Bally's Corporation announced a remarkable 28.3% increase in its revenue for the first quarter of 2025, largely attributed to the merger with Queen Casino and the growth of its interactive gaming sector.
The casino operator reported consolidated revenue of $755.7 million for the quarter ending March 31, a significant rise from approximately $611.1 million during the same period last year.
Revenue from the Bally’s Casinos & Resorts division climbed 8.1% to reach $379.7 million, bolstered by the integration of properties acquired in the Queen Casino & Entertainment deal finalized in February 2025, alongside organic growth at various locations.
Particularly notable was the performance of Bally’s Baton Rouge, previously known as Belle of Baton Rouge, which launched its landside casino in December 2025, and Marquette, which transitioned to landside operations in February 2026.
Bally’s Intralot B2C segment saw a 31% revenue increase, totaling $239.9 million, driven by robust performance in the UK and the incorporation of Intralot’s B2C operations following a late 2025 transaction.
Interactive revenue from North America surged by 35.9% year-over-year, amounting to $60.5 million, reflecting increased wagering across all segments, although this area still reported an adjusted operating loss.
CEO Robeson Reeves characterized the quarterly results as “solid,” emphasizing the company’s ongoing efforts to expand its global presence and enhance its financial stability.
“In summary, our strategic initiatives are crafting a scaled, growing, global omni-channel provider of retail and online experiences, and we are actively pursuing numerous growth opportunities,” Reeves stated.
During the quarter, Bally’s secured a new credit facility set to mature in 2031 and completed the previously announced sale-leaseback of its Lincoln Casino Resort real estate assets to GLP Capital L.P.
The proceeds from the Intralot deal, along with funds from the new loan and the Lincoln transaction, were utilized to fully settle a prior outstanding term loan of $1.47 billion due in 2028.
Bally’s is also making strides in several major development projects, including Bally’s Chicago, Bally’s Bronx in New York, and Bally’s Las Vegas on the former Tropicana site.
The Bally’s Bronx project represents a substantial $4 billion investment and follows the receipt of a Gaming Facility License from the New York State Gaming Commission. This project is projected to open by 2030 and will feature a casino, hotel, event center, and golf course.
Additionally, Reeves mentioned ongoing work on the Las Vegas development adjacent to the future stadium of the Athletics, with construction already underway for the team’s anticipated 2028 season debut.
In Australia, Bally’s transformed its loan to The Star Entertainment Group into a 38% equity stake in late 2025 after obtaining regulatory approval. Reeves noted that Bally’s management is collaborating with Star on operational and cost initiatives following a refinancing agreement announced earlier this month.
Adjusted EBITDAR for the Casinos & Resorts segment reached $96.2 million during the quarter, while Bally’s Intralot B2C contributed $87.1 million. However, North America Interactive and Corporate & Other segments continued to report losses on an adjusted basis.