Second quarter 2026
Filed Aug 14, 2026BALLY’S CORPORATION REPORTS SECOND QUARTER 2026 RESULTS
Consolidated revenue increased 20.5% year-over-year, led by Bally’s Intralot B2C and North America Interactive, but Bally’s Intralot B2C Segment Adjusted EBITDAR declined year-over-year amid the UK gaming tax increase and the company reported $4,506,700 (in thousands) of long-term debt, including current portion.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $792.2 million | – | 20.5% |
| Casinos & Resorts revenueGAAP | $401.0 million | – | 2.0% |
| Bally’s Intralot B2B revenueGAAP | $79,488 (in thousands) | – | – |
| Bally’s Intralot B2C revenueGAAP | $243.5 million | – | 22.3% |
| North America Interactive revenueGAAP | $66.1 million | – | 16.9% |
| Corporate & Other revenueGAAP | $2,184 (in thousands) | – | – |
| Casinos & Resorts Segment Adjusted EBITDARnon-GAAP | $109.6 million | – | 3.4% |
| Bally’s Intralot B2B Segment Adjusted EBITDARnon-GAAP | $21,931 (in thousands) | – | – |
| Bally’s Intralot B2C Segment Adjusted EBITDARnon-GAAP | $64,739 (in thousands) | – | – |
| North America Interactive Segment Adjusted EBITDARnon-GAAP | $3.0 million | – | $0.5 million improvement |
| Corporate & Other Segment Adjusted EBITDARnon-GAAP | $(11,760) (in thousands) | – | – |
| Rated visitation growthother | 4.3% | – | 4.3% |
| U.K. online revenue growth in constant currencyother | 11.6% | – | 11.6% |
| Spain revenue growth in constant currencyother | 15.1% | – | 15.1% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Casinos & ResortsGrowth at Bally’s Baton Rouge and Marquette following landside moves, plus solid growth in Chicago and Quad Cities, partially offset by elevated competition in Atlantic City and East Saint Louis. | $401.0 million | – | 2.0% |
| Bally’s Intralot B2BThe segment includes Intralot’s B2B and B2G operations following completion of the Intralot transaction in the fourth quarter of 2025. | $79,488 (in thousands) | – | – |
| Bally’s Intralot B2CU.K. operations continued to strengthen, Spain delivered constant-currency growth, and the segment benefited from the inclusion of Intralot’s B2C business beginning in the fourth quarter of 2025. | $243.5 million | – | 22.3% |
| North America InteractiveHealthy wagering revenue growth across all verticals and strong momentum across the U.S. and Canada. | $66.1 million | – | 16.9% |
| Corporate & OtherNo revenue driver was provided. | $2,184 (in thousands) | – | – |
What drove it
- Consolidated revenue growth was driven by Bally’s Intralot B2C, North America Interactive, and Casinos & Resorts.
- Casinos & Resorts benefited from the landside moves of Bally’s Baton Rouge and Marquette and strong growth at Bally’s temporary Chicago facility.
- North America Interactive profitability growth outpaced its top-line increase.
- Bally’s Intralot B2C benefited from U.K. organic growth, Spain new-player volumes, and the inclusion of Intralot’s B2C business.
- The company mitigated part of the UK gaming tax impact through top-line growth and disciplined cost reductions.
Concerns
- The gross negative impact of the UK gaming tax change on Bally’s Intralot B2C Segment Adjusted EBITDAR was approximately $39 million in the quarter.
- Bally’s Intralot B2C Segment Adjusted EBITDAR was $64,739 (in thousands), compared with $75,159 (in thousands) in the prior-year period.
- Elevated competition impacted Atlantic City and East Saint Louis.
- The company stated that market consolidation in the UK has not moved as quickly as originally expected.
- Long-term debt, including current portion, was $4,506,700 (in thousands) at June 30, 2026.
- The company is actively raising additional capital for further development and construction of the Bally’s Bronx project.
What to watch
- Bally’s planned marketing reductions in the second half following the UK gaming tax increase.
- Whether U.K. market consolidation materializes post-World Cup and through the fall tax season.
- Progress on regulatory approvals for the proposed acquisition of evoke plc.
- Capital raising and financing progress for the Bally’s Bronx project.
- Construction progress for Bally’s Chicago, which the company targets to open in early 2027.
- Execution on newly awarded and renewed lottery contracts, including Victoria, Chile, Greece, and Ontario.
Balance sheet and cash flow
- Long-term debt, including current portion was $4,506,700 (in thousands) at June 30, 2026, compared with $4,500,657 (in thousands) at December 31, 2025.
- Long-term debt, net of discount and deferred financing fees; excluding current portion was $4,466,723 (in thousands) at June 30, 2026, compared with $4,463,313 (in thousands) at December 31, 2025.
- 2026 Term Loans were $1,109,518 (in thousands) at June 30, 2026.
- Intralot British Term Loan was $530,277 (in thousands) at June 30, 2026.
- Intralot Greek Term Loan was $228,441 (in thousands) at June 30, 2026.
