Bally’s Corporation opened 2025 with a mixed performance, as growth in some areas was offset by lower international returns due to strategic exits. The company also made new investments aimed at future expansion and operational efficiency.
Good to know
- Bally’s Q1 2025 revenue dropped 4.7% to $589.2 million.
- UK online and North America Interactive both showed year-over-year growth.
- Bally’s invested AUD $200 million in Australia’s Star Entertainment Group.
Bally’s posted $589.2 million in revenue for the first quarter, down from the same period in 2024. That decline came mostly from its International Interactive segment, which saw revenue fall 18.3% to $191.7 million. The drop was largely linked to Bally’s decision in 2024 to exit the Asian interactive market.
However, other business areas moved in the opposite direction. Casino & Resorts generated $351.2 million in Q1 revenue, marking a 2.6% rise, while North America Interactive brought in $44.5 million—an increase of 12.5% from a year earlier.
When excluding the Asian business exit, International Interactive revenue actually grew 7.7% year-over-year, and UK online operations rose 4.9%, showing strength in the regulated European markets where Bally’s is now focusing.
Adjusted earnings and segment outlook
The Casino & Resorts segment reported adjusted EBITDAR of $95.1 million for the quarter, growing 6.3% from the previous year. In contrast, International Interactive posted a 7.7% drop in adjusted EBITDAR, ending the quarter at $77.1 million. Bally’s explained that its European operations remain a core focus, offering reliable growth and solid margins.
U.S. expansion and new regional properties
Bally’s recently completed transactions with The Queen Casino & Entertainment and Standard General. These moves added four new regional gaming properties to its portfolio.
CEO Robeson Reeves said the company is now blending best practices from Bally’s legacy venues with those from Queen’s operations. He explained that these efforts are aimed at streamlining costs, increasing top-line growth, and boosting margins across the board.
“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 and positioned the Company for compelling long-term growth as we added four regional gaming properties with attractive growth opportunities,” Reeves said.
Investment in Australia’s Star Entertainment
Bally’s has also made a strategic move into the Australian market. In Q1, the company confirmed a capital investment of AUD $200 million into Star Entertainment Group, which operates properties in Sydney, Brisbane, and the Gold Coast.
Reeves broke down the investment, explaining that it includes both a multi-tranche convertible note and subordinated debt. If converted, Bally’s could end up holding a 38% stake in the company. $67 million of the total has already been funded, with the remainder awaiting various approvals.
“The opportunity to take a significant equity stake in Star and influence its future is consistent with Bally’s historical operating strategy,” Reeves added. “We are confident and optimistic that, similar to past situations, we can deploy our disciplined operating and financial practices to strengthen Star and create new value for Bally’s shareholders.”
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