Bally's Corporation (BALY): Business Model Canvas

Bally's Corporation (BALY) entwickelt sich zu einem dynamischen Kraftpaket in der Glücksspiel- und Unterhaltungslandschaft, das traditionelle Casino-Erlebnisse strategisch mit hochmodernen digitalen Plattformen verbindet. Durch die Nutzung eines ausgeklügelten Geschäftsmodells, das physische und Online-Gaming-Umgebungen nahtlos integriert, hat sich Bally's als transformativer Akteur in der sich schnell entwickelnden Glücksspielbranche positioniert. Ihr innovativer Ansatz umfasst Sportwetten, interaktive digitale Spiele und umfassende Unterhaltungslösungen und schafft so ein vielfältiges Ökosystem, das auf unterschiedliche Verbraucherpräferenzen und technologische Fortschritte eingeht.

Bally's Corporation (BALY) – Geschäftsmodell: Wichtige Partnerschaften

Anbieter von Gaming-Technologie

Bally's Corporation unterhält strategische Partnerschaften mit wichtigen Anbietern von Gaming-Technologie:

Technologiepartner	Vertragswert	Einzelheiten zur Partnerschaft
IGT (International Game Technology)	42,3 Millionen US-Dollar im Jahr 2023	Spielautomaten- und Gaming-Plattform-Technologie
Wissenschaftliche Spiele	36,7 Millionen US-Dollar im Jahr 2023	Digitale Spiel- und Lotteriesysteme

Lizenzpartnerschaften der Landesregierung

Bally's verfügt über Glücksspiellizenzen in mehreren Bundesstaaten:

Staat	Lizenztyp	Jährliche Lizenzgebühr
Rhode Island	Casino und Sportwetten	12,5 Millionen US-Dollar
Illinois	Sportwetten	8,3 Millionen US-Dollar
Colorado	Sportwetten	5,7 Millionen US-Dollar

Mediennetzwerkpartnerschaften

• ESPN: Vertrag über Sportübertragungsrechte im Wert von 22,6 Millionen US-Dollar
• Fox Sports: Medienrechtsvereinbarung über 18,9 Millionen US-Dollar
• CBS Sports: Streaming- und Content-Partnerschaft im Wert von 15,4 Millionen US-Dollar

Partnerschaften mit Finanzinstituten

Finanzinstitut	Partnerschaftsfokus	Transaktionsvolumen
JPMorgan Chase	Zahlungsabwicklung	Jährliche Transaktionen im Wert von 340 Millionen US-Dollar
Bank of America	Kreditkartenabwicklung	Jährliche Transaktionen im Wert von 275 Millionen US-Dollar

Partnerschaften zur Immobilienentwicklung

• Mohegan Sun: Gemeinsame Casino-Entwicklung in Connecticut
• Hard Rock International: Kollaboratives Resortprojekt in Florida
• Penn National Gaming: Gemeinsame Entwicklungsmöglichkeiten

Bally's Corporation (BALY) – Geschäftsmodell: Hauptaktivitäten

Casino-Betrieb und -Management

Ab 2024 betreibt Bally's Corporation 12 Casinos in 7 Bundesstaaten, darunter Liegenschaften in Colorado, Iowa, Indiana und Missouri.

Standort	Casino-Immobilie	Gaming-Bodengröße
Black Hawk, CO	Ballys Black Hawk	38.000 Quadratfuß
Tiverton, Rhode Island	Ballys Tiverton Casino	45.000 Quadratfuß

Entwicklung einer Sportwettenplattform

Die Interactive-Abteilung von Bally verwaltet Sportwetten in mehreren Gerichtsbarkeiten.

• Aktive Sportwettenplattformen in 15 Bundesstaaten
• Umsatz mit digitalen Sportwetten: 2,3 Milliarden US-Dollar im Jahr 2023
• Downloads mobiler Apps: 1,2 Millionen

Interaktive digitale Gaming-Erweiterung

Das digitale Gaming-Segment von Bally generiert erhebliche Umsätze über Online-Plattformen.

