Bally's Corporation (BALY) Market Cap
Bally's Corporation has a market capitalization of $491M.
Financials based on reported quarter end 2025-12-31
Price: $11.87
▲ 0.31 (2.68%)
Market Cap: 490.97M
NYSE · time unavailable
CEO: Robeson Mandela Reeves
Sector: Consumer Cyclical
Industry: Gambling, Resorts & Casinos
IPO Date: 2019-03-29
Website: https://www.ballys.com
Bally's Corporation (BALY) - Company Information
Market Cap: 490.97M · Sector: Consumer Cyclical
Bally’s Corporation is a global casino-entertainment company with a growing omni-channel presence, currently owning and managing 15 casinos across 10 states, a golf course in New York, a horse racetrack in Colorado, and having access to OSB licenses in 18 states. The recent acquisition of Aspers Casino in Newcastle, UK, further expands its international footprint and enhances its diverse entertainment offerings. It also owns Bally’s Interactive International, formerly Gamesys Group, a leading, global, interactive gaming operator, Bally Bet, a first-in-class sports betting platform, and Bally Casino, a growing iCasino platform. With 10,600 employees, the Company’s casino operations include approximately 15,300 slot machines, 580 table games, and 3,800 hotel rooms. Bally’s also has rights to developable land in Las Vegas post the closure of the Tropicana. Upon completion of the announced merger with The Queen Casino & Entertainment Inc. (“Queen”), the above portfolio is expected to be supplemented with four additional casinos across three states, one of which will be an additional state that expands Bally’s jurisdiction of operations to include the state of Iowa. Queen will also add over 900 employees, and operations that currently include approximately 2,400 slot machines, 50 table games, and 150 hotel rooms to the Bally’s portfolio. Bally’s will also become the successor of Queen’s significant economic stake in a global lottery management and services business through its investment in Intralot S.A. (ATSE: INLOT).
Analyst Sentiment
Based on 5 ratings
Analyst 1Y Forecast: $15.50
Average target (based on 3 sources)
Consensus Price Target
Low
$11
Median
$18
High
$20
Average
$16
Potential Upside: 37.6%
Price & Moving Averages
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Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"Revenue in the most recent quarter (2025-12-31) was $716.96M, up +8.0% QoQ from $663.72M, but still loss-making with net income of -$195.84M (EPS -5.38). Over the prior quarter, profitability deteriorated: net margin fell to approximately -27.3% (from -15.5% on 2025-09-30). YoY comparisons for revenue and net income were not available because the 2024-12-31 fundamentals were not provided. Across the last four quarters, revenue rose from $618.48M (2025-03-31) to $716.96M (2025-12-31), indicating top-line growth, but losses have persisted and generally deepened versus mid-year (net income ranged from about -$102.91M to -$228.44M). Cash flow quality appears mixed: reported FCF was negative in 2025-03-31 (-$35.9M) and 2024-12-31 (-$16.8M), but turned positive in 2025-06-30 (+$90.4M) and 2025-09-30 was again negative (-$30.1M). No dividends were paid. Total shareholder returns were pressured: the stock is down -23.13% over the last year (no >20% positive momentum). Valuation sentiment is comparatively supportive, with a consensus target of $16.33 vs. $11.63 current price (~+40% implied upside)."
Revenue Growth
Revenue increased +8.0% QoQ (to $716.96M from $663.72M). Over 4 quarters it rose from $618.48M to $716.96M (~+15.9%). YoY growth for revenue could not be calculated due to missing 2024-12-31 fundamentals.
Profitability
Net losses widened QoQ: net income fell to -$195.84M from -$102.91M (net margin ~-27.3% vs -15.5%). EPS remained deeply negative (EPS -5.38). No YoY profitability comparison available due to missing prior-year net income.
Cash Flow Quality
FCF was volatile/weak based on available data: -$35.9M (2025-03-31), +$90.4M (2025-06-30), -$30.1M (2025-09-30), and -$16.8M (2024-12-31). Latest quarter FCF was not provided; no dividends were paid.
Leverage & Balance Sheet
Balance sheet risk appears elevated: total assets increased to ~$11.23B in 2025-12-31, while net debt rose to ~$5.64B. Equity also dropped sharply to ~$2.54B from ~$0.52B (note: equity swung significantly across quarters), implying resilience may vary quarter to quarter.
Shareholder Returns
Poor price momentum: 1y_change is -23.13% (capital appreciation negative) and dividend yield is 0. Buybacks were not provided, limiting upside from capital returns.
Analyst Sentiment & Valuation
Consensus price target is $16.33 vs. $11.63 current price, implying ~+40% potential upside. This partially offsets weak fundamentals, though valuation upside depends on future profitability improvement.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.
So what: Bally’s Q3 shows clear segment divergence—International Interactive delivered strength with ~+400 bps margin expansion to 39% (despite revenue -5%), while Casinos & Resorts lagged with segment margins falling from 33% to 28% (~500 bps) and Adjusted EBITDA down 15% YoY to ~$100M. Management attributes much of the pain to specific, ongoing operating hurdles: Rhode Island’s I-195 bridge disruption (lane closures persist) and Atlantic City’s early-year marketing team departure. North America Interactive is the bright spot on growth (revenue +55% YoY to $46M; iGaming GGR $9.7M), but profitability remains negative (adjusted EBITDA loss ~$11M) and depends on continued ramp. Capital and catalysts are tangible—$940M GLPI funding for Chicago and a detailed Sept 2026 opening target—yet timing/approval and traffic disruptions remain execution risks. Notably, the transcript includes no Q&A (questions were shut off), so we don’t get the harder analyst follow-up typically revealing incremental risk details.
