Bally’s Corporation concluded 2025 with a surge in revenue, a testament to ambitious expansion despite ongoing investments in its digital ventures. Preliminary figures revealed a fourth-quarter revenue of $746.2 million, a significant 28.6% leap from the $580.4 million reported the previous year.
This impressive growth was fueled by strategic acquisitions of new casinos, consistent gains in North American sports betting and iGaming, and a broadening international online presence. The company is actively reshaping its portfolio, extending its reach across multiple markets.
However, the path to profitability isn’t uniform. While revenue climbed, the North America Interactive division, despite improvement, reported only $0.8 million in adjusted EBITDAR for the quarter – a marked improvement from a $10.2 million loss the year before, but still demonstrating the challenges of achieving substantial margins in the competitive online space.
Corporate expenses also presented a hurdle, resulting in a $15.9 million adjusted EBITDAR loss for the corporate and other segment during the fourth quarter. These costs reflect the significant investment Bally’s is making in its long-term vision.
The bedrock of Bally’s success remains its traditional casino properties. These locations generated $366.2 million in revenue, a 12.9% increase, and a robust $85.3 million in adjusted EBITDAR. This performance was significantly boosted by the recent acquisition of four regional gaming properties.
International online gaming also contributed to the positive momentum. Bally’s Intralot B2C business saw a 13.9% year-over-year revenue increase, reaching $236.5 million, driven by strong performance in the United Kingdom and Spain, and the integration of Intralot’s consumer operations.
Company leadership hailed 2025 as a pivotal year. CEO Robeson Reeves described it as a “transformational year,” emphasizing the reshaping and expansion of the company’s portfolio, both domestically and internationally, alongside a strengthened balance sheet.
A landmark achievement was the completion of a $3 billion transaction merging Bally’s International Interactive business with Intralot, creating Bally’s Intralot – a global iGaming and lottery powerhouse where Bally’s holds a 58% controlling stake.
The company is also heavily invested in physical infrastructure. The recent unveiling of a $160 million redevelopment at Bally’s Baton Rouge, replacing a riverboat casino with a modern hotel and entertainment complex, exemplifies this commitment.
Looking forward, Bally’s holds a license for a $4 billion casino and entertainment complex in the Bronx, and continues development on major projects in Chicago and Las Vegas, signaling a continued commitment to ambitious growth.
While these results are preliminary, and the company has requested an extension for its annual report to complete internal reviews, the overall picture paints a story of significant transformation and strategic investment. Final figures may shift, but the trajectory is clear.
