Bally’s posts 21% Q3 revenue rise as Intralot fuels group growth

Bally’s Corporation reported third-quarter group revenue of $807.6 million, a 21% year-on-year increase, in a preliminary earnings filing released late Monday, driven principally by growth at its Intralot B2B and B2C operations. The company said group adjusted EBITDAR was $179.6 million, up 2% year-on-year, and that it will file an extension with the Securities and Exchange Commission to submit the full report at a later date.

Financials and segment performance

Third-quarter group revenue of $807.6 million represented a 21% increase compared with the same period last year. Group adjusted EBITDAR rose 2% to $179.6 million.

Casino revenue increased 3% to $408.6 million, which Bally’s attributed to landside moves at its Baton Rouge and Marquette riverboats. Casino segment EBITDAR remained flat at $107 million.

Combined revenue from Bally’s Intralot B2B and B2C divisions surged 55% year-on-year to $333.9 million, which the company identified as the primary growth driver in Q3. Despite the revenue increase, combined EBITDAR for those two units declined 3% to $89.1 million.

North American interactive revenue rose 25% to $62.6 million; the segment’s EBITDAR loss narrowed from $6 million a year earlier to $3.1 million in Q3.

Bally’s stock fell roughly 4% in trading on Tuesday, closing at $11.47, leaving the firm's year-to-date share performance at -31%.

"Our development projects remain on track, our execution is improving results across every segment, and market conditions remain stable as we head into the fourth quarter and 2027," Bally’s Chief Executive Officer Robeson Reeves said in a statement.

International and regulatory complications: The Star Entertainment

Bally’s is managing international complexity following its late-2025 acquisition of a controlling stake in Star Entertainment for $138 million. Star Entertainment was hit with an A$260 million (US$178.5 million) federal fine for historic anti-money laundering violations.

New South Wales regulators determined in September that Star Sydney’s licence will remain suspended until 30 June 2027; the suspension dates back to 2022. As of late 2026 Star operates two properties: Star Sydney and Star Gold Coast, and it exited its Brisbane joint venture amid financial pressure.

Bally’s issued a lengthy statement on 28 October acknowledging the historical conduct underlying the proceedings and saying it "welcomes the opportunity" to demonstrate operational, cultural and regulatory changes across the business. Bally’s Chairman Soo Kim added: "The circumstances at The Star today are materially different from when we first became involved. Bally’s has decades of experience operating casinos in highly regulated jurisdictions, and we believe that expertise, combined with the commitment of The Star’s leadership and team members, is making a meaningful difference."

The company also reported that Sydney and Gold Coast revenue saw their biggest gains in the fourth quarter of fiscal year 2026 since at least 2024.

US development pipeline: Chicago, Las Vegas and the Bronx

Chicago is the project closest to completion. Bally’s $1.8 billion permanent Chicago casino was originally scheduled to open in September 2026 but the opening has been pushed to 2027 after Illinois lawmakers granted a 12-month extension to its temporary licence during the summer. Construction has encountered further disruption after Bally’s paused work on certain non-gaming elements in response to the Chicago city council’s formal legalisation of video gaming terminals in its annual budget. Bally’s said casino, event centre, required food and beverage outlets and 100 hotel rooms will be ready on time, but about 12% of the project is being reevaluated to account for potential VGT competition.

On a 14 September conference call, Soo Kim told investors: "Investors should view our actions through a straightforward lens: We are protecting the value of significant investments we’re making in Chicago while faithfully executing our contractual obligations. And let me say this again – we remain fully committed to Chicago."

Gaming and Leisure Properties, Bally’s largest lender, has nearly $1 billion committed to the Chicago project and owns the real estate assets. GLPI President Brandon Moore told analysts on Bally’s third-quarter earnings call that the slowdown "doesn't change how we view the market or how we ultimately think that property will perform."

On the Las Vegas Strip, Bally’s $1.19 billion mixed-use development has seen limited progress over the last year. The site sits adjacent to the soon-to-be Las Vegas A’s MLB stadium. Local stakeholders have expressed concern that the team may need to build contingency infrastructure if Bally’s cannot secure further financing. At a recent Las Vegas Stadium Authority meeting, representatives from the A’s, Bally’s and GLPI discussed potential solutions but reached no agreement. Moore said GLPI is willing to provide $200 million to $250 million in funding, "conditioned on a couple of business items being settled between Bally’s and the A’s." Sandy Dean, a senior advisor for the A’s, said the team is "needing to have a contingency plan."

Bally’s Bronx resort project remains the company’s largest US commitment. The planned New York City resort carries a price tag of $4 billion, larger than the Chicago and Las Vegas projects combined. On 2 October, Bally’s said it closed $560 million of financing from WhiteHawk Capital Partners, with $400 million available immediately and $160 million in future draws. Soo Kim commented at the time that the financing "allows us to progress the pre-construction planning process so that we are ready to complete the remainder of the capital raise and remain on schedule." Bally’s Bronx is slated to open in 2030.

Capital and market positioning

Bally’s continues to rebalance capital across multiple major projects while integrating Intralot and managing regulatory remediation at Star. The company indicated it will file an SEC extension for its full Q3 filing and emphasised ongoing execution across development, operations and interactive growth.

Bally’s has linked its US development financing and contingency planning to external partners including GLPI and WhiteHawk Capital Partners as it pursues near-term construction milestones and longer-term openings in Chicago, Las Vegas and New York.