# Bally's Corp (BALY) Informational only - not investment advice. CIK: 0001747079 SIC: 7011 Hotels & Motels SIC breadcrumb: [Services](/division/I/) > [SIC Major Group 70](/major-group/70/) > [SIC 7011 Hotels & Motels](/industry/7011/) Latest 10-K filed: 2026-03-23 SEC page: https://www.sec.gov/edgar/browse/?CIK=1747079 Filing source: https://www.sec.gov/Archives/edgar/data/1747079/000174707926000019/baly-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-04-20 · accession 0001747079-26-000034 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001747079.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 2,436,189,000 USD | 2025 | verified | | Net income | -650,074,000 USD | 2025 | verified | | Assets | 11,230,376,000 USD | 2025 | verified | | Free cash flow | -178,883,000 USD | 2025 | computed | | Net margin | -26.68% | 2025 | computed | | Operating margin | -11.40% | 2025 | computed | | Revenue YoY | -0.58% | 2025 | computed | | ROE | -65.36% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | BALY | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -26.7% | 5.8% | 0 | 18 | | Operating margin | -11.4% | 15.8% | 0 | 15 | | Revenue growth | -0.6% | 3.9% | 6 | 18 | | FCF margin | -7.3% | 9.6% | 0 | 18 | | ROE | -65.4% | 7.0% | 0 | 14 | | ROA | -5.8% | 2.9% | 6 | 18 | | Liabilities / equity | 8.73 | 7.36 | 69 | 14 | | Current ratio | 0.80 | 0.80 | 46 | 14 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7011 Hotels & Motels, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 2436189000 | USD | 2025 | 2026-04-20 | | Net income | -650074000 | USD | 2025 | 2026-04-20 | | Assets | 11230376000 | USD | 2025 | 2026-04-20 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001747079.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 421,053,000 | 437,537,000 | 523,577,000 | 372,792,000 | 1,322,443,000 | 2,255,705,000 | 2,449,073,000 | 2,450,478,000 | 2,436,189,000 | | Net income | | 62,247,000 | 71,438,000 | 55,130,000 | -5,487,000 | -114,697,000 | -425,546,000 | -187,500,000 | -567,754,000 | -650,074,000 | | Operating income | | 123,723,000 | 120,649,000 | 114,626,000 | -18,386,000 | 93,382,000 | -293,008,000 | 104,009,000 | -258,328,000 | -277,702,000 | | Diluted EPS | | 1.56 | 1.87 | 1.46 | -0.18 | -2.31 | -7.32 | -3.51 | -11.71 | -10.73 | | Operating cash flow | | 107,832,000 | 109,244,000 | 94,100,000 | 19,502,000 | 82,754,000 | 270,971,000 | 188,614,000 | 113,999,000 | -11,014,000 | | Capital expenditures | | 47,853,000 | 128,890,000 | 28,237,000 | 15,283,000 | 97,525,000 | 212,256,000 | 311,483,000 | 199,827,000 | 167,869,000 | | Share buybacks | | 2,275,000 | 7,958,000 | 223,075,000 | 33,292,000 | 87,024,000 | 153,366,000 | 99,081,000 | 0.00 | | | Assets | | | 782,352,000 | 1,021,887,000 | 1,929,855,000 | 6,553,217,000 | 6,300,113,000 | 6,861,103,000 | 5,860,137,000 | 11,230,376,000 | | Liabilities | | | 483,692,000 | 810,476,000 | 1,603,257,000 | 4,937,415,000 | 5,493,866,000 | 6,225,249,000 | 5,829,235,000 | 8,685,546,000 | | Stockholders' equity | 115,568,000 | 176,803,000 | 298,660,000 | 211,411,000 | 326,598,000 | 1,612,042,000 | 805,819,000 | 635,426,000 | 30,902,000 | 994,658,000 | | Cash and cash equivalents | | 85,814,000 | 77,580,000 | 182,581,000 | 123,445,000 | 206,193,000 | 212,515,000 | 163,194,000 | 171,233,000 | 798,423,000 | | Free cash flow | | 59,979,000 | -19,646,000 | 65,863,000 | 4,219,000 | -14,771,000 | 58,715,000 | -122,869,000 | -85,828,000 | -178,883,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 14.78% | 16.33% | 10.53% | -1.47% | -8.67% | -18.87% | -7.66% | -23.17% | -26.68% | | Operating margin | | 29.38% | 27.57% | 21.89% | -4.93% | 7.06% | -12.99% | 4.25% | -10.54% | -11.40% | | Return on equity | | 35.21% | 23.92% | 26.08% | -1.68% | -7.12% | -52.81% | -29.51% | | -65.36% | | Return on assets | | | 9.13% | 5.39% | -0.28% | -1.75% | -6.75% | -2.73% | -9.69% | -5.79% | | Liabilities / equity | | | 1.62 | 3.83 | 4.91 | 3.06 | 6.82 | 9.80 | | 8.73 | | Current ratio | | | 1.62 | 2.73 | 2.02 | 0.99 | 0.69 | 0.65 | 0.66 | 0.80 | ## As-reported value updates 1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/BALY/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-14. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001747079.