- Revolving Credit Facility was $303,750 (in thousands) at June 30, 2026.
- Intralot Revolving Credit Facility was $74,243 (in thousands) at June 30, 2026.
- Intralot 6.00% Greek Retail Bond due 2029 was $148,487 (in thousands) at June 30, 2026.
- 5.625% Senior Notes due 2029 were $750,000 (in thousands) at June 30, 2026.
- 5.875% Senior Notes due 2031 were $735,000 (in thousands) at June 30, 2026.
- Intralot 6.75% Senior Secured Notes due 2031 were $685,323 (in thousands) at June 30, 2026.
- Intralot Floating Rate Senior Notes due 2031 were $342,661 (in thousands) at June 30, 2026.
- Intralot Supplemental Indenture was $2,368 (in thousands) at June 30, 2026.
- Capital Expenditures were $73,954 (in thousands) for the six months ended June 30, 2026.
- Cash paid for capitalized software was $19,227 (in thousands) for the six months ended June 30, 2026.
- Acquisition of gaming licenses was $502,000 (in thousands) for the six months ended June 30, 2026.
- Cash payments associated with triple net operating leases were $133,561 (in thousands) for the six months ended June 30, 2026.
Analysis
Bally’s reported $792.2 million of consolidated revenue, up 20.5% year-over-year. The growth mix was led by Bally’s Intralot B2C revenue of $243.5 million, up 22.3%, and North America Interactive revenue of $66.1 million, up 16.9%. Casinos & Resorts remained the largest segment at $401.0 million and grew 2.0%, with landside moves in Baton Rouge and Marquette, plus Chicago and Quad Cities growth, offset in part by competitive pressure in Atlantic City and East Saint Louis. The portfolio recorded 4.3% growth in rated visitation.
Profitability trends were mixed across the operating portfolio. Casinos & Resorts Segment Adjusted EBITDAR increased 3.4% year-over-year to $109.6 million despite approximately $1.6 million of additional shared-services cost allocation. North America Interactive generated Segment Adjusted EBITDAR of $3.0 million, a $0.5 million improvement over the prior year, as customer-focused and automation initiatives supported profitable growth. Bally’s Intralot B2B Segment Adjusted EBITDAR was $21,931 (in thousands), while the B2C segment reported $64,739 (in thousands), below $75,159 (in thousands) a year earlier.
The B2C margin pressure reflects the UK gaming tax increase from 21% to 40%, effective April 1, 2026. The company quantified the gross negative impact to B2C Segment Adjusted EBITDAR at approximately $39 million for the quarter and said it offset close to 65% through top-line growth and cost control. U.K. online revenue increased 11.6% in constant currency year-over-year, accelerating from 10.5% in the first quarter, while Spain posted 15.1% constant-currency growth. The company said planned marketing reductions are still to begin in the second half.
Capital needs remain central to the earnings read. Long-term debt, including current portion, was $4,506,700 (in thousands) at June 30, 2026. For the six months ended June 30, 2026, the company reported $73,954 (in thousands) of capital expenditures, $19,227 (in thousands) of cash paid for capitalized software, $502,000 (in thousands) for acquisition of gaming licenses, and $133,561 (in thousands) of triple-net lease payments. The company also stated that it is actively raising additional capital for the Bally’s Bronx project.
No formal financial outlook was provided. Operational milestones include the targeted opening of the permanent Chicago casino in early 2027, anticipated completion of the Las Vegas Athletics stadium before the start of the team’s 2028 season opening, and an expected opening of the Bally’s Bronx integrated casino project by 2030. The company also announced that regulatory approvals are underway for its binding offer to acquire evoke plc, making execution on financing, development, international tax mitigation, and transaction approvals key items for the second half.
Management, verbatim
We delivered solid second quarter results across the enterprise and I am proud of the hard work and dedication of our team members as we move into the next phase of Bally’s omni-channel growth.
Robeson Reeves, Bally’s Chief Executive Officer
North America Interactive was a standout in the second quarter.
Robeson Reeves, Bally’s Chief Executive Officer
We remain firmly on track against the margin management commitments we previously disclosed to investors.
Robeson Reeves, Bally’s Chief Executive Officer
Not in the filing
stated, not guessed- GAAP gross profit and gross margin
- GAAP operating income or loss
- GAAP net income or loss
- GAAP diluted EPS
- Non-GAAP adjusted EPS
- Consolidated Adjusted EBITDA
- Operating cash flow
- Free cash flow
- Cash and cash equivalents balance
- Share repurchases
- Dividends
- Formal forward revenue guidance
- Formal forward gross-margin guidance
- Formal forward operating-expense guidance
- Formal forward tax-rate guidance
- Prior-quarter revenue and Segment Adjusted EBITDAR for the reported segments
- Segment revenue margins
- Percentage year-over-year change for Bally’s Intralot B2B revenue
- Percentage year-over-year change for Corporate & Other revenue
- Percentage year-over-year change for Bally’s Intralot B2B, Bally’s Intralot B2C, and Corporate & Other Segment Adjusted EBITDAR
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.