Growth Catalysts
- North America Interactive revenue growth of 55% YoY (to $46M) as iGaming ramps and OSB expands
- UK Interactive strength: 12% revenue growth (and 9% constant-currency growth) on US dollar/CC basis
- Adjusted EBITDA margin expansion in International Interactive: ~+400 bps YoY to 39% (segment adjusted EBITDA $90M)
- Chicago development momentum: demolition/site prep underway; permanent casino funding secured; temporary facility stabilizing and growing player database
Business Development
- Agreement with Gaming and Leisure Properties (GLPI) funding a $940M construction commitment for the Downtown Chicago permanent casino
- Acquisition of Aspers Casino Newcastle (UK) to expand UK brand footprint and leverage online player database
- North America sports betting rollout: Bally Bet live in 10 markets; planned launches in 3 additional states by end of 2024
- New Jersey launch planned in November with sports betting and “MONOPOLY Casino” (brand introduction to the US)
- Event: Tropicana Las Vegas legacy celebration; planning to begin Bally’s own development efforts concurrently with A’s stadium construction (target readiness in 2028)
- Separation of Asia and other ROW team operations into a strictly licensing/royalty model (Asia deconsolidation; royalty revenue reporting going forward)
Financial Highlights
- Consolidated revenue: $630M, down <1% YoY
- Casinos & Resorts revenue: down 2% YoY to $353M; Adjusted EBITDA ~$100M, down 15% YoY
- Casinos & Resorts segment margins: 28% vs 33% a year ago (decline ~500 bps)
- International Interactive revenue: down 5% to $231M; segment adjusted EBITDA $90M, up 5% YoY
- International Interactive adjusted EBITDA margin expanded ~400 bps YoY to 39%
- North America Interactive revenue: $46M, up 55% YoY; adjusted EBITDA loss ~($11M) (loss narrowing expected)
- Rhode Island iGaming: $9.7M gross gaming revenue contribution (ramping)
- Revenue mix disclosure tied to Asia carve-out: revenue presentation will be materially lower going forward, but pro forma EBITDA modestly lower; operating free cash flow dilution from separation estimated at ~5% to 10% (immaterial characterization vs valuation base)
- Cash/Deleveraging: ended quarter with $191M cash and $3.7B long-term debt
Capital Funding
- Share count: ~40.7M shares outstanding; incremental warrants/options/other dilution implied additional ~12.8M shares
- GLPI funding commitment: $940M for permanent Bally’s Chicago development (demolition/site prep already progressing)
Strategy & Ops
- Chicago temporary casino: monthly revenues stabilized; admissions grew >6%; market share at highest level to date; player database now exceeds 113,000 customers
- Permanent Chicago destination resort: management targets opening by Sept 2026 with ~3,300 slots, 170+ table games, 500-room hotel tower, 3,000-seat theater, six restaurants/cafes/food court, and a 2-acre riverside public park
- Operational hurdle—Rhode Island (I-195 bridge disruption): lane closures continue; actively evaluating balancing iGaming vs in-person play during disruption
- Operational hurdle—Atlantic City: summer headwinds after departure of a key relationship marketing team earlier in 2024; team reconstituted; benefits expected in coming months with momentum into next summer
- Operational efficiency: initiatives including reporting-line changes and centralization rationale; management expects margin/benefit impact in coming quarters
- North America product/platform change: Bally Bet brand adoption; migration toward New Jersey platform on the MONOPOLY Casino launch day in November
Market Outlook
- North America Interactive: continued progress toward achieving positive EBITDA; loss expected to continue narrowing as Rhode Island iGaming and OSB ramp
- Bally Bet expansion: launch in an additional 3 states by end of 2024; additional expansions expected in 2025
- Illinois/NY/Casino timing: Chicago permanent construction timeline guided by approvals; initial portions targeted to be ready once A’s play begins (stadium in 2028). New York downstate licensing timeline: bids accepted late June 2025; licenses awarded early 2026
Risks & Headwinds
- Casinos & Resorts margin pressure: Rhode Island and Atlantic City headwinds plus measured ramp in Chicago (segment margins down from 33% to 28%, ~500 bps; Adjusted EBITDA down 15% YoY)
- Rhode Island operational traffic/margin headwind: Interstate 195 bridge disruptions impacting Lincoln property revenue and margins; management states lane closures likely to continue for foreseeable future
- Atlantic City marketing team disruption: departure of key relationship marketing team earlier in 2024 resulted in challenging summer quarter; new team effectiveness expected later
- Macro consumer discretionary bifurcation: unrated/low-end database players reducing visits and spend; management states mid/upper segments remain healthy
- Asia carve-out presentation/reset: revenues will be materially lower going forward; operating free cash flow dilution estimated at ~5% to 10% (though characterized as immaterial given royalty structure/offloaded development costs)
- Q&A unavailable: company explicitly stated no questions would be taken after formal comments (proxy process). No analyst pressure or follow-up hurdles were provided in transcript.
Sentiment: MIXED
Note: This summary was synthesized by AI from the BALY Q3 2024 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.