Chavdar Vasilev is a journalist covering the casino and sports betting market sectors for CasinoBeats. He joined CasinoBeats in May 2025 and reports on industry-shaping stories across the US and beyond, including legislative debates, market...
Read Full BioBally’s Corporation (NYSE: BALY) reported better-than-expected revenue growth in Q2 2025, fueled by acquisitions and expansion under its Bally’s 2.0 transformation plan. However, despite top-line momentum, a substantial tax provision and heavy interest costs weighed heavily on the bottom line.
Robeson Reeves, Bally’s Chief Executive Officer, commented:
“Our second quarter results reflect milestone achievements and marked progress on our continued business transformation as the new Bally’s 2.0.”
Bally’s 2.0: Transformation Across Physical and Digital Markets
Reeves framed Bally’s 2.0 as a shift toward becoming a global, omni‑channel gaming and entertainment operator.
“Bally’s 2.0 is well underway to create a global omni-channel provider of retail and online experiences by expanding globally as a gaming and entertainment operator.“
“Combined with ongoing initiatives to drive operational efficiencies and balance sheet improvements, we continue to demonstrate significant progress across these objectives.”
Bally’s 2.0 includes multiple large-scale development projects, mergers, acquisitions, and strategic investments.
Chicago Destination Resort
The company’s flagship project, Bally’s Chicago casino, is positioned to become a cornerstone of Bally’s 2.0.
The $1.7 billion project is under construction in the River North neighborhood, just north of downtown Chicago, with an expected opening date of September 2026.
The resort will feature approximately 3,400 slots, 170-plus table games, a 500-room hotel tower, a 3,000-seat theater, 10 food and beverage venues, and a riverside public park.
New York Casino Bid
Bally’s has set its sights on New York City as well. The company is one of eight bidders for three available casino licenses, which will be awarded by the end of the year. However, two of those are existing racinos, making them frontrunners for many. That means six candidates, including Bally’s, could be racing for one available license.
Bally’s plans to build a $4 billion casino resort in the Bronx at the site of the former Trump Golf Links at Ferry Point. It will feature 3,500 slot machines, 200+ table games, a 527-room hotel, and a 2,000-seat event center.
Bally’s recently presented the project to a Community Advisory Committee, where it faced intense scrutiny over its claims of community and organizational support. If the committee approves the application, it will advance for final consideration by the New York Gaming Facility Location Board.
Las Vegas Tropicana Redevelopment
Bally’s ambitions do not stop with Chicago and New York. The company has plans to build a casino resort at the site of the former Tropicana in Las Vegas in a partnership with the MLB team Oakland A’s and Gaming and Leisure Properties, the land’s owner.
As part of the agreement, the A’s will build a ballpark on nine out of the 35 acres, while Bally’s property will occupy 15. The rest will be allocated for infrastructure.
While the A’s have started construction, Bally’s hasn’t shared many details on its project. In addition, there are some questions about whether the company has the financing to complete its plans.
Queen Merger and Regional Growth
In February, Bally’s completed its merger with Queen Casino & Entertainment as part of its takeover by majority shareholder Standard General.
The merger added four regional Queen casinos to Bally’s portfolio, delivering double-digit growth in its Casinos and Resorts segment.
Intralot Deal for International Interactive
In July, Bally’s announced an agreement to sell its International Interactive division to Intralot S.A., a Greek-based company, for €2.7 billion ($3.18 billion). The move will create a global company in the lottery and digital online gaming markets.
At the same time, Bally’s will become Intralot’s majority shareholder, a move that unlocks liquidity and broadens its digital reach.
iGaming and Sports Betting Expansion
North America’s interactive revenue rose 21.5% in Q2. The positive results were driven by Queen’s integration and growth in markets such as New Jersey, Pennsylvania, Rhode Island, and Ontario.
Star Entertainment Investment
In April, Bally’s invested around A$200 million in the struggling The Star Entertainment Group in Australia. The deal helped stabilize Star as Bally’s moved quickly to inject the initial payment of A$100 million.
However, other factors, such as other investors walking away from Star and the threat of fines of up to A$400 million by Australia’s financial crime watchdog, AUSTRAC, loom over the Australian operator.
Additionally, Bally’s encountered an unexpected roadblock: it has been unable to register the “Bally’s” trademark in Australia as a Sydney bowling club has already registered it.
Q2 2025 Earnings: Revenue Growth and Significant Net Losses
Bally’s reported Q2 revenue of $657.5 million, a 5.8% year-over-year increase that exceeded consensus estimates (approx. $651 million).
- Casinos & Resorts: $393.3 million (+14.7% YoY). Segment Adjusted EBITDAR rose to $106.0 million, a 6.2% increase, despite cost allocations tied to its evolving infrastructure.
- International Interactive: $206.1 million (–10.2% YoY, but +10% excluding divested Asia business). Segment Adjusted EBITDAR rose 1.1% to $82.2 million.
- North America Interactive: $56.5 million (+21.5% YoY). Segment Adjusted EBITDAR turned positive at $2.5 million, compared to a $2.2 million loss in Q2 2024.
Despite encouraging revenue and EBITDAR trends, Bally’s posted a net loss of $228.4 million. That was primarily driven by a $185.4 million tax provision and $97.5 million in interest expense. Total assets stood at $7.79 billion, with liabilities of $7.15 billion as of June 30, 2025.