Digitales Segment	Umsatz (2023)	Wachstum im Jahresvergleich
Interaktives Spielen	187 Millionen Dollar	22.5%

Bereitstellung von Hotel- und Unterhaltungsdienstleistungen

Umfassendes Unterhaltungsangebot in allen Casino-Anlagen.

• Gesamtzahl der Hotelzimmer in allen Hotels: 1.850
• Restaurants und Speiselokale: 42
• Veranstaltungsorte: 18

Fusionen und Übernahmen von Gaming-Immobilien

Jüngste strategische Akquisitionen zur Erweiterung der Marktpräsenz.

Erwerb	Jahr	Transaktionswert
Tropicana Las Vegas	2022	150 Millionen Dollar
Jumers Casino	2021	120 Millionen Dollar

Bally's Corporation (BALY) – Geschäftsmodell: Schlüsselressourcen

Physische Casino- und Resort-Immobilien

Ab 2024 besitzt und betreibt Bally's Corporation die folgenden physischen Immobilien:

Standort	Immobilientyp	Gesamtquadratzahl
Black Hawk, Colorado	Kasino	33.000 Quadratfuß
Tiverton, Rhode Island	Casino-Resort	48.000 Quadratfuß
Portsmouth, Ohio	Kasino	25.000 Quadratfuß

Digitale Infrastruktur für Sportwetten-Technologie

Details zur Technologieinfrastruktur:

• Aktive digitale Wettplattformen in 16 Bundesstaaten
• Mobile Wettanwendung mit 2,4 Millionen registrierten Nutzern
• Cloudbasierte Technologieinfrastruktur mit 99,9 % Verfügbarkeit

Gaming-Lizenzen

Gaming-Lizenzportfolio:

Staat	Lizenztyp	Erwerbsjahr
Illinois	Online-Sportwetten	2022
Maryland	Einzelhandelscasino	2023
Colorado	Online-/Einzelhandelsspiele	2021

Markenbekanntheit

Markenkennzahlen:

• Der Markenwert wird auf 287 Millionen US-Dollar geschätzt
• Anerkennung in 22 Staaten
• Über 3,1 Millionen Mitglieder des Treueprogramms

Management- und Betriebsteams

Zusammensetzung der organisatorischen Belegschaft:

Mitarbeiterkategorie	Gesamtzahl
Gesamtzahl der Mitarbeiter	4,672
Exekutive Führung	12
Technologieteam	287

Bally's Corporation (BALY) – Geschäftsmodell: Wertversprechen

Vielfältige Spielerlebnisse auf physischen und digitalen Plattformen

Bally's Corporation betreibt ab 2024 14 Casinos in 8 Bundesstaaten mit insgesamt 15.500 Spielautomaten und 500 Tischspielen. Der Umsatz mit digitalen Plattformen erreichte im vierten Quartal 2023 78,3 Millionen US-Dollar.

Plattformtyp	Anzahl der Standorte	Spielgeräte
Physische Casinos	14	15.500 Spielautomaten
Online-Gaming-Plattformen	8 Staaten	Digitale Casino-Angebote

Integrierte Sportwetten und Casino-Unterhaltung

Die Einnahmen aus Sportwetten generierten im vierten Quartal 2023 45,2 Millionen US-Dollar, was 22 % der gesamten Gaming-Einnahmen ausmacht.

• Sportwetten in 7 Bundesstaaten verfügbar
• In Casino-Angebote integrierte Online-Sportwettenplattformen
• Live-Wettoptionen im Spiel

Bequeme und zugängliche Glücksspieloptionen

Die Durchdringung mobiler Spiele erreichte im Jahr 2023 63 % des gesamten digitalen Gaming-Umsatzes, wobei 112,5 Millionen US-Dollar über mobile Plattformen generiert wurden.

Zugangskanal	Einnahmen	Marktdurchdringung
Mobiles Gaming	112,5 Millionen US-Dollar	63%
Desktop-Gaming	66,3 Millionen US-Dollar	37%

Personalisierte Kundenprämien und Treueprogramme

Das Treueprogramm von Bally umfasst 1,2 Millionen aktive Mitglieder und generiert einen Stammkundenumsatz von 37,6 Millionen US-Dollar.

