Bally's CorpBALY
Bally's Corp Segments Disclosure
SEGMENT REPORTING
During the first quarter of 2025, the Company moved a component of the North America Interactive operating segment into a
separate operating segment, which is reported in the Corporate & Other category. In the fourth quarter of 2025, the Company
further updated its operating and reportable segments in connection with the Intralot Transaction. These changes were made to
better align with the Company’s strategic growth initiatives and how its chief operating decision maker evaluates performance
and allocates resources. As a result, the Company determined it had four operating and reportable segments: Casinos & Resorts,
Bally's Intralot B2B, Bally's Intralot B2C, and North America Interactive. Prior period reportable segment results and related
disclosures have been conformed to reflect the Company’s current reportable segments.
The Company’s four reportable segments as of December 31, 2025 (Successor) include:
Casinos & Resorts - Includes 19 casino and resort properties, one horse racetrack and one golf course.
Bally's Intralot B2B - Includes Intralot’s B2B global lottery and technology services operations and the Company’s licensing
business.
Bally's Intralot B2C - Includes the Company’s interactive European gaming operations, Intralot’s B2C lottery operations, as
well as one casino property, Bally's Newcastle, in the UK.
North America Interactive - A portfolio of sports betting and iGaming offerings in the United States and Canada.
The “Corporate & Other” category includes interest expense, select immaterial operating segments, unallocated corporate
operating expenses, and other adjustments, such as the elimination of inter-segment transactions, to reconcile with the
Company's consolidated results. This category further accounts for other expenses such as share-based compensation,
acquisition and transaction costs, and other non-recurring charges.
The Company’s chief operating decision maker is its Executive Committee, consisting of the Chief Executive Officer,
President, and Chief Financial Officer. The Company uses consolidated Adjusted EBITDA and segment Adjusted EBITDAR to
analyze the performance of its business and they are used as determining factors for performance-based compensation for
members of the Company’s management team. The Company uses consolidated Adjusted EBITDA and segment Adjusted
EBITDAR when evaluating the operating performance of the business because management believes that the inclusion or
exclusion of certain recurring and non-recurring items is necessary to provide a more fulsome understanding of the core
operating results and as a means to evaluate period-to-period performance.
Management believes segment Adjusted EBITDAR is representative of its ongoing business operations including its ability to
service debt and to fund capital expenditures, acquisitions and operations, in addition to it being a commonly used measure of
performance in the gaming industry and used by industry analysts to evaluate operations and operating performance.
As of December 31, 2025 (Successor), the Company’s operations were predominately in the US and Europe with a less
substantive footprint in other countries world-wide. For geographical reporting purposes, revenue generated outside of the US
consists primarily of revenue from the UK. Revenue generated from the UK represented approximately 28% and 32% of total
revenue, respectively, during the period from February 8, 2025 to December 31, 2025 (Successor) and the period from January
1, 2025 to February 7, 2025 (Predecessor). During the year ended December 31, 2024 (Predecessor), revenue generated outside
of the US consisted primarily of revenue from the UK and Japan of approximately 28% and 6% of total revenue, respectively.
The Company does not have any revenues from any individual customers that exceed 10% of total reported revenues.
The following table sets forth revenue and Adjusted EBITDAR for the Company’s four reportable segments and reconciles
Adjusted EBITDAR on a consolidated basis to net loss. The Other category is included in the following tables in order to
reconcile the segment information to the Company’s consolidated financial statements.
Successor | Predecessor | |||||
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) | ||||||
Revenue | ||||||
Casinos & Resorts | $1,382,438 | $124,299 | $1,363,113 | |||
Bally's Intralot B2B | 97,354 | 3,720 | 6,861 | |||
Bally's Intralot B2C | 752,996 | 75,265 | 902,632 | |||
North America Interactive | 196,310 | 16,941 | 170,317 | |||
Corporate & Other | 7,091 | 273 | 7,555 | |||
Total | $2,436,189 | $220,498 | $2,450,478 | |||
Adjusted EBITDAR(1) | ||||||
Casinos & Resorts | $370,774 | $23,554 | $370,518 | |||
Bally's Intralot B2B | 34,769 | 3,720 | 6,861 | |||
Bally's Intralot B2C | 297,788 | 25,220 | 329,599 | |||
North America Interactive | (5,007) | (5,661) | (27,498) | |||
Corporate & Other | (61,087) | (6,774) | (64,950) | |||
Total | 637,237 | 40,059 | 614,530 | |||
Operating (expense) income: | ||||||
Rent expense associated with triple net operating leases(2) | (159,228) | (15,669) | (118,919) | |||
Depreciation and amortization | (293,118) | (22,343) | (379,544) | |||
Transaction costs | (100,488) | (5,106) | (41,060) | |||
Restructuring | — | — | (17,921) | |||
Tropicana Las Vegas demolition and closure costs | (28,332) | (2,605) | (59,838) | |||
Share-based compensation | (31,111) | (1,954) | (14,752) | |||
Gain on sale-leaseback, net | — | — | 86,254 | |||
Impairment charges | (181,620) | — | (248,879) | |||
Loss on disposal of business | — | — | (27,796) | |||
Merger Agreement and Intralot Transaction costs(3) | (63,161) | (11,233) | (14,808) | |||
Payment service provider write-off (4) | — | — | (6,333) | |||
Other | (57,881) | (1,915) | (29,262) | |||
Loss from operations | (277,702) | (20,766) | (258,328) | |||
Other income (expense) | ||||||
Interest expense, net | (365,233) | (27,229) | (289,629) | |||
Other | 24,960 | (2,365) | (4,545) | |||
Total other expense, net | (340,273) | (29,594) | (294,174) | |||
Loss before income taxes | (617,975) | (50,360) | (552,502) | |||
Provision for income taxes | (47,564) | (664) | (15,252) | |||
Net loss | $(665,539) | $(51,024) | $(567,754) | |||
__________________________________
(1)Adjusted EBITDAR is defined as earnings, or loss, for the Company before interest expense, net of interest income, provision (benefit) for income taxes,
depreciation and amortization, non-operating (income) expense, acquisition, integration and restructuring expense, share-based compensation, and certain
other gains or losses as well as, when presented for our reporting segments, an adjustment related to the allocation of corporate cost among segments, plus
rent expense associated with triple net operating leases.
