Bally's CorpBALY
Bally's Corp Fair Value Disclosure
FAIR VALUE MEASUREMENTS
The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis. Financial
assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value
measurement. There were no assets and liabilities measured at fair value on a nonrecurring basis.
Successor | |||||||
December 31, 2025 | |||||||
(in thousands) | Balance Sheet Location | Level 1 | Level 2 | Level 3 | |||
Assets: | |||||||
Cash and cash equivalents | Cash and cash equivalents | $798,423 | $— | $— | |||
Restricted cash | Restricted cash | 108,263 | — | — | |||
Investment in GLPI partnership | Other assets | — | 18,946 | — | |||
Investment in The Star | Other assets | 301,285 | — | — | |||
Derivative assets not designated as hedging instruments: | |||||||
Cross currency swaps | — | 3,975 | — | ||||
Cross currency swaps | Other assets | — | 1,111 | — | |||
Total derivative assets at fair value | — | 5,086 | — | ||||
Total assets | $1,207,971 | $24,032 | $— | ||||
Liabilities: | |||||||
Contingent consideration | Accrued and other current liabilities | $— | $— | $115,000 | |||
Contingent consideration | Other long-term liabilities | — | — | 8,885 | |||
Derivative liabilities not designated as hedging instruments: | |||||||
Cross currency swaps | Accrued and other current liabilities | — | 17,643 | — | |||
Cross currency swaps | Other long-term liabilities | — | 51,716 | — | |||
Derivative liabilities designated as hedging instruments: | |||||||
Interest rate contracts | Accrued and other current liabilities | — | 9,166 | — | |||
Interest rate contracts | — | 29,854 | — | ||||
Total derivative liabilities at fair value | — | 108,379 | — | ||||
Total liabilities | $— | $108,379 | $123,885 | ||||
Predecessor | |||||||
December 31, 2024 | |||||||
(in thousands) | Balance Sheet Location | Level 1 | Level 2 | Level 3 | |||
Assets: | |||||||
Cash and cash equivalents | Cash and cash equivalents | $171,233 | $— | $— | |||
Restricted cash | Restricted cash | 60,021 | — | — | |||
Investment in GLPI partnership | Other assets | — | 20,418 | — | |||
Derivative assets not designated as hedging instruments | |||||||
Cross currency swaps | Prepaid expenses and other current assets | — | 4,871 | — | |||
Cross currency swaps | Other assets | — | 615 | — | |||
Derivative assets designated as hedging instruments: | |||||||
Interest rate contracts | Prepaid expenses and other current assets | — | 340 | — | |||
Interest rate contracts | Other assets | — | 336 | — | |||
Cross currency swaps | Prepaid expenses and other current assets | — | 148 | — | |||
Cross currency swaps | Other assets | — | 13,181 | — | |||
Total derivative assets at fair value | — | 19,491 | — | ||||
Total assets | $231,254 | $39,909 | $— | ||||
Liabilities: | |||||||
Contingent consideration | Other long-term liabilities | $— | $— | $59,923 | |||
Derivatives not designated as hedging instruments: | |||||||
Sinclair Performance Warrants | Other long-term liabilities | — | — | 58,668 | |||
Cross currency swaps | Other long-term liabilities | — | 11,174 | — | |||
Derivative liabilities designated as hedging instruments: | |||||||
Interest rate contracts | Accrued and other current liabilities | — | 1,855 | — | |||
Interest rate contracts | Other long-term liabilities | — | 13,372 | — | |||
Cross currency swaps | Accrued and other current liabilities | — | 1,189 | — | |||
Cross currency swaps | Other long-term liabilities | — | 1,624 | — | |||
Total derivative liabilities at fair value | — | 29,214 | 58,668 | ||||
Total liabilities | $— | $29,214 | $118,591 | ||||
There were no transfers made among the three levels in the fair value hierarchy for the period from February 8, 2025 to
December 31, 2025 (Successor), period from January 1, 2025 to February 7, 2025 (Predecessor) and year ended December 31,
2024 (Predecessor).
The following table summarizes the changes in fair value of the Company’s Level 3 assets and liabilities:
(in thousands) | Sinclair Performance Warrant Liability | Contingent Consideration Liability | |
Balance as of December 31, 2023 (Predecessor) | $44,703 | $58,580 | |
Change in fair value | 13,965 | 1,343 | |
Balance as of December 31, 2024 (Predecessor) | 58,668 | 59,923 | |
Change in fair value | 1,180 | 786 | |
Balance as of February 7, 2025 (Predecessor) | $59,848 | $60,709 | |
Balance as of February 8, 2025 (Successor) | $— | $60,709 | |
Change in fair value | — | 63,176 | |
Balance as of December 31, 2025 (Successor) | $— | $123,885 |
The gains (losses) recognized in the consolidated statements of operations for derivative instruments are as follows:
Successor | Predecessor | |||||||
Consolidated Statements of Operations Location | Period from February 8, 2025 to December 31, 2025 | Period from January 1, 2025 to February 7, 2025 | Year Ended December 31, 2024 | |||||
(in thousands) | ||||||||
Derivatives not designated as hedging instruments | ||||||||
Deal Contingent FX Forwards | Other non-operating income (expense), net | $(774) | $— | $— | ||||
Sinclair Performance Warrants | Other non-operating income (expense), net | — | (1,180) | (13,965) | ||||
Cross currency swaps(1) | Other non-operating income (expense), net | 11,696 | 50 | (9,078) | ||||
Derivatives designated as hedging instruments | ||||||||
Interest rate contracts | Interest expense, net | $4,422 | $(105) | $(11,031) | ||||
Cross currency swaps | Interest expense, net | 2,063 | 7 | (3,658) | ||||
__________________________________
(1)Amounts during the year ended December 31, 2024 (Predecessor), as a result of the Company’s de-designation of its EUR-GBP cross currency swaps as
net investment hedges, are included in General and administrative.