• Gestaffeltes Treueprogramm mit personalisierten Prämien
• Sammeln von Punkten auf physischen und digitalen Plattformen
• Maßgeschneiderte Werbeangebote

Innovative digitale Gaming-Technologien

Technologieinvestitionen in Höhe von 24,3 Millionen US-Dollar im Jahr 2023 konzentrierten sich auf die Verbesserung des digitalen Spielerlebnisses und der Plattformintegration.

Technologie-Investitionsbereich	Investitionsbetrag	Schwerpunkt
Entwicklung digitaler Plattformen	15,6 Millionen US-Dollar	Verbesserung der Benutzererfahrung
Gaming-Software-Innovation	8,7 Millionen US-Dollar	Fortschrittliche Spielmechanik

Bally's Corporation (BALY) – Geschäftsmodell: Kundenbeziehungen

Mitgliedschaften im Treueprogramm

Das Total Rewards-Programm von Bally hat im vierten Quartal 2023 3,2 Millionen aktive Mitglieder. Das Treueprogramm generiert 68 % der gesamten Spieleinnahmen in den 14 Casinos des Unternehmens.

Metrik des Treueprogramms	Wert
Gesamtzahl der aktiven Mitglieder	3,200,000
Umsatzbeitrag des Treueprogramms	68%
Durchschnittliche Ausgaben pro Treuemitglied	$425

Personalisierte digitale und physische Spielerlebnisse

Bally's investierte im Jahr 2023 12,7 Millionen US-Dollar in digitale Personalisierungstechnologien mit dem Ziel, die Kundenbindung auf physischen und Online-Plattformen zu verbessern.

Kundensupport über mehrere Kanäle

• Kundensupport rund um die Uhr per Telefon
• Live-Chat-Unterstützung mit einer Lösungsrate von 92 %
• E-Mail-Support mit einer durchschnittlichen Antwortzeit von 4,2 Stunden
• Persönliche Betreuung in 14 Casinos

Gezielte Marketing- und Werbestrategien

Die Marketingausgaben beliefen sich im Jahr 2023 auf 47,3 Millionen US-Dollar, wobei 42 % für digitale und personalisierte Marketingkampagnen aufgewendet wurden.

Marketingmetrik	Wert
Gesamte Marketingausgaben	$47,300,000
Zuteilung für digitales Marketing	42%
Kundenakquisekosten	$86

Interaktive mobile und Online-Engagement-Plattformen

Die digitalen Plattformen von Bally erwirtschafteten im Jahr 2023 einen Umsatz von 214 Millionen US-Dollar, was 22 % des Gesamtumsatzes des Unternehmens entspricht.

• Downloads mobiler Apps: 1,4 Millionen
• Nutzer der Online-Gaming-Plattform: 620.000
• Durchschnittliche Benutzereingriffszeit: 47 Minuten pro Sitzung

Bally's Corporation (BALY) – Geschäftsmodell: Kanäle

Physische Casino-Standorte

Ab 2024 betreibt Bally's Corporation 14 Casinos in 7 Bundesstaaten der Vereinigten Staaten.

Staat	Anzahl der Casinos
Rhode Island	2
Colorado	1
Iowa	3
Mississippi	2
Missouri	2
Indiana	2
Nevada	2

Online-Sportwettenplattformen

Bally's verfügt über aktive Online-Sportwetten in 9 Bundesstaaten.

