Bally’s Q1 2026: Revenue Up 28% as Net Loss Hits $162m

Bally’s Corporation posted Q1 2026 revenue of $755.7m, up 28.3% year on year, while reporting a net loss attributable to shareholders of $161.9m — equivalent to $2.69 per share — as a $500m New York State gaming licence fee and the costs of three concurrent casino development projects weighed on the bottom line.

Revenue Growth Across All Four Segments

All operating segments grew year on year. Casinos & Resorts delivered $379.7m in revenue, up 8.1%, benefiting from the full-quarter contribution of The Queen Casino & Entertainment properties acquired in February 2025 and organic growth at Baton Rouge — which relocated landside in December 2025 — Marquette, which moved landside in February 2026, Chicago, and Quad Cities. Elevated competition in Shreveport and Dover partially offset those gains. The company noted that its properties grew at a higher rate in Q1 than competitors in their relevant markets. Segment Adjusted EBITDAR for Casinos & Resorts rose 1.2% to $96.2m, with approximately $1.6m in additional shared services costs reallocated from Corporate to the segment during the quarter.

Bally’s Intralot B2C posted revenue of $239.9m, up 31.0% year on year on a pro forma combined basis, driven by UK performance and the inclusion of Intralot’s B2C business following the consolidation completed in Q4 2025. UK online revenue grew 10.5% in constant currency against Q1 2025, supported by rising new player volumes. Bally’s said reduced competitor marketing ahead of the UK Remote Gaming Duty increase contributed to its outperformance versus peers. Spain delivered 1.7% constant-currency growth. Segment Adjusted EBITDAR reached $87.1m, up from $68.5m on a pro forma basis.

Bally’s Intralot B2B generated revenue of $74.0m and Segment Adjusted EBITDAR of $15.1m. US lottery activity was softer year on year. The company flagged $7.5m in negative IFRS-to-US GAAP adjustments within the segment, reflecting differences in the treatment of software development costs and leases.

North America Interactive revenue of $60.5m rose 35.9% year on year, with growth across all wagering verticals. The segment recorded a negative Adjusted EBITDAR of $7.1m, a $0.9m improvement on the prior year period, which the company attributed to top-line growth and cost and retention initiatives put in place by new segment leadership.

Balance Sheet Refinancing

In February, Bally’s entered a new $1.1bn term loan facility due 2031 and completed the sale and leaseback of its Lincoln Casino Resort real estate assets to GLP Capital L.P. Proceeds from those transactions, combined with Intralot deal proceeds, were used to retire the company’s prior $1.47bn term loan due 2028. Long-term debt net of discount stood at approximately $4.39bn at March 31, down from $4.46bn at December 31, 2025.

Capital expenditure in Q1 totalled $38.9m. A further $500m was paid for the New York State gaming licence related to the Bronx development, alongside $115m in contingent consideration for a golf course concession and land acquisition costs for approximately 16 acres.

Three Active Development Projects

Bally’s Chicago completed its structural steel topping-out in April 2026, with a spring 2027 opening target unchanged. The permanent casino will include approximately 3,400 slot machines, more than 170 table games, a 500-room hotel, a 3,000-seat theater, and ten food and beverage venues. It will be the only casino within Chicago city limits and the largest in Illinois.

The Bronx integrated resort — licensed by the New York State Gaming Commission — represents a $4.0bn total investment and is described by the company as the largest private development in the borough’s history. The 3-million-square-foot facility will include a gaming floor, a 500-room luxury hotel, a 2,000-seat event centre, and an 18-hole golf course. Bally’s expects it to open by 2030. In Las Vegas, development at the former Tropicana site continues alongside Major League Baseball’s Las Vegas Athletics, targeting a 2028 stadium opening. Bally’s said it is in active discussions with entertainment and retail partners for the wider resort.

UK Tax and Star Entertainment

The UK Remote Gaming Duty increase to 50% took effect on April 1, outside the Q1 period. Bally’s said its UK business remained robust through Q1 and reiterated confidence in its mitigation plan. The higher duty rate will begin affecting results from Q2. The company said active player numbers in the UK were rising and Q1 revenue growth outpaced competitors in the market.

In Australia, Bally’s converted a prior loan to The Star Entertainment Group into a 38% equity stake following regulatory suitability approval. In early May, Star completed a $390m refinancing with WhiteHawk Capital Partners, replacing prior debt and, in the company’s assessment, substantially improving Star’s liquidity position.

“We delivered solid first quarter results across the enterprise and continue to make progress on growing and diversifying our global footprint, delivering on operational synergies and strengthening our balance sheet,” said Robeson Reeves, Chief Executive Officer of Bally’s. “While the higher UK remote gaming duty went into effect on April 1st, our UK business has been robust, and we remain confident in the gaming tax increase mitigation plan we disclosed last year.”

Bally’s shares fell approximately 29% year to date through Monday, closing at $11.80 — still up nearly 7% over the trailing 12 months. The Q2 earnings period will be the first to fully reflect the UK duty increase, alongside the ongoing capital demands of Chicago, the Bronx, and Las Vegas. Investor focus will likely centre on whether the land-based segment can absorb competitive pressure in legacy markets while development-stage assets remain pre-revenue. The performance of major US casino operators heading into mid-2026 will provide additional context for how Bally’s Casinos & Resorts metrics compare across the sector.

Source: Bally’s Corporation