Bally’s 2.0 Takes Shape as Intralot Deal & U.S. Projects Drive Momentum

Bally’s Corporation says its transformation to Bally’s 2.0 is well on track, as the company reported solid third-quarter results, reduced debt, and advanced several high-profile U.S. casino developments while completing a landmark international transaction.

In its third-quarter 2025 earnings, the company reported what CEO Robeson Reeves described as “solid third-quarter results and recent strategic initiatives [that] highlight further marked progress across multiple fronts on our transformation to the new Bally’s 2.0.”

That transformation was highlighted by the completion of Intralot S.A.’s €2.7 billion ($3.2 billion) acquisition of Bally’s International Interactive division. Through the deal, Bally’s became Intralot’s majority shareholder with a 58% ownership stake.

Bally’s used roughly $1.3 billion of the proceeds to pay down secured debt and its revolving credit facility. Reeves said the move strengthens the company’s balance sheet and positions it to pursue expansion opportunities across both retail and digital gaming.

Advancing on Three Domestic Fronts

Bally’s is advancing three key projects in the US.

Construction on its $1.7 billion Chicago resort is in “full swing.” The company is building the city’s first casino, which will include about 3,400 slots, 200 table games, a 500-room hotel, a 3,000-seat theater, and a riverside park.

In October, Bally’s received $125 million in project funding from Gaming & Leisure Properties Inc., the land owner. While Reeves did not mention it, Bally’s could also operate slots at Chicago’s two airports if the City Council approves a new proposal.

In New York, Bally’s Bronx received approval from its Community Advisory Committee for its $4 billion integrated resort proposal. The company describes it as the borough’s largest private investment to date. The project remains one of three finalists for the final downstate casino license expected to be awarded by the end of the year.

Bally’s also recently unveiled details for its third marquee US project in Las Vegas. The company plans to redevelop the former Tropicana site into an entertainment district, featuring retail, a casino, and a hotel. Reeves calls the project a “one-in-a-generation opportunity to refine the heart of the Strip.”

Bally’s plans to build the Las Vegas property through a four-phase plan. It expects to start construction in April 2026 and complete the project by March 2029.

Cost Cuts & Operational Realignment

In October, Bally’s implemented a reorganization initiative aimed at saving more than $15 million annually, focusing on corporate and casino overhead.

Reeves said the changes reflect a “disciplined, enterprise-wide approach to driving efficiencies and improving profitability.”
The company framed the quarter as the first tangible proof of its new strategic direction: integrating its land-based properties, optimizing its online brands, and leveraging its stake in Intralot to extend reach into lottery and omni-channel markets.

Q3: By the Numbers

In the third quarter, which ended September 30, Bally’s reported total revenue of $663.7 million. That represented a 5.4% increase year-over-year. The growth reflected the contribution of the newly integrated properties from The Queen Casino & Entertainment.

• Casinos & Resorts revenue climbed 12.1% to $396.1 million. The results were fueled by the Shreveport, Evansville, and Dover properties, as well as stronger performance in Vicksburg and Kansas City. Segment Adjusted EBITDAR rose 7.4% to $107.9 million.
• International Interactive revenue declined 6.9% to $215.1 million. Bally’s said that, excluding last year’s Asia divestiture, the segment grew 11.7%. U.K. online operations reported an 8% increase in revenue (4.2% constant currency). Adjusted EBITDA increased to $91.9 million from $90 million.
• North America Interactive revenue climbed 13.1% to $49.9 million. Online sports betting growth in Rhode Island and the addition of Queen’s interactive portfolio drove the results. The segment’s Adjusted EBITDAR reported a $6 million loss, in line with last year. Bally’s attributed that to higher marketing investments and restructuring costs.

Bally’s closed the quarter with $160.7 million in cash and equivalents and $3.74 billion in long-term debt. The company spent $130.1 million on capital projects during the period.

Reeves said the company remains focused on “aggressively pursuing the many growth opportunities before us.” He cited the Bally’s 2.0 program, the Intralot deal, and continued expansion in key US markets as the pillars of its next phase of growth.

“Combined with our operational expertise and long-term vision,” Reeves said, “we are eagerly and aggressively pursuing the many growth opportunities before us.”