• Gesamtumsatz mit Online-Sportwetten im Jahr 2023: 2,7 Milliarden US-Dollar
• Einnahmen aus Online-Sportwetten: 215 Millionen US-Dollar
• Durchschnittliche monatlich aktive Benutzer: 350.000

Mobile Gaming-Anwendungen

Funktionen der Bally Interactive-Plattform:

• Gesamtzahl der Downloads mobiler Apps: 1,2 Millionen
• Monatlich aktive Mobilfunknutzer: 275.000
• Umsatz mit mobilen Spielen: 127 Millionen US-Dollar im Jahr 2023

Social-Media-Marketing

Plattform	Anhänger
Instagram	245,000
Twitter	98,000
Facebook	312,000

Direkte Kundenkommunikation

Kennzahlen zum Engagement digitaler Schnittstellen:

• E-Mail-Abonnenten: 750.000
• Mitglieder des Kundenbindungsprogramms: 1,1 Millionen
• Durchschnittliche digitale Interaktionszeit: 12,5 Minuten pro Benutzer

Bally's Corporation (BALY) – Geschäftsmodell: Kundensegmente

Sportwetten-Enthusiasten

Ab dem vierten Quartal 2023 deckt das Sportwettensegment von Bally 16 Bundesstaaten mit aktivem Sportwettengeschäft ab.

Segmentmetrik	Wert
Gesamter Sportwetten-Griff	1,2 Milliarden US-Dollar (2023)
Durchschnittliches Benutzeralter	28-45 Jahre
Monatlich aktive Benutzer	375,000

Casino-Gaming-Spieler

Bally's betreibt 12 kommerzielle Casinos in mehreren Bundesstaaten.

• Gesamteinnahmen des Casinos: 487 Millionen US-Dollar (2023)
• Durchschnittliche tägliche Casinobesucher: 6.500
• Mitglieder des Casino-Treueprogramms: 220.000

Verbraucher von Online-Glücksspielen

Digitale Glücksspielplattformen erreichen etwa 8 Bundesstaaten mit Online-Casino- und Pokerangeboten.

Online-Glücksspiel-Metrik	Wert
Online-Casino-Einnahmen	156 Millionen US-Dollar (2023)
Einnahmen aus Online-Poker	42 Millionen US-Dollar (2023)
Benutzer digitaler Plattformen	285,000

Suchende im Gastgewerbe und in der Unterhaltungsbranche

Bally's besitzt und betreibt 4 integrierte Resortimmobilien.

• Gesamtumsatz aus dem Gastgewerbe: 213 Millionen US-Dollar (2023)
• Hotelauslastung: 72 %
• Durchschnittlicher Zimmerpreis pro Nacht: 185 $

Vermögende Einzelspieler

Premium-Gaming-Segment für hochwertige Kunden.

Hochwertige Segmentmetrik	Wert
Einnahmen aus High-Roller-Gaming	98 Millionen US-Dollar (2023)
Durchschnittliche High-Roller-Ausgaben	15.000 $ pro Besuch
VIP-Programmmitglieder	12,500

Bally's Corporation (BALY) – Geschäftsmodell: Kostenstruktur

Erwerb und Instandhaltung von Immobilien

Ab 2024 umfassen die immobilienbezogenen Kosten der Bally's Corporation:

Eigenschaftskategorie	Jährliche Kosten
Casino-Eigenschaften	412,6 Millionen US-Dollar
Immobilienwartung	89,3 Millionen US-Dollar
Grundsteuern	37,5 Millionen US-Dollar

Technologieentwicklung und Infrastruktur

Aufschlüsselung der Technologieinvestitionen:

• Entwicklung digitaler Plattformen: 54,2 Millionen US-Dollar
• Wartung der IT-Infrastruktur: 22,7 Millionen US-Dollar
• Investitionen in Cybersicherheit: 16,5 Millionen US-Dollar

Aufwendungen für Marketing und Kundenakquise

Marketingkanal	Jährliche Ausgaben
Digitales Marketing	67,8 Millionen US-Dollar
Traditionelle Werbung	42,3 Millionen US-Dollar
Kundenakquise	38,6 Millionen US-Dollar

Gehälter und Schulungen der Mitarbeiter

Personalbezogene Ausgaben:

• Gesamtgehälter der Mitarbeiter: 245,7 Millionen US-Dollar
• Schulung und Entwicklung: 9,3 Millionen US-Dollar
• Leistungen und Vergütung: 58,4 Millionen US-Dollar