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q1 | 2022-03-31 | | | 0.03 | reported discrete quarter | | 2022-Q2 | 2022-06-30 | | | 0.98 | reported discrete quarter | | 2022-Q4 | 2022-12-31 | 576,689,000 | -487,529,000 | | derived Q4 = FY annual - nine-month YTD | | 2022-Q3 | 2023-03-31 | | | 3.24 | reported discrete quarter | | 2023-Q2 | 2023-03-31 | | 178,336,000 | | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 606,206,000 | | -0.48 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | -25,651,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 632,477,000 | | -1.15 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 611,670,000 | -278,383,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 618,482,000 | -173,914,000 | -3.61 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | -173,914,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 621,657,000 | | -1.24 | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | -60,196,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 629,974,000 | | -5.10 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 580,365,000 | -85,789,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q2 | 2025-06-30 | 657,534,000 | -228,436,000 | -3.76 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 663,716,000 | -102,912,000 | -1.70 | reported discrete quarter | | 2026-Q1 | 2026-03-31 | 755,722,000 | -161,914,000 | -2.69 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 792,234,000 | -146,069,000 | -2.41 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from BALY's latest 10-K: [/company/BALY/business/](/company/BALY/business/). ## Risk Factors Verbatim Item 1A Risk Factors from BALY's latest 10-K: [/company/BALY/risk-factors/](/company/BALY/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1747079/000174707926000084/baly-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-14 Report date: 2026-06-30 ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements as to matters that are not historical facts, and include statements about our plans, objectives, expectations and intentions. Forward-looking statements are not guarantees and are subject to risks and uncertainties. Forward-looking statements are based on our current expectations and assumptions. Although we believe that our expectations and assumptions are reasonable at this time, they should not be regarded as representations that our expectations will be achieved. Actual results may vary materially. Forward-looking statements speak only as of the date they are made and we do not undertake to update or revise them as more information becomes available, except as required by law. Important factors beyond those that apply to most businesses, some of which are beyond our control, that could cause actual results to differ materially from our expectations and assumptions include: •unexpected costs and other events impacting our planned construction projects, including a permanent casino resort in Chicago, Illinois (“Bally’s Chicago”) and a full-scale casino and resort in The Bronx, New York (“Bally’s New York”); •unexpected costs, difficulties integrating and other events impacting our completed acquisitions and our ability to realize anticipated benefits; •risks associated with our rapid growth, including those affecting customer and employee retention, integration and controls; •risks associated with the impact of the digitalization of gaming on our casino operations, our expansion into online gaming (“iGaming”) and sports betting and the highly competitive and rapidly changing aspects of our interactive businesses generally; •the very substantial regulatory restrictions applicable to us, including costs of compliance; •global economic challenges, including the impact of public health crises, global and regional conflicts, rising inflation, rising interest rates and supply-chain disruptions, could cause economic uncertainty and volatility and impact discretionary consumer spending; •restrictions and limitations in agreements to which we are subject, including our debt, could significantly affect our ability to operate our business and our liquidity; and •other risks identified in Part I. Item 1A. “Risk Factors” of Bally’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the SEC on March 23, 2026 and other filings with the SEC. The foregoing list of important factors is not exclusive and does not include matters like changes in general economic conditions that affect substantially all gaming businesses. You should not place undue reliance on our forward-looking statements. 46 Overview We are a global gaming, hospitality, entertainment and technology company with an expanding international footprint across casino, interactive and lottery markets. We provide our customers and partners with physical and interactive entertainment and gaming experiences worldwide. Our offerings include traditional casino gaming, iGaming, online bingo, sportsbook, free-to-play games and technology driven lottery and gaming solutions. As of June 30, 2026, we own and operate 20 casinos globally, including in the United Kingdom (“UK”) and in 11 states across the United States (“US”), along with a golf course in New York and horse racetracks in Colorado and Wyoming. We also own Bally Bet Sportsbook & Casino, a premier sports betting and iCasino platform licensed in 16 jurisdictions in North America, and a majority equity interest in Bally’s Intralot S.A. (“Bally’s