Bally’s Reports 21.7% Revenue Growth to $807.6 Million

Bally’s Corporation has reported preliminary revenue of $807.6 million for the third quarter of 2026, representing a 21.7% increase from the same period last year. However, the casino operator has confirmed that it will miss the standard deadline for filing its quarterly financial report for the second consecutive quarter.

In a preliminary earnings release published on November 9, the Providence, Rhode Island-based company said it expects to submit a late-filing notification under Rule 12b-25 and complete its Form 10-Q within the permitted extension period.

The filing provides the US Securities and Exchange Commission (SEC) with quarterly financial statements, including a company’s income statement, balance sheet and cash flow statement, together with management’s analysis of its performance.

Under Rule 12b-25, companies unable to meet the standard reporting deadline can receive an additional five calendar days to submit their quarterly results.

Bally’s previously filed a late-filing notice for its second-quarter report in August, explaining that it needed more time to review its financial statements.

The company did not hold an earnings conference call for the latest results. Its preliminary release also excluded net income, earnings per share, cash flow and balance sheet figures.

Bally’s acknowledged that its third-quarter financial close remains incomplete, meaning the reported figures could change before the final filing.

Intralot Combination Drives Revenue Growth Across Bally’s Business

Much of Bally’s third-quarter revenue increase came from its combination with Intralot, which has significantly changed the group’s business structure and revenue distribution.

Bally’s Intralot B2B revenue increased to $76.6 million, compared with $5.5 million in the corresponding quarter of 2025.

Revenue from the Bally’s Intralot B2C division also grew, rising 22.8% to $257.5 million.

The company attributed the B2C increase to stronger performance in the UK and the addition of Intralot’s consumer-facing operations.

Bally’s Corporation holds a 58% majority interest in Bally’s Intralot, which is also pursuing the acquisition of Evoke, the gambling group behind William Hill and 888.

The proposed £243.1 million all-share takeover is now expected to be completed in 2027.

Elsewhere, Bally’s North America Interactive division recorded a 25.6% increase in revenue to $62.7 million.

The Casinos & Resorts segment generated $408.6 million, representing growth of 3.2% year over year.

That performance was supported by the transition to landside casino operations at Bally’s Baton Rouge and Bally’s Marquette, the acquisition of Sam’s Town Shreveport during the third quarter and contributions from the temporary Bally’s Chicago casino.

Commenting on the results, Bally’s chief executive Robeson Reeves said: “Our development projects remain on track, our execution is improving results across every segment.”

Bally’s Intralot B2C Profit Declines Despite Higher Revenue

Although Bally’s reported revenue growth across its operating divisions, profitability did not increase at the same pace.

The company measures segment performance using Segment Adjusted EBITDAR, which excludes certain expenses, including interest costs.

This distinction is particularly relevant given the financing pressures Bally’s has faced, including the impact of interest expenses on its first-quarter results.

Despite its 22.8% revenue increase, Bally’s Intralot B2C Segment Adjusted EBITDAR declined 10.9%, falling from $86.4 million to $77.0 million.

The division’s profit margin consequently dropped from 41.2% to 29.9%.

Casinos & Resorts reported relatively stable profitability, with Segment Adjusted EBITDAR of $107.8 million, compared with $107.9 million a year earlier.

North America Interactive reduced its segment loss from $6.0 million to $3.2 million, while corporate costs declined from $18.0 million to $14.1 million.

Bally’s did not provide a consolidated Segment Adjusted EBITDAR figure in its preliminary release.

However, combining the results from its five reporting segments, including Casinos & Resorts, Bally’s Intralot B2B, Bally’s Intralot B2C, North America Interactive and Corporate & Other, produces a total of approximately $179.6 million.

That represents an increase of 2.2% from $175.8 million in the third quarter of 2025, considerably below the group’s 21.7% revenue growth.

The combined figure should not be confused with Adjusted EBITDA.

Bally’s Casinos & Resorts EBITDAR excludes rental payments on properties leased under triple-net agreements, where tenants are also responsible for property taxes, insurance and maintenance.

Including those rental expenses would result in a lower profitability measure.

Bally’s Financial Position Remains Under Scrutiny Following Going-Concern Warning

The absence of updated balance sheet figures means investors must continue relying on the company’s most recent complete financial filing to assess its liquidity and debt position.

In its second-quarter Form 10-Q, Bally’s warned that existing financial conditions raised substantial doubt about its ability to continue as a going concern.

As of June 30, 2026, the company held $390.2 million in cash, down from $798.4 million at the end of December 2025.

Over the same period, Bally’s reported $4.51 billion in long-term debt.

The company had also secured a conditional waiver of its net leverage covenant from revolving credit lenders, subject to maintaining a minimum level of liquidity.

Those disclosures highlighted the financial pressures facing the operator as it continued investing in development projects and expanding its business.

Since the second-quarter filing, Bally’s has completed an additional financing arrangement intended to support its development commitments.

$400 Million Financing Supports Bally’s Bronx Casino Development

On October 1, Bally’s completed a financing transaction led by WhiteHawk Capital Partners, securing $400 million in term loans.

The agreement also provides access to a further $160 million through delayed-draw financing.

The transaction followed several months of funding pressure as Bally’s sought additional capital for its development pipeline.

The company intends to use the proceeds primarily for pre-construction expenses associated with its Bronx casino project in New York.

A portion of the financing will also be available for general corporate purposes.

While the agreement provides additional funding for the project, the company’s overall financial position will remain difficult to assess until its third-quarter balance sheet and cash flow figures become available.

Delayed Q3 Filing Will Provide Clearer Picture of Bally’s Debt Position

Bally’s preliminary results demonstrate the scale of its expanded operations following the Intralot combination.

The company reported $2.36 billion in revenue for the first nine months of 2026, with its third-quarter performance benefiting from growth across all four operating business segments.

However, the relatively modest increase in combined Segment Adjusted EBITDAR suggests that higher revenue has not translated into equivalent growth in segment profitability.

The decline in Bally’s Intralot B2C margins, together with the company’s previously disclosed debt and liquidity concerns, leaves important questions unanswered.

The delayed Form 10-Q will provide a more complete picture of Bally’s financial position, including net income, cash flow, updated debt figures and whether the going-concern warning remains in place.

Until that filing is published, investors have evidence of strong revenue growth but limited visibility into whether the company’s expanding operations are generating sufficient financial improvement to offset its substantial debt obligations.