Bally’s posts 5.4% revenue growth in Q3 as it advances major US casino projects

Bally’s Corporation has reported third-quarter revenue of $663.7 million for the period ended September 30, 2025. The figure comes as the company keeps pressing ahead with multiple large-scale casino projects, including its $1.7 billion Chicago resort, a proposed $4 billion Bronx casino, and the redevelopment of the former Tropicana site in Las Vegas.

The third-quarter revenue represents a 5.4% increase from a year earlier and surpassed analyst estimates of $632.5 million.

Chief Executive Officer Robeson Reeves said “construction remains in full swing” at Bally’s Chicago, a project partially financed by Gaming & Leisure Properties Inc. Reeves cited “GLPI’s decades of casino construction and development expertise” in helping advance the project.

Development projects and licensing plans

In addition to Chicago, Bally’s is among three companies still under consideration for one of the three casino licenses in the New York City area. Its $4 billion Bronx proposal would include 3,500 slot machines, 250 table games, 500 hotel rooms, and a 2,000-seat events center. By comparison, the Chicago property will feature 3,400 slot machines, 170 table games, 500 rooms, and a 3,000-seat theater.

Reeves also reaffirmed plans to redevelop the Tropicana site on the Las Vegas Strip into a new Bally’s Las Vegas complex, which will share a 35-acre campus with the Las Vegas Athletics stadium.

Segment performance

The Casinos & Resorts segment was the top performer in the third quarter, producing $396.1 million in revenue, up 12.1% from the same period last year. The increase was primarily driven by the addition of four regional properties acquired through the merger with Queen Casino & Entertainment earlier in 2025.

Properties in Vicksburg, Kansas City, and Baton Rouge were described as “particularly strong,” while operations in Evansville, Dover, and Shreveport faced continued competition from new products in their respective markets.

North America Interactive revenue reached $49.9 million, a 13.1% year-over-year increase, attributed in part to Rhode Island operations and growth in online sports betting. However, the segment posted a negative cash flow of $6 million, which the company linked to increased marketing and other costs.

International Interactive revenue fell 6.9% to $215.1 million due to the 2024 sale of Bally’s Asia business. Excluding that divestiture, the segment’s revenue would have increased 11.7%, with UK online operations up 8.0%.

Transaction and financial position

During the quarter, Bally’s finalized a €2.7 billion transaction with Intralot S.A., transferring its international interactive business to the Greek gaming supplier. Bally’s became the majority shareholder of Intralot with a 58% ownership stake. About $1.3 billion of the proceeds were used to pay down secured debt and revolving credit balances.

The company reported long-term debt of $3.7 billion and $79 million in cash. Bally’s would also owe the Trump Organization $115 million within 10 days if its New York City casino license is approved.

Bally’s implemented a cost-savings program expected to generate more than $15 million in annual savings by optimizing corporate and casino operations.

“Our solid third quarter results and recent strategic initiatives highlight further marked progress across multiple fronts on our transformation to the new Bally’s 2.0,” Reeves said. “We continue to demonstrate strategic and prudent use of our capital resources to drive growth and returns for our stakeholders.”