(2)Consists primarily of the operating lease components contained within certain triple net leases with GLPI. Refer to Note 15 “Leases” for further
information.
(3)Costs incurred in connection with the Merger Agreement and Intralot Transaction discussed in Note 1 “General Information.”
(4)The Company recorded a $6.3 million charge to reduce amounts due from payment service providers (“PSP”) due to a circumstance whereby the payment
processer for certain online sports wagering deposits failed to capture and settle funds with patrons of the Company. The Company was not able to
recover the full amount due from the payment service provider, resulting in a write down to the recoverable amount. In addition to amounts recovered, the
Company received $5.1 million from the PSP as a signing bonus for entering into an extension agreement.
The following table sets forth significant segment expenses and other segment items by reportable segment:
(in thousands) | Casinos & Resorts | Bally's Intralot B2B | Bally's Intralot B2C | North America Interactive | |||
Period from February 8, 2025 to December 31, 2025 (Successor) | |||||||
Revenue | $1,382,438 | $97,354 | $752,996 | $196,310 | |||
Less: segment expenses | |||||||
Marketing costs | 60,679 | 1,353 | 81,914 | 47,513 | |||
Gaming tax | 187,963 | 249 | 148,120 | 38,307 | |||
Compensation | 388,994 | 25,986 | 78,014 | 26,633 | |||
Other direct costs | — | 5,943 | 74,549 | 47,420 | |||
Casino property costs | 153,110 | — | — | — | |||
General and administrative | 70,073 | 16,108 | 40,415 | 27,729 | |||
Other segment items(1) | 150,845 | 12,946 | 32,196 | 13,715 | |||
Segment EBITDAR | $370,774 | $34,769 | $297,788 | $(5,007) | |||
Period from January 1, 2025 to February 7, 2025 (Predecessor) | |||||||
Revenue | $124,299 | $3,720 | $75,265 | $16,941 | |||
Less: segment expenses | |||||||
Marketing costs | 8,814 | — | 8,362 | 5,055 | |||
Gaming tax | 20,917 | — | 16,535 | 6,461 | |||
Compensation | 41,381 | — | 8,492 | 3,213 | |||
Other direct costs | — | — | 8,183 | 8,355 | |||
Casino property costs | 26,653 | — | — | — | |||
General and administrative | 10,712 | — | 6,261 | 2,220 | |||
Other Segment Items(1) | (7,732) | — | 2,212 | (2,702) | |||
Segment EBITDAR | $23,554 | $3,720 | $25,220 | $(5,661) | |||
Year Ended December 31, 2024 (Predecessor) | |||||||
Revenue | $1,363,113 | $6,861 | $902,632 | $170,317 | |||
Less: segment expenses | |||||||
Marketing costs | 89,245 | — | 118,449 | 51,927 | |||
Gaming tax | 190,505 | — | 158,691 | 48,015 | |||
Compensation | 393,160 | — | 97,431 | 38,057 | |||
Other direct costs | — | — | 134,192 | 57,065 | |||
Casino property costs | 141,218 | — | — | — | |||
General and administrative | 73,143 | — | 64,359 | 22,863 | |||
Other segment items(1) | 105,324 | — | (89) | (20,112) | |||
Segment EBITDAR | $370,518 | $6,861 | $329,599 | $(27,498) |
__________________________________
(1)Other Segment Items primarily includes Gaming and non-gaming expenses within our Casinos & Resorts reportable segment, and certain other
immaterial costs and allocations within each of the Company’s reportable segments.
Successor | Predecessor | |||||
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) | ||||||
Capital Expenditures | ||||||
Casinos & Resorts | $60,783 | $5,306 | $60,373 | |||
Bally's Intralot B2B | 5,360 | — | — | |||
Bally's Intralot B2C | 5,017 | 148 | 706 | |||
North America Interactive | 818 | — | 2,147 | |||
Corporate & Other(1) | 95,891 | 10,970 | 136,601 | |||
Total | $167,869 | $16,424 | $199,827 | |||
__________________________________
(1)Includes $95.3 million, $11.0 million, and $133.6 million related to our future Bally’s Chicago project during the period from February 8, 2025 to
December 31, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor) and the year ended December 31, 2024 (Predecessor),
respectively.
Total assets are not regularly reviewed for each operating segment when assessing segment performance or allocating resources
and accordingly, are not presented.
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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 | |
| 2020 | Mar 10, 2021 | |
| 2019 | Mar 13, 2020 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.