Intralot”) which is active in 39 jurisdictions worldwide and is comprised of a global lottery, technology, management and services business and also the Bally’s Interactive International division, a leading global interactive gaming operator. We also have rights to developable land in Las Vegas at the site of the former Tropicana Las Vegas, have been awarded a license to build Bally’s New York, a full-scale casino and resort in The Bronx, New York, and are developing Bally’s Chicago, an integrated destination resort in Chicago, Illinois. Our Strategy and Business Developments We seek to continue to grow our business by focusing on expanding our integrated casino and interactive gaming platform, optimizing our capital structure, and employing disciplined growth initiatives. We believe that interactive gaming represents a significant strategic opportunity for the future growth of Bally’s and we will continue to proactively allocate resources in regions where we anticipate iGaming regulation, in addition to those markets where iGaming is already well-established. Across the globe, we engage in multiple state and private bidding processes, seeking to obtain new lottery agreements through our innovative technology and solutions. We seek to increase revenues at our casinos and resorts through enhancing the guest experience by providing popular games, restaurants, hotel accommodations, entertainment and other amenities in attractive surroundings with high-quality guest service. We believe that our recent acquisitions have expanded and diversified us from financial and market exposure perspectives, while continuing to mitigate our susceptibility to regional economic downturns, idiosyncratic regulatory changes and increases in regional competition. We continue to make progress on the integration of our acquired assets and deploying capital on our strategic growth projects. These steps have advanced our transformation into a globally diversified gaming and technology operator with a strengthened portfolio, expanded global footprint and enhanced platforms across both digital and land-based channels. Operating Structure Our business is organized into four reportable segments: (i) Casinos & Resorts, (ii) Bally’s Intralot B2B, (iii) Bally’s Intralot B2C, and (iv) North America Interactive. Casinos & Resorts - includes 19 land-based casino properties, two horse racetracks and one golf course in the US. For further information on the Casinos & Resorts properties, refer to Note 1 “General Information” to our condensed consolidated financial statements presented in Part I, Item 1 of this Quarterly Report on Form 10-Q. Bally’s Intralot B2B - includes the global lottery operations of Bally’s Intralot and the Company’s licensing business. Bally’s Intralot B2C - includes the Company’s interactive European gaming operations, Bally’s Intralot’s B2C lottery operations, as well as one casino property, Bally’s Newcastle, in the UK. North America Interactive - includes the North American operations of Bally’s Interactive, primarily a B2C online iGaming and online sportsbook operator; and consumer facing service and marketing engines. Refer to Note 16 “Segment Reporting” to our condensed consolidated financial statements for additional information on our segment reporting structure. 47 Macroeconomic and Other Factors Our business is subject to risks caused by global economic challenges, including those caused by public health crises such as the COVID-19 pandemic, the impact of global and regional conflicts, rising inflation, rising interest rates and supply-chain disruptions, that can cause economic uncertainty and volatility. These challenges can negatively impact discretionary consumer spending and could result in a reduction in visitors to our properties, including those that stay in our hotels, or discretionary spending by our customers on entertainment and leisure activities. In addition, inflation generally affects our business by increasing our cost of labor. In periods of sustained inflation, it may be difficult to effectively control such increases to our costs and retain key personnel. Key Performance Indicators The key performance indicator used in managing our business is consolidated Adjusted EBITDA and segment Adjusted EBITDAR. Adjusted EBITDA is defined as earnings, or loss, for the Company, or where noted its reporting segments, before, in each case, interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, acquisition and other transaction related costs, share-based compensation and certain other gains or losses as well as, when presented for our reporting segments, an adjustment related to the allocation of corporate cost among segments. Segment Adjusted EBITDAR is Adjusted EBITDA (as defined above) for the Company’s reportable segments, plus rent expense associated with triple