Bally’s Q4 Revenue Jumps 28.6% as New Openings Drive Growth
Bally’s Corporation reported Q4 2025 revenue of $746.2 million, up 28.6% year-over-year, boosted by a new Baton Rouge casino
Bally’s Corporation reported strong fourth-quarter results on March 16. Total revenue reached $746.2 million. That is up 28.6% from the same quarter a year earlier. New casino openings were a key driver. The company’s Baton Rouge property contributed meaningfully to the quarter.
Bally’s ended 2025 with $108.2 million in cash on hand. Long-term debt climbed to $4.5 billion, up from $3.3 billion in 2024. The company did not report a net profit or loss figure, consistent with its recent practice.
Segment Performance
The casino division posted Q4 revenue of $366.2 million. That is a 12.9% increase over the prior year period. Casino cash flow grew 5.6% to $85.3 million for the quarter.
North American digital gambling was the standout segment. Revenue there surged 55.4% to $62.3 million, covering both iGaming and sports betting. Cash flow in that segment flipped from a $10.2 million loss to a positive $800,000 return. It marks a significant operational improvement for a division that has been a drag on results in prior quarters.
Online revenue in Spain and the United Kingdom rose 6.3% for the quarter. Those results have been folded into Bally’s Intralot, a merged entity created after Bally’s sold its international online businesses to Intralot in October for €2.7 billion.
Intralot assumed a controlling stake in the company as part of that deal. The consumer-facing revenue of the combined Bally’s Intralot entity reached $236.5 million in Q4, a 13.9% improvement.
Full-Year 2025 Picture
For the full year, Bally’s casino revenue slipped from $1.3 billion in 2024 to $1.2 billion. That decline was more than offset by growth elsewhere. Business-to-customer online activity reached $753 million. Business-to-business online revenue came in at $97.3 million. North American digital gambling for the full year totaled $196.3 million.
CEO Robeson Reeves described 2025 as a successful and transformational year. He pointed to a reshaped domestic and international portfolio and said the company has strengthened its balance sheet for near- and long-term growth.
Major Development Projects on the Horizon
Reeves highlighted three major projects in his comments. Construction is underway at Bally’s Chicago, one of the company’s most significant domestic developments. Bally’s was also selected to develop a $4 billion megaresort in The Bronx, a project that would represent the largest casino development in New York City’s history if completed.
On Bally’s Las Vegas, Reeves was more measured. He confirmed construction is underway to support the Oakland Athletics’ 2028 season opening at the adjacent stadium. The Las Vegas project is being developed on the former Tropicana site. Bally’s acquired the Tropicana land in a deal with the Athletics and began the redevelopment process in 2024.
Reeves framed the company’s overall direction in broad terms. He described Bally’s as a scaled, growing, global omni-channel provider of retail and online gaming experiences. He said the company is aggressively pursuing growth opportunities while managing capital resources prudently.
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