Bally’s Revenue Climbs 5.8% as Casino Growth and North American Online Offset International Dip
Bally’s Corporation reported a 5.8% increase in total revenue for the second quarter of 2025, reaching $657.5 million. The growth was primarily driven by the addition of several regional gaming properties and a strong performance from its burgeoning North American online division.
A Tale of Three Segments
The company’s diverse portfolio showed varied performance across its main business units.
Casinos & Resorts: This was the primary engine of growth for the quarter. The segment’s revenue jumped 14.7% to $393.3 million. This increase was largely due to the integration of four regional gaming properties acquired in the merger with The Queen Casino & Entertainment, which was completed in February 2025. The segment’s Adjusted EBITDAR also grew by 6.2% to $106.0 million.
North America Interactive: The company’s U.S. and Canadian online division delivered strong growth, with revenue climbing 21.5% to $56.5 million. This was fueled by the addition of Queen’s interactive business and organic growth in both iGaming and online sports betting. The segment also achieved profitability, posting an Adjusted EBITDAR of $2.5 million, a notable improvement from a $2.2 million loss in the same period last year.
International Interactive: This segment reported a 10.2% decline in revenue to $206.1 million. However, this dip was expected and is entirely attributable to the company’s sale of its Asian interactive business in 2024. When excluding the impact of that divestiture, the segment’s revenue actually grew by 10.0%, with its UK online business posting an 8.8% increase.
A Transformative Deal with Intralot
Perhaps the most significant development for Bally’s is a landmark agreement announced in July. The company plans to merge its International Interactive business with the global gaming technology company Intralot S.A.
In the complex transaction, Intralot will acquire Bally’s international online division for €2.7 billion, a mix of cash and newly issued Intralot shares. Following the deal, which is expected to close in the fourth quarter of 2025, Bally’s will become the majority shareholder of the newly combined entity.
“This transaction is transformative for Bally’s as we unite our outstanding gaming and data technology with Intralot’s exceptional expertise in lottery,” said Bally’s CEO Robeson Reeves. “Together, we are creating a unique proposition that will pave the way for a new era of innovation and growth.”
Major Development Projects and Strategic Investments
The quarter’s results also reflect Bally’s continued focus on major growth projects. The company is in the midst of constructing its permanent casino and resort in Chicago, a massive project that will feature 3,400 slots, over 170 table games, and a 500-room hotel.
Bally’s is also actively pursuing a gaming license for a proposed $4 billion casino and resort in the Bronx, New York. If successful, the project would be one of the largest private investments in the borough’s history.
In another strategic move, Bally’s made a A$200 million capital investment in Star Entertainment Group, a leading Australian gaming and entertainment company. Reeves stated that the investment is consistent with Bally’s strategy of deploying capital in “underperforming operators to seek to create value.”
“In summary, Bally’s 2.0 is well underway to create a global omni-channel provider of retail and online experiences by expanding globally as a gaming and entertainment operator,” said Reeves.
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