net operating leases for the real estate assets used in the operations of the Bally’s casinos. We use consolidated Adjusted EBITDA and segment Adjusted EBITDAR to analyze the performance of our business and they are used as determining factors for performance-based compensation for members of our management team. We use consolidated Adjusted EBITDA and segment Adjusted EBITDAR when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a more fulsome understanding of our core operating results and as a means to evaluate period-to-period performance. Also, we present consolidated Adjusted EBITDA and segment Adjusted EBITDAR because they are used by some investors and creditors as indicators of the strength and performance of ongoing business operations, including our ability to service debt, and to fund capital expenditures, acquisitions and operations. These calculations are commonly used as a basis for investors, analysts and credit rating agencies to evaluate and compare operating performance and value companies within our industry. Consolidated Adjusted EBITDA and segment Adjusted EBITDAR information is presented because management believes that they are commonly used measures of performance in the gaming industry and that they are considered by many to be key indicators of our operating results. Consolidated Adjusted EBITDAR is used outside of our financial statements solely as a valuation metric. Consolidated Adjusted EBITDAR is defined as consolidated Adjusted EBITDA plus rent expense associated with triple net operating leases. Consolidated Adjusted EBITDAR is an additional metric used by analysts in valuing gaming companies subject to triple net leases since it eliminates the effects of variability in leasing methods and capital structures. This metric is included as supplemental disclosure because (i) we believe Consolidated Adjusted EBITDAR is used by gaming operator analysts and investors to determine the equity value of gaming operators and (ii) financial analysts refer to Consolidated Adjusted EBITDAR when valuing our business. We believe Consolidated Adjusted EBITDAR is useful for equity valuation purposes because (i) its calculation isolates the effects of financing real estate, and (ii) using a multiple of Consolidated Adjusted EBITDAR to calculate enterprise value allows for an adjustment to the balance sheet to recognize estimated liabilities arising from operating leases related to real estate. Consolidated Adjusted EBITDA and segment Adjusted EBITDAR should not be construed as alternatives to net income, as indicators of our performance. In addition, consolidated Adjusted EBITDA and segment Adjusted EBITDAR as used by us may not be defined in the same manner as other companies in our industry, and, as a result, may not be comparable to similarly titled financial measures of other companies. Consolidated Adjusted EBITDAR should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net income, because it excludes the re [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1747079/000174707926000019/baly-20251231.htm Complete FY 2025 MD&A: /company/BALY/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-03-23 Report date: 2025-12-31 ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this Annual Report on Form 10-K, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review Item 1A. “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in this Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Executive Overview Our strategic initiatives in 2025 continued to advance our transformation into a more diversified, digitally enabled, and globally scaled gaming and entertainment company. •Portfolio Expansion: Completed the Merger with Standard General and Queen Casino, adding four regional properties to our Casinos & Resorts portfolio and strengthening our US market presence. •Strategic Transformation: Completed the multi-stage combination with Intralot, creating a unified global footprint and strengthening both our B2B and B2C capabilities. •International Growth: Invested A$200 million for a significant economic interest in The Star, expanding our global reach. •Bally’s Chicago: Completed the initial public offering and private placements of Bally’s Chicago Inc. and advanced construction of the permanent casino supported by enhanced data-driven customer engagement. •Major Developments: Announced planned development for an integrated resort and Major League Baseball stadium at the former Tropicana Las Vegas site and secured a New York downstate commercial casino license for our anticipated Bally’s Bronx integrated resort. Together, we believe these steps continue to position the Company for sustainable long-term growth across our land-based and interactive platforms, united under a single, leading brand. Business Development Projects Our business development