Bally’s Corp. reported 2025 total revenue of $2.44 billion for the successor period from Feb. 8 to Dec. 31, plus $220.5 million for the predecessor stub period from Jan. 1 to Feb. 7, compared with $2.45 billion in 2024. The company’s loss from operations widened to $277.7 million in the successor period and $20.8 million in the predecessor period, versus a $258.3 million operating loss in 2024. Net loss totaled $665.5 million in the successor period and $51.0 million in the predecessor period, compared with a $567.8 million net loss in 2024.
Revenue growth in 2025 was driven by acquisitions and transactions. Bally’s said Queen contributed $216.0 million to successor-period revenue after the Feb. 8, 2025 merger, while the Intralot entities contributed $98.2 million after Oct. 8, 2025. Those gains were partly offset by a $170.1 million decline tied to the sale of the carved-out business in the fourth quarter of 2024.
By segment, 2025 gaming revenue reached $1.99 billion in the successor period and $185.8 million in the predecessor period, versus $2.05 billion in 2024. Non-gaming revenue totaled $446.7 million in the successor period and $34.7 million in the predecessor period, compared with $398.8 million in 2024. Casinos & Resorts generated $1.07 billion of gaming revenue in the successor period and $309.6 million of non-gaming revenue. Bally’s Intralot B2C produced $749.7 million of gaming revenue and $3.3 million of non-gaming revenue in the successor period. North America Interactive delivered $166.9 million of gaming revenue and $29.4 million of non-gaming revenue.
Total operating costs and expenses were 111.4% of revenue in the successor period, 109.4% in the predecessor period, and 110.5% in 2024. Gaming and non-gaming expenses were 45.0% of revenue in the successor period, compared with 45.8% in 2024. General and administrative expense rose to 47.0% of revenue in the successor period from 42.6% in 2024.
General and administrative expense increased 20.6%, or $214.7 million, to $1.14 billion in the combined 2025 periods from $1.04 billion in 2024. Bally’s attributed the increase to $91.7 million of additional costs from the Queen properties, $54.6 million from the Intralot entities, $33.9 million of Merger Agreement costs, $40.5 million of Intralot transaction costs, and a $17.1 million provision for credit loss on a long-term note receivable related to the carved-out business.
Impairment charges totaled $181.6 million in the successor period, including $109.1 million for intangible assets and $72.5 million for goodwill in the Bally’s Intralot B2B segment, both tied to declining projected cash flows in the licensing business. In 2024, impairment charges were $250.2 million.
Depreciation and amortization fell by $64.1 million versus 2024, to $379.5 million in the combined 2025 periods from $379.5 million? No—Bally’s said the combined 2025 periods were down $64.1 million from $379.5 million in 2024, driven mainly by the absence of $80.1 million of accelerated depreciation recorded in 2024 after the Tropicana Las Vegas closure, partly offset by a $22.8 million increase from the Intralot entities.
Interest expense, net rose to 15.0% of revenue in the successor period from 11.8% in 2024. Loss before income taxes was $619.4 million in the successor period and $50.3 million in the predecessor period, versus $551.2 million in 2024. Provision for income taxes was $49.0 million in the successor period and $0.7 million in the predecessor period, compared with $15.5 million in 2024.
Bally’s said it now reports four operating and reportable segments: Casinos & Resorts, Bally’s Intralot B2B, Bally’s Intralot B2C and North America Interactive. The market has reacted to these announcements by moving the company's shares -1.53% to a price of $16.77. For the full picture, make sure to review Bally's Corp's 10-K report.
