Bally’s Reports Higher Q3 Revenue As Chicago, Bronx And Las Vegas Projects Advance

Bally’s Corporation posted $663.7 million in third-quarter revenue for the period ending September 30, 2025, marking a year-over-year increase as the company continues to advance several high-profile casino developments across the United States.

Good to Know

• Q3 revenue rose 5.4 percent and beat analyst expectations
• Chicago construction continues with support from GLPI
• Bally’s remains in the running for a New York City casino license

Third-quarter revenue landed above analyst forecasts of $632.5 million. Chief Executive Officer Robeson Reeves said construction progress remains steady at the $1.7 billion Bally’s Chicago project, which is partially financed through Gaming and Leisure Properties Inc. Reeves said the project benefits from “GLPI’s decades of casino construction and development expertise.”

Major Development Projects Continue Nationwide

Alongside Chicago, Bally’s is still in the running for one of three available casino licenses in the New York City region. The company’s $4 billion Bronx proposal includes 3,500 slot machines, 250 table games, a 500-room hotel, and a 2,000-seat events center. By comparison, the Chicago project will include 3,400 slot machines, 170 table games, 500 rooms, and a 3,000-seat theater.

Reeves also confirmed plans to redevelop the Tropicana site in Las Vegas into a new Bally’s Las Vegas property, which will share a 35-acre location with the future Las Vegas Athletics stadium.

Segment Breakdown Shows Strong Casinos And Resorts Results

The Casinos and Resorts segment delivered $396.1 million in revenue, a 12.1 percent gain from last year, helped by four new regional properties acquired earlier in 2025 through the merger with Queen Casino and Entertainment. Performance in Vicksburg, Kansas City, and Baton Rouge stood out, while operations in Evansville, Dover, and Shreveport faced strong competition in their markets.

North America Interactive revenue climbed 13.1 percent to $49.9 million, supported by Rhode Island iGaming and online sports betting growth. The segment recorded a negative cash flow of $6 million due to heavier marketing and rising operational costs.

International Interactive revenue fell 6.9 percent to $215.1 million because of the 2024 divestiture of Bally’s Asia operations. Without that sale, the segment would have grown 11.7 percent, with the UK online business rising 8 percent.

Transaction Activity Strengthens Balance Sheet

During the quarter, Bally’s completed a €2.7 billion transaction with Intralot S.A., transferring its international interactive business to the Greek gaming group. Bally’s now holds a 58 percent stake in Intralot and used roughly $1.3 billion of the proceeds to reduce secured debt and revolving credit debt.

The company reported long-term debt of $3.7 billion and cash holdings of $79 million. Bally’s may owe the Trump Organization $115 million within 10 days if its New York City casino plan receives a license award.

A corporate cost-savings initiative is underway and is expected to deliver more than $15 million in annual efficiencies. About this, Reeves said:

“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 continue to demonstrate strategic and prudent use of our capital resources to drive growth and returns for our stakeholders.”

FAQ

How did Bally’s perform in Q3?

Revenue rose 5.4 percent to $663.7 million, beating estimates.

What major projects are underway for Bally’s?

Developments include Bally’s Chicago, a proposed Bronx casino, and the planned redevelopment of the Tropicana site in Las Vegas.

Which segments grew the most?

Casinos and Resorts saw the strongest gains, followed by North America Interactive.

Why did International Interactive decline?

The drop came from the 2024 sale of Ballys Asia. Without that sale, the segment would have shown double-digit growth.

What is Bally’s current debt position?

Long-term debt totals $3.7 billion, with cash of $79 million.

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