projects are summarized above in “Our Strategy and Business Developments” section above and in Note 7 “Business Combinations” to our consolidated financial statements presented in Part II, Item 8 of this Annual Report on Form 10-K. 47 Macroeconomic and Other Factors Our business is subject to risks caused by global economic challenges, including those caused by public health crises such as the COVID-19 pandemic, the impact of global and regional conflicts, rising inflation, rising interest rates and supply-chain disruptions, that can cause economic uncertainty and volatility. These challenges can negatively impact discretionary consumer spending and could result in a reduction in visitors to our properties, including those that stay in our hotels, or discretionary spending by our customers on entertainment and leisure activities. In addition, inflation generally affects our business by increasing our cost of labor. In periods of sustained inflation, it may be difficult to effectively control such increases to our costs and retain key personnel. Key Performance Indicators The key performance indicator used in managing our business is consolidated Adjusted EBITDA and segment Adjusted EBITDAR which are non-GAAP measures. Adjusted EBITDA is defined as earnings, or loss, for the Company, or where noted its reporting segments, before, in each case, interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, acquisition and other transaction related costs, share-based compensation and certain other gains or losses as well as, when presented for our reporting segments, an adjustment related to the allocation of corporate cost among segments. Segment Adjusted EBITDAR is Adjusted EBITDA (as defined above) for the Company’s reportable segments, plus rent expense associated with triple net operating leases with GLPI for the real estate assets used in the operation of the Bally’s casinos and the assumption of the lease for real estate and land underlying the operations of the Bally’s Lake Tahoe property. We use consolidated Adjusted EBITDA and segment Adjusted EBITDAR to analyze the performance of our business and they are used as determining factors for performance-based compensation for members of our management team. We use consolidated Adjusted EBITDA and segment Adjusted EBITDAR when evaluating operating performance because we believe that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a more fulsome understanding of our core operating results and as a means to evaluate period-to-period performance. Also, we present consolidated Adjusted EBITDA and segment Adjusted EBITDAR because they are used by some investors and creditors as indicators of the strength and performance of ongoing business operations, including our ability to service debt, and to fund capital expenditures, acquisitions and operations. These calculations are commonly used as a basis for investors, analysts and credit rating agencies to evaluate and compare operating performance and value companies within our industry. Consolidated Adjusted EBITDA and segment Adjusted EBITDAR information is presented because management believes that they are commonly used measures of performance in the gaming industry and that they are considered by many to be key indicators of our operating results. Consolidated Adjusted EBITDAR is used outside of our financial statements solely as a valuation metric. Consolidated Adjusted EBITDAR is defined as consolidated Adjusted EBITDA plus rent expense associated with triple net operating leases. Consolidated Adjusted EBITDAR is an additional metric used by analysts in valuing gaming companies subject to triple net leases since it eliminates the effects of variability in leasing methods and capital structures. This metric is included as supplemental disclosure because (i) we believe Consolidated Adjusted EBITDAR is used by gaming operator analysts and investors to determine the equity value of gaming operators and (ii) financial analysts refer to Consolidated Adjusted EBITDAR when valuing our business. We believe Consolidated Adjusted EBITDAR is useful for equity valuation purposes because (i) its calculation isolates the effects of financing real estate, and (ii) using a multiple of Consolidated Adjusted EBITDAR to calculate enterprise value allows for an adjustment to the balance sheet to recognize estimated liabilities arising from operating leases related to real estate. Consolidated Adjusted EBITDA and segment Adjusted EBITDAR should not be construed as alternatives to net income, the most directly comparable GAAP measure, as indicators of our performance. In addition, consolidated Adjusted EBITDA and segment Adjusted EBITDAR as used by us may not be defined in the same manner as other companies in our industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. Consolidated Adjusted EBITDAR should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net income, because it excludes the rent expense associated with our triple net operating leases with GLPI and the lease for real estate and land underlying the operations of the Bally’s Lake Tahoe property. 