Bally’s Corporation closed out 2025 with a sharp jump in revenue, though parts of the company’s growing digital business are still losing money as it pours cash into expansion projects and international online gaming.
The Providence, Rhode Island–based gaming and entertainment operator said preliminary revenue for the fourth quarter reached $746.2 million, which is up 28.6% compared with $580.4 million in the same quarter of the previous year. Company executives said the increase came largely from newly acquired casinos, steady growth in North American sports betting and iGaming, and expanding online operations overseas.
Still, the strong top-line growth didn’t translate evenly across the business.
Bally’s North America Interactive division brought in $62.3 million during the quarter. The segment reported just $0.8 million in adjusted EBITDAR, which is said to be a big improvement from the $10.2 million loss posted a year earlier, but it still highlights how narrow margins remain in the company’s online betting and gaming operations. On a full-year pro forma basis, the division recorded an adjusted EBITDAR loss of $9.2 million.
Corporate costs also continued to drag on results. The company reported a fourth-quarter adjusted EBITDAR loss of $15.9 million in its corporate and other segment, while the full-year pro forma loss there totaled $69.2 million.
Expansion strategy reshapes Bally’s global gaming portfolio as it reports Q4 gains and losses
Despite those losses, Bally’s traditional casino properties remained the company’s main profit engine. Its casinos and resorts segment generated $366.2 million in revenue during the fourth quarter, a 12.9% increase from the same period in 2024. The division also produced $85.3 million in adjusted EBITDAR.
Executives credited much of that growth to the addition of four regional gaming properties acquired earlier in 2025 through the Queen Casino and entertainment deal, which expanded Bally’s footprint across several U.S. markets.
International online gaming was another contributor. Bally’s Intralot B2C business recorded $236.5 million in fourth-quarter revenue, up 13.9% year over year. Growth in the United Kingdom and Spain helped drive that performance, alongside the addition of Intralot’s consumer-facing operations.
The company’s leadership described the year as a major turning point for the business.
“Our fourth quarter completed a successful and truly transformational year for Bally’s,” said Robeson Reeves, Bally’s Chief Executive Officer. “In 2025, we reshaped and expanded our portfolio both domestically and internationally, online and in retail, while strengthening our balance sheet and positioning the Company for near- and long-term growth.”
One of the most notable moves came with Bally’s completion of a roughly $3 billion transaction combining its International Interactive business with Intralot. The deal created Bally’s Intralot, a global iGaming and lottery operator in which Bally’s now holds a 58% controlling stake.
Industry reports have also pointed to strong momentum in the United Kingdom’s online casino sector, a market where Bally’s continues to expand its presence. At the same time, the company has been reshaping its ownership structure after changes involving former majority shareholder The Star Entertainment Group.
Bally’s is also investing heavily in physical developments. In December, the company opened a new landside entertainment complex at Bally’s Baton Rouge following a $160 million redevelopment that replaced its riverboat casino with a hotel, upgraded gaming floor, and new dining venues.
Looking ahead, the company holds a license to build a $4 billion casino and entertainment complex in Ferry Point Park in the Bronx while continuing work on major developments in Chicago and Las Vegas.
Bally’s said the results remain preliminary and that it plans to file an extension for its 2025 annual report while it completes internal review and audit work. Final figures could change when the company submits its full Form 10-K.
Featured image: Bally’s / Canva
