Bally’s Posts Strong Q1 Revenue Growth but Debt Costs Drive Losses
Posted on: May 20, 2026, 06:53h.
Last updated on: May 20, 2026, 06:53h.
- Bally’s Q1 revenue jumped 28.3% following Intralot integration growth
- Debt and financing charges pushed Bally’s deeper into quarterly losses
- Bally’s extends Evoke takeover talks amid global expansion strategy
Bally’s Corp. (NYSE: BALY) reported an increase in first-quarter revenue as the operator benefited from its expanding international footprint and the integration of Intralot’s lottery and online gaming assets. However, heavy financing costs and debt-related charges pushed the company into the red.
The Rhode Island-based gaming group posted first-quarter 2026 revenue of $755.7 million, up 28.3% year over year, driven by growth across its casino properties, online gaming, and newly expanded Bally’s Intralot operations.
The company’s land-based Casinos & Resorts division generated $379.7 million in revenue during the period, supported by contributions from recently acquired Queen and Intralot assets.
Bally’s online businesses were also strong, with North America Interactive revenue rising 35.9% to $60.5 million.
Intralot Integration
The company’s Intralot acquisition, completed in late 2025, has significantly increased its exposure to lottery and B2B gaming technology markets. Bally’s Intralot B2C revenue climbed to $239.9 million, aided by the consolidation of Intralot’s consumer-facing lottery operations and steady European online gaming demand.
Bally’s also continued development of its $4 billion Chicago casino resort project, one of the company’s largest long-term growth investments. The permanent Chicago development is expected to open in 2027 and make Bally’s the only casino operator within Chicago city limits.
Despite the momentum, Bally’s reported a net loss of $161.9 million for the quarter, compared with a much smaller loss in the comparable period for the previous year.
This was largely due to financing and restructuring costs. The company recorded a $63.4 million loss on debt extinguishment and a $104.3 million fair-value loss tied to financial instruments, reflecting the increasingly complex capital structure Bally’s has built to fund its aggressive expansion strategy.
The company also pointed to stable regional gaming demand in the U.S., continued growth in European digital operations, and improving efficiency within the North American online segment.
We delivered solid first quarter results across the enterprise and continue to make progress on growing and diversifying our global footprint, delivering on operational synergies and strengthening our balance sheet,” said Bally’s CEO Robeson Reeves.
“We believe economic conditions in areas where we operate remain stable and are confident in our ability to leverage our operational expertise and capital resources to deliver on our highly anticipated growth projects.”
Evoke Negotiations Extended
This week, Bally’s Intralot agreed to extend takeover discussions with UK-listed betting group Evoke, owner of William Hill and 888, until June 8. The proposed deal, reportedly valued at around £225 million, would further expand Bally’s international online gaming footprint and deepen its exposure to regulated sports betting markets in the UK and Europe.
Ratings agency Fitch last month highlighted Bally’s elevated leverage and execution risks related to its Chicago development and acquisition strategy, even as the company continues to grow EBITDA and diversify its revenue streams.
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