments
Market context
The US gaming market is dominated by large operators with substantial financial and marketing resources, and the expansion of gaming into new states or through Native American casinos can reduce market share 1. The online market is highly competitive, with thousands of sites and constant pressure on marketing costs 1. In the UK, consolidation among smaller operators has progressed more slowly than the company expected 3.
Demand for entertainment and gaming depends on consumers' disposable income, and inflation or weaker confidence can reduce casino visits and online spending 2. Lottery operators compete for government contracts awarded through lengthy and competitive bidding 1.
Trends
- Legalisation of online gaming in the UStailwind
Regulated expansion of sports betting and iGaming across more states could open new markets for the digital business, although the legislative pace remains uncertain 1.
- Digitalisation of gamingmixed
Migration of customers to online platforms and integrated loyalty programmes can raise customer value, but requires technology investment and exposes the company to cyber risk 12.
- Large development projectsmixed
Completing Bally's Chicago and Bally's Bronx could expand casino capacity in major cities, yet high construction and financing costs may strain the balance sheet 23.
Competitive position
The company faces competition from large gaming operators with greater name recognition and marketing resources, and from Native American casinos that pay lower taxes 1. In online gaming it competes with platforms that use aggressive sign-up bonuses to attract new customers 1.
In lotteries, Bally's Intralot competes with suppliers holding long-term government contracts, and winning or renewing contracts depends on competitive tenders 13. Competition in Atlantic City and East St. Louis weighed on casino revenue in the second quarter of 2026 3.
- Large US casino operators
Gaming companies with greater name recognition and financial resources that compete directly in regional markets 1.
- Native American casinos
Operators that are expanding and benefit from lower taxes, adding competitive pressure in certain states 1.
- Online sportsbook and iGaming operators
International platforms that attract customers through bonuses and aggressive marketing, especially in the UK and Europe 13.
- Lottery and VLT monitoring providers
Companies competing for government lottery and monitoring contracts through competitive tenders 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Oct 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Current report14 Sept 2026Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Current report03 Sept 2026Departure or appointment of officers · Other events
- Quarterly report14 Aug 2026
- Current report14 Aug 2026Results of operations · Financial statements and exhibits
- Current report05 Aug 2026Material agreement · Financial statements and exhibits
- Current report11 Jun 2026Material agreement · Financial statements and exhibits
- Current report20 May 2026Shareholder vote
- Quarterly report18 May 2026
- Current report18 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Bally's Corporation · 23 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Bally's Corporation · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Bally's Corporation · 14 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.