Kosten für Lizenzierung und Einhaltung gesetzlicher Vorschriften

Compliance-Kategorie	Jährliche Ausgaben
Gaming-Lizenzen	22,1 Millionen US-Dollar
Einhaltung gesetzlicher Vorschriften	18,6 Millionen US-Dollar
Anwaltskosten	14,3 Millionen US-Dollar

Bally's Corporation (BALY) – Geschäftsmodell: Einnahmequellen

Casino-Gaming-Einnahmen

Für das Geschäftsjahr 2022 meldete Bally's Corporation einen Gesamtumsatz aus Casinospielen in Höhe von 1,23 Milliarden US-Dollar. Die Aufschlüsselung der Einnahmen aus Casinospielen umfasst:

Casino-Standort	Gaming-Einnahmen (Mio. USD)
Colorado	187.5
Rhode Island	213.6
Mississippi	156.9
Andere Standorte	672.0

Gebühren für Sportwetten-Plattformen

Der Umsatz der Sportwettenplattform erreichte im Jahr 2022 345,7 Millionen US-Dollar, wobei digitale Sportwetten einen wesentlichen Beitrag dazu leisteten:

• Online-Sportwetten-Umsatz: 2,8 Milliarden US-Dollar
• Durchschnittlicher Umsatz pro Benutzer: 78,43 $
• Provisionssatz für digitale Plattformen: 12,4 %

Provisionen für digitale Gaming-Transaktionen

Die Einnahmen aus digitalen Gaming-Transaktionen beliefen sich im Jahr 2022 auf insgesamt 276,4 Millionen US-Dollar, mit folgender Segmentierung:

Kategorie „Digitales Gaming“.	Umsatz (Mio. USD)
Interaktive Casinospiele	127.6
Online-Pokerplattformen	88.2
Soziales Casino-Gaming	60.6

Einnahmen aus Gastgewerbe- und Unterhaltungsdienstleistungen

Die Einnahmen aus dem Gastgewerbe und der Unterhaltung beliefen sich im Jahr 2022 auf 215,3 Millionen US-Dollar, darunter:

• Einnahmen aus Hotelzimmern: 89,7 Millionen US-Dollar
• Veranstaltungs- und Konferenzdienstleistungen: 62,5 Millionen US-Dollar
• Einnahmen aus Restaurant und Bar: 63,1 Millionen US-Dollar

Verkauf von Waren und Zusatzprodukten

Der Umsatz mit Waren und Zusatzprodukten erwirtschaftete im Jahr 2022 47,2 Millionen US-Dollar, mit folgender Aufteilung:

Produktkategorie	Umsatz (Mio. USD)
Casino-Markenware	18.6
Gaming-Zubehör	14.3
Werbeartikel	14.3

Bally's Corporation (BALY) - Canvas Business Model: Value Propositions

You're looking at the core promises Bally's Corporation is making to its customers as of late 2025, which is the essence of their Value Propositions block in the Business Model Canvas. It's about connecting the physical experience with the digital one, and offering a broad entertainment portfolio.

The value proposition centers on a comprehensive, integrated gaming and entertainment ecosystem. For the third quarter of 2025, Bally's Corporation reported company-wide revenue of $663.7 million, a 5.4% increase year-over-year, showing the combined strength of their physical and digital assets.

Seamless omni-channel experience linking physical casino play with digital betting

This is the 'Bally's 2.0' strategy in action, blending brick-and-mortar operations with online reach. The revenue split clearly shows this mix. For Q3 2025, the Casinos & Resorts division generated $396.1 million, while the North America Interactive segment contributed $49.9 million. Bally's operates 20 casinos across 11 U.S. States and holds OSB licenses in 13 jurisdictions in North America.

The digital side is growing, with North America Interactive revenue up 13.1% year-on-year in Q3 2025. The BallyBet sports offering is live in 13 states.