48 Results of Operations The following table presents, for the periods indicated, certain revenue and income items: [[GREPCENT_TABLE]] [["","Successor","","","Predecessor"],["","Period from February 8, 2025 to December 31, 2025","","","Period from January 1, 2025 to February 7, 2025","","Year Ended December 31, 2024"],["(In millions)"],["Total revenue","$2,436.2","","","$220.5","","$2,450.5"],["Loss from operations","(277.7)","","","(20.8)","","(258.3)"],["Net loss","(665.5)","","","(51.0)","","(567.8)"]] [[/GREPCENT_TABLE]] The following table presents, for the periods indicated, certain income and expense items expressed as a percentage of total revenue: [[GREPCENT_TABLE]] [["","Successor","","","Predecessor"],["","Period from February 8, 2025 to December 31, 2025","","","Period from January 1, 2025 to February 7, 2025","","Year Ended December 31, 2024"],["Total revenue","100.0%","","","100.0%","","100.0%"],["Gaming and non-gaming expenses","45.0%","","","47.4%","","45.8%"],["General and administrative","47.0%","","","51.9%","","42.6%"],["Gain on sale-leaseback, net","\u2014%","","","\u2014%","","(3.5)%"],["Impairment charges","7.5%","","","\u2014%","","10.2%"],["Depreciation and amortization","12.0%","","","10.1%","","15.5%"],["Total operating costs and expenses","111.4%","","","109.4%","","110.5%"],["Loss from operations","(11.4)%","","","(9.4)%","","(10.5)%"],["Other (expense) income:"],["Interest expense, net","(15.0)%","","","(12.3)%","","(11.8)%"],["Other non-operating income (expense), net","1.0%","","","(1.1)%","","(0.2)%"],["Total other expense, net","(14.0)%","","","(13.4)%","","(12.0)%"],["Loss before income taxes","(25.4)%","","","(22.8)%","","(22.5)%"],["Provision for income taxes","2.0%","","","0.3%","","0.6%"],["Net loss","(27.3)%","","","(23.1)%","","(23.2)%"]] [[/GREPCENT_TABLE]] __________________________________ Note: Amounts in table may not subtotal due to rounding. Segment Information During the first quarter of 2025, the Company moved a component of the North America Interactive operating segment into a separate operating segment, which is reported in the Corporate & Other category. In the fourth quarter of 2025, the Company further updated its operating and reportable segments in connection with the Intralot Transaction. These changes were made to better align with the Company’s strategic growth initiatives and how its chief operating decision maker evaluates performance and allocation resource. As a result, the Company determined it has four operating and reportable segments: Casinos & Resorts, Bally's Intralot B2B, Bally's Intralot B2C and North America Interactive. Prior period reportable segment results and related disclosures have been conformed to reflect the Company’s current reportable segments. Refer to “Our Operating Structure” in Part I, Item 1 “Business” of this Annual Report on Form 10-K and Note 20 “Segment Reporting” to our consolidated financial statements presented in Part II, Item 8 of this Annual Report on Form 10-K for additional information on our segment reporting structure. The following table sets forth certain financial information associated with results of operations. Non-gaming revenue includes hotel, food and beverage, technology services, licensing and retail, entertainment and other revenue. Non-gaming expenses include hotel, food and beverage, technology services, licensing and retail, entertainment and other expenses. 49 [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/BALY/mda/fy2025/ All MD&A years: /company/BALY/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/BALY/mda/fy2024/): filed 2025-03-17; accession 0001747079-25-000039 (https://www.sec.gov/Archives/edgar/data/1747079/000174707925000039/baly-20241231.htm) - [FY 2023 MD&A](/company/BALY/mda/fy2023/): filed 2024-03-15; accession 0001747079-24-000020 (https://www.sec.gov/Archives/edgar/data/1747079/000174707924000020/baly-20231231.htm) - [FY 2022 MD&A](/company/BALY/mda/fy2022/): filed 2023-03-01; accession 0001747079-23-000031 (https://www.sec.gov/Archives/edgar/data/1747079/000174707923000031/baly-20221231.htm) - [FY 2021 MD&A](/company/BALY/mda/fy2021/): filed 2022-03-01; accession 0001747079-22-000107 (https://www.sec.gov/Archives/edgar/data/1747079/000174707922000107/baly-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 7011 Hotels & Motels) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/BALY.md · JSON record: /company/BALY.json · verified financials: /company/BALY/financials.json / /company/BALY/financials.csv · machine TOC for the whole site: /llms.txt