Bally’s quarterly revenue climbs 28% driven by Queen Casino merger, online growth

Bally's Corporation reported a 28.3% rise in first-quarter revenue on Tuesday, helped by contributions from the Queen Casino merger and expansion of its interactive gaming business.

The casino operator posted consolidated revenue of $755.7 million for the quarter ended March 31, compared with about $611.1 million a year earlier.

Revenue from Bally’s Casinos & Resorts segment rose 8.1% to $379.7 million, benefiting from the addition of properties acquired through the Queen Casino & Entertainment transaction completed in February 2025, as well as organic growth across several locations.

The company's performance was particularly strong at Bally’s Baton Rouge, formerly Belle of Baton Rouge, which opened its landside casino in December 2025, and at Marquette, which moved landside in February 2026.

Bally’s Intralot B2C revenue climbed 31% to $239.9 million, driven by strong performance in the United Kingdom and the addition of Intralot’s B2C business following the transaction completed in late 2025.

North America Interactive revenue increased 35.9% year-on-year to $60.5 million, reflecting wagering growth across all verticals, though the segment continued to post an adjusted operating loss.

Chief Executive Officer Robeson Reeves described the quarterly performance as “solid” and said the company continued to make progress on expanding its global footprint and strengthening its balance sheet.

“In summary, our strategic initiatives are creating a scaled, growing, global omni-channel provider of retail and online experiences, and we are aggressively pursuing and executing on the many growth opportunities before us,” Reeves said.

During the quarter, Bally’s completed a new used credit facility due in 2031 and finalized the previously announced sale-leaseback of the real estate assets of its Lincoln Casino Resort to GLP Capital L.P.

The company used proceeds from the Intralot transaction, together with funds from the new term loan and the Lincoln transaction, to fully repay its previously outstanding $1.47 billion term loan due 2028.

Bally’s continued to advance several major development projects, including Bally’s Chicago, Bally’s Bronx in New York, and Bally’s Las Vegas on the former Tropicana site.

Bally’s Bronx represents a major $4 billion investment and follows the receipt of a Gaming Facility License from the New York State Gaming Commission. The project is expected to open by 2030 and will include a casino, hotel, event center, and golf course.

Reeves also said Bally’s was continuing work on its Las Vegas development alongside the future stadium of the Athletics, formerly known as the Oakland Athletics, with construction of the stadium underway ahead of the team’s planned 2028 season opening.

In Australia, Bally’s converted its loan to The Star Entertainment Group into a 38% equity stake in late 2025 after receiving regulatory approval. Reeves said Bally’s management was working with Star on operational and cost initiatives following a refinancing package announced earlier this month.

Adjusted EBITDAR from Casinos & Resorts totaled $96.2 million in the quarter, while Bally’s Intralot B2C contributed $87.1 million. North America Interactive and Corporate & Other remained loss-making on an adjusted basis.