Bally’s Corporation (NYSE: BALY) has released its financial results for the first quarter ending March 31, 2025, showcasing a period marked by pivotal mergers, international investment, and strategic expansion. While overall revenue saw a year-over-year dip, key segments delivered encouraging growth, setting a strong foundation for long-term gains.
Major Milestones in Q1 2025
In a decisive move to strengthen its domestic footprint, Bally’s finalized transactions with The Queen Casino & Entertainment and Standard General early in the quarter. These strategic partnerships expanded Bally’s regional gaming portfolio, incorporating four new properties with promising growth trajectories. The company is integrating best operational practices from both its legacy operations and newly acquired Queen assets to sharpen performance and streamline operations.
Financial Snapshot
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Total Revenue for Q1 2025 stood at $589.2 million, down 4.7% from $618.5 million in Q1 2024. This decline was primarily attributed to the divestiture of the company’s Asian interactive business last year.
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Casinos & Resorts (C&R) revenue climbed 2.6% year-over-year to $351.2 million, with Adjusted EBITDAR rising 6.3% to $95.1 million, bolstered by the addition of Queen properties.
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International Interactive revenue was reported at $191.7 million, a drop of 18.3%, but excluding the divested Asian markets, this segment actually saw a 7.7% growth.
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North America Interactive operations posted $44.5 million in revenue, up 12.5%, driven by the Queen integration and a strong showing in Rhode Island.
Operational Highlights and Market Trends
Bally’s domestic casinos demonstrated resilience amid challenging weather conditions and competitive pressure. Legacy properties outperformed the market in seven of twelve jurisdictions, reflecting the company’s strategic marketing interventions and operational agility.
In Rhode Island, temporary setbacks due to infrastructure issues were partially mitigated through targeted digital strategies and player engagement. Meanwhile, Bally’s temporary casino in Chicago continues to build momentum ahead of the permanent facility’s completion, supported by Gaming and Leisure Properties, Inc.
The Atlantic City property is expected to improve under new leadership, and Bally’s remains optimistic about capturing a larger market share as operational refinements take hold.
Global Strategy and Investment
A notable development in Q2 2025 was Bally’s commitment of AUD $300 million to Star Entertainment Group, one of Australia’s leading gaming operators. Following an agreement with Investment Holdings Pty, the total investment was adjusted to AUD $200 million. The structure of the deal includes convertible notes and subordinated debt that may translate into an approximate 38% ownership stake in Star.
This investment reflects Bally’s long-term growth philosophy — acquiring strategic positions in gaming markets with strong potential and applying its proven financial and operational disciplines to unlock value.
Digital Segment: Building Momentum
Bally’s North American digital operations continue their upward trend, with iGaming now active in New Jersey, Pennsylvania, Rhode Island, and Ontario, and the BallyBet sportsbook live in 11 U.S. states. These platforms benefited from both the integration of Queen’s digital properties and improved customer acquisition strategies.
In Europe, Bally’s U.K. operations remained a bright spot, with revenue up 4.9% (or 5.6% in constant currency). Spain also saw revenue improvements following the easing of advertising restrictions. The company’s International Interactive strategy is now sharply focused on regulated European markets, which offer stability and healthy margins.
CEO’s Perspective
Robeson Reeves, CEO of Bally’s Corporation, remarked:
“Our efforts in Q1 2025 have been transformative. The integration of Queen’s assets, expansion into Australian gaming, and focus on operational excellence all underscore our commitment to long-term shareholder value. While macroeconomic factors present some headwinds, we remain focused on executing our strategic plan with discipline and agility.”
Looking Ahead
With the permanent casino in Chicago progressing steadily, further rollout of digital platforms, and international investments taking shape, Bally’s is positioning itself for a dynamic and resilient 2025. By balancing organic growth, acquisitions, and strategic investments, the company is staying ahead in a fast-evolving global gaming industry.
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