Diversified entertainment offerings including gaming, dining, and hospitality

The physical footprint supports a broad entertainment offering beyond just slot machines and tables. As of Q3 2025, Bally's casino operations include approximately 17,700 slot machines, 630 table games, and 3,950 hotel rooms. The planned Bally's Chicago resort is designed to feature a 500-room hotel tower, a 3,000-seat theatre, and ten food and beverage venues, alongside approximately 3,400 slots and 170-plus table games.

Here's a quick look at the Q3 2025 segment revenue breakdown:

Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Growth
Casinos & Resorts	$396.1	12.1%
North America Interactive	$49.9	13.1%

Regional market focus providing convenient, localized casino access

The growth in the Casinos & Resorts segment, up 12.1% in Q3 2025, is heavily reliant on its regional properties, especially the four added from The Queen Casino & Entertainment merger earlier in 2025. The value here is localized access, with strong results noted in markets like Vicksburg and Kansas City during Q3 2025, which helped offset softer performance in competitive areas like Shreveport and Evansville. In Q2 2025, Bally's properties outpaced market growth in nine of fifteen jurisdictions.

Exclusive iGaming provider status in key regulated markets like Rhode Island

Bally's holds a 20-year no-bid exclusive contract to offer online gaming in Rhode Island. This exclusivity is a distinct value proposition. For instance, in June 2025, Rhode Island online gambling revenue hit $4.9 million. In April 2025, Bally's made over $2 million in adjusted gross revenue from Rhode Island iGaming alone. The company is live with iGaming in New Jersey, Pennsylvania, Rhode Island, and Ontario as of mid-2025.

A unified loyalty program that rewards players across all platforms

The integration of physical and digital platforms is underpinned by a unified loyalty structure. Bally's serves over 11 million domestic and 20 million international customers through its loyalty programs. The technology stack, including the Vitruvian data analytics platform, is designed to enhance competitiveness via platform enhancement and loyalty program integration.

General industry data suggests the value of this is significant:

• Customers enrolled in loyalty programs spend 12%-18% more than unenrolled customers.
• Loyal customers generate 40% of online store revenue.
• 84% of consumers are more likely to shop brands that have loyalty programs.

Finance: draft 13-week cash view by Friday.

Bally's Corporation (BALY) - Canvas Business Model: Customer Relationships

Personalized service and high-touch interactions at casino resorts are central to the land-based experience, which generated $396.1 million in revenue for the Casinos & Resorts segment in the third quarter of 2025, marking a 12.1% jump year-over-year. Bally's Corporation owns and manages 19 casinos across 11 US states. The physical footprint includes approximately 17.7K slot machines and 630 table games across its properties. For instance, the under-construction Chicago resort is planned to feature approximately 3,400 slots, 170-plus table games, and a 500-room hotel tower.

Digital self-service and in-app support for interactive gaming platforms are supported by a significant digital scale. As of late 2025 data, Bally's Corporation reports $40 billion in Online Annual Wager and $4 billion in Online Annual Deposits. The North America Interactive segment posted revenue of $49.9 million in Q3 2025, an increase of 13.1% year-over-year. The BallyBet sports offering is live in 13 states, and iGaming is live in New Jersey, Pennsylvania, Rhode Island, and Ontario. The digital platforms serve 750K Online Monthly Active Users.

The Bally Rewards loyalty program is designed for retention and cross-platform engagement, serving over 11 million domestic and 20 million international customers through its loyalty programs as of the trailing twelve months ending Q3 2025. The program is recognized, having been voted a Top 10 Best Rewards Program by USA Today 10Best and Top 3 in Newsweek Readers' Choice 2024 for Best Players Club. The program operates on a qualifying period of January 1 - December 31, 2025, granting benefits through December 31, 2026. The structure is multi-tiered, with point accumulation driving status upgrades. Bally Bucks, earned based on play, can be redeemed at a rate of 100 Bally Bucks for a $1 Dining Credit or 200 Bally Bucks for $1 Free Slot Play. Bally Bucks balances purge after six months of rated play inactivity.