Derivative Instruments
The fair values of interest rate contracts and cross currency swap assets and liabilities are classified within Level 2 of the fair
value hierarchy as the valuation inputs are based on estimates using currency spot and forward rates and standard pricing
models that consider the value of future cash flows as of the balance sheet date, discounted to a present value using discount
factors that match both the time to maturity and currency of the underlying instruments. These standard pricing models utilize
inputs that are derived from or corroborated by observable market data such as interest rate yield curves as well as currency spot
and forward rates. When designated as hedging instruments, changes in the fair value of these contracts are reported as a
component of other comprehensive income (loss). When not designated as hedging instruments, changes in fair value of these
contracts are reported within Other non-operating income (expense), net in the consolidated statements of operations.
Sinclair Performance Warrants
Sinclair Performance Warrants were accounted for as a derivative instrument classified as a liability within Level 3 of the
hierarchy through February 7, 2025 (Predecessor) as the warrants are not traded in active markets and are subject to certain
assumptions and estimates made by management related to the probability of meeting performance milestones. These
assumptions and the probability of meeting performance targets may have a significant impact on the value of the warrant. The
Performance Warrants were valued using an option pricing model, considering the Company’s estimated probabilities of
achieving the performance milestones for each tranche. Inputs to this valuation approach include volatility between 40% and
67%, risk free rates between 3.84% and 4.79%, the Company’s common stock price for each period and expected terms
between 1.5 and 6.3 years. In connection with the Queen Merger, as of February 7, 2025, all outstanding Performance Warrants
became immediately exercisable at a price of $0.01 per share and were reclassified out of liabilities and into equity and are no
longer measured at fair value. The fair value is recorded within “Other long-term liabilities” of the consolidated balance sheets
as of December 31, 2024 (Predecessor).
Contingent consideration
In connection with the acquisition of Bally’s Golf Links on September 12, 2023 (Predecessor), the purchase price included
future cash payments totaling up to $125 million to the seller, based upon future events, which were uncertain at the time of
acquisition. The Company recorded contingent consideration at fair value as a liability on the acquisition date, which was
subsequently remeasured at each reporting date within “Other, non-operating expenses, net” in the consolidated statements of
operations. The contingent consideration was valued at $59.9 million as of December 31, 2024 (Predecessor) and $123.9
million as of December 31, 2025 (Successor). As of December 31, 2024 (Predecessor), Level 3 inputs to this valuation
approach included the Company’s estimated probabilities of achieving the conditions for payment, expected terms between 1.5
and 3 years, and discount rates between 7.2% and 7.8%. As of December 31, 2025 (Successor), the contingency related to
$115 million of the $125 million total payments was resolved and is payable in 2026. As such, that contingency was marked to
its fair value of $115 million and is classified as a current liability.
Fair Value Option Equity Method Investments
The Company has long-term investments in unconsolidated entities which it accounts for under the equity method of
accounting. The Company has elected the fair value option allowed by ASC 825, with respect to these investments. Under the
fair value option, the investments are remeasured at fair value at each reporting period through earnings. The Company
measures fair value using quoted prices in active markets that are classified within Level 1 of the hierarchy, with changes to fair
value included within Other non-operating (expense) income, net of the consolidated statements of operations.
Investment in GLPI Partnership
The Company holds a limited partnership interest in GLP Capital, L.P. (“GLP”), the operating partnership of GLPI. The
investment is reported at fair value based on Level 2 inputs, with changes to fair value included within “Other non-operating
income (expense), net” in the consolidated statements of operations.
Long-term debt
The fair value of the Company’s Term Loan Facility and senior notes are estimated based on quoted prices in active markets
and are classified as Level 1 measurements. The fair value of the Revolving Credit Facility approximates its carrying amount as
it is revolving, variable rate debt, and is also classified as a Level 1 measurement. In the table below, the carrying amounts of
the Company’s long-term debt is net of debt issuance costs, debt discounts and fair value adjustments. Refer to Note 14 “Long-
Term Debt” for further information.
Successor | Predecessor | |||||||
December 31, 2025 | December 31, 2024 | |||||||
(in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||
Term Loan Facility | $1,408,953 | $1,458,438 | $1,858,800 | $1,792,804 | ||||
Intralot British Term Loan | 537,234 | 519,315 | — | — | ||||
Intralot Greek Term Loan | 234,962 | 230,370 | — | — | ||||
Intralot 6.00% Retail Bond due 2029 | 157,214 | 155,022 | — | — | ||||
5.625% Senior Notes due 2029 | 580,494 | 562,500 | 738,517 | 587,813 | ||||
5.875% Senior Notes due 2031 | 517,458 | 484,181 | 721,456 | 535,631 | ||||
Intralot 6.75% Senior Secured Notes due 2031 | 708,787 | 699,706 | — | — | ||||
Intralot Supplemental Indenture | 2,436 | 2,436 | — | — | ||||
Intralot Floating Rate Senior Notes due 2031 | 353,119 | 347,858 | — | — | ||||
Free Sentinel
Track for freeWant the next Bally's Corp fair value disclosure the moment it drops?
Set a Sentinel and we'll alert you the moment Bally's Corp's next filing hits EDGAR. No credit card, your email never gets sold.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 23, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
| 2023 | Mar 15, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.