‘Bally’s 2.0 is well underway,’ Q2 revenue growth driven by US casino operations

Bally’s Corporation has reported Q3 revenue of $657.5m, up 5.8% compared with the same period in 2024, supported by strong growth in its US-based Casinos & Resorts operations.

Segment revenue for the division reached $393.3m, an increase of 14.7% year on year, largely due to the addition of four regional properties from the merger with The Queen Casino & Entertainment in February.

International Interactive revenue totalled $206.1m, down 10.2% from last year following the sale of the Asia interactive business in 2024. Excluding that divestiture, revenue rose 10.0% on continued strength in the UK and Spain. North America Interactive revenue grew 21.5% to $56.5m, driven by iGaming and online sports betting gains.

During the quarter, Bally’s announced an agreement for Intralot SA to acquire its International Interactive business for €2.7bn in cash and stock. Upon completion, expected in Q4 2025, Bally’s will become the majority shareholder of Intralot. The deal is intended to strengthen liquidity and reduce 2028 secured debt.

The company is progressing with construction of its Chicago gaming and entertainment resort, which will include around 3,400 slot machines, over 170 table games, a 500-room hotel tower and a 3,000-seat theatre. Plans for a proposed $4bn casino in the Bronx also remain in motion, contingent on securing a New York City gaming licence.

Good to know: The Bally Bet sportsbook is now live in 13 jurisdictions, including New Jersey and Ontario

Bally’s CEO Robeson Reeves said these developments form part of “Bally’s 2.0,” aimed at creating a global omni-channel gaming and entertainment provider. The company continues to target operational efficiencies while expanding its footprint in both retail and online markets.

Bally’s through the years and competitor comparison

This year has already been a busy one for Bally’s. On 2 July, Intralot announced it would be acquiring Bally’s international interactive business in a €2.7bn deal. This is when Reeves, Bally’s Intralot CEO, claimed  “Bally’s International Interactive [is] just a perfect combo, because you’ve got iGaming and lottery. No one else has that in the world.” The operator also showed interest in investing AU$300m (US$180m) in a potential controlling stake in Star Entertainment Group.

This was a fairly positive quarter for many other US operators. 

MGM hit its highest-ever revenue for the quarter, while Flutter’s revenue was up 16% year-on-year. However, the former was supported by Asian operations while Flutter dominated online. 

Bally’s exists in the inverse of both. While its resorts are almost exclusively in the US, its International interactive segment was almost 5x the size of North American interactive in its 2024 H1. 

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