Here's a look at the Bally Rewards Tier structure, which dictates the level of personalized benefits:

Tier Status	Tier Points Required (2025 Qualifying Period)	Key Benefit Indicator
Pro	0 - 3,999 Points	Earn Bally Bucks
Star	4,000 - 14,999 Points	Invitation into Promotions and Special Events
Superstar	15,000 - 99,999 Points	Earn Self Comping Rewards Based on Play
Legend	100,000+ Points	Access to higher-level rewards
Champions	Invitation Only	Exclusive access

Direct marketing and promotional offers are heavily based on this player data and tier status. Members receive personalized casino rewards, offers, and promotions. The structure ensures that as a member earns a higher tier status, they are upgraded immediately and enjoy the associated benefits through the end of the benefit period. This data-driven approach helps Bally's Corporation focus marketing spend on the most engaged segments, which is critical as the company pursues its omni-channel integration goal.

Dedicated VIP hosts for high-value casino and online players are implicitly managed through the top tiers of the Bally Rewards program, such as the Legend and Champions levels. These tiers grant access to exclusive events and benefits, which typically correspond to the high-touch service model expected by high-value patrons in the land-based segment. The company's focus on growing its Casinos & Resorts segment revenue by 12.1% in Q3 2025 suggests a continued emphasis on servicing these high-value, high-touch relationships in person. The digital side also drives value, with the North America Interactive segment showing 21.5% revenue growth in Q2 2025.

You should track the cross-platform spend of members who achieve Superstar or Legend status, as this metric will show the success of connecting the physical and digital customer relationship efforts. Finance: draft 13-week cash view by Friday.

Bally's Corporation (BALY) - Canvas Business Model: Channels

You're looking at how Bally's Corporation gets its offerings-from the slot machines on the floor to the bets on your phone-into the hands of customers. It's an omnichannel play, blending physical presence with digital reach, and the numbers from Q3 2025 show that blend is driving growth.

The core of the physical channel remains the land-based casinos and resorts. This segment generated $396.1 million in revenue for the third quarter of 2025, marking a 12.1% increase year over year. Bally's Corporation, as of late 2025, owns and operates 19 casinos across 11 states, supplemented by the recent merger with The Queen Casino & Entertainment in February 2025. The physical footprint includes approximately 17,700 slot machines, 630 table games, and 3,950 hotel rooms. The temporary Bally's Chicago casino, which opened in September 2023, is a key focus, with the permanent facility's Phase 1 expected to open in 2026. Furthermore, the channel extends internationally through its investment in Star Entertainment Group, which operates two properties in Australia.

The digital distribution is split between sports betting and iGaming, both critical growth vectors. The Bally Bet mobile app is the vehicle for online sports betting, which is live across 13 jurisdictions in North America. The North America Interactive segment, which includes both sports betting and iGaming, posted revenue of $49.9 million in Q3 2025, a 13.1% jump from the prior year.

For iGaming, the Bally Casino mobile app and website are operational in 4 key regulated jurisdictions, specifically New Jersey, Pennsylvania, Rhode Island, and Ontario. The company is also actively pursuing further physical expansion, notably the proposed $4 billion casino project in the Bronx, New York.

The loyalty structure is a direct channel for customer engagement and retention. The Bally Rewards program serves over 11 million domestic and 20 million international customers across its loyalty programs. This program is recognized for its value, having been voted a TOP 10 BEST REWARDS PROGRAM BY USA TODAY 10BEST and TOP 3 IN NEWSWEEK READERS' CHOICE 2024 FOR BEST PLAYERS CLUB. The program uses Bally Bucks, earned through rated play on slots or table games, which members can redeem within the casino for various benefits.

Strategic partnerships act as force multipliers for visibility and future revenue streams. These deals often involve leveraging existing infrastructure or securing future market access. Here's a snapshot of key strategic assets and partnerships feeding into the channel strategy:

Channel Component	Metric/Value	Latest Financial Impact (Q3 2025)	Status/Note
Casinos & Resorts Revenue	$396.1 million	Up 12.1% Year-over-Year	Includes 19 properties across 11 states plus international assets
Bally Bet Jurisdictions	13 North American Jurisdictions	Contributes to North America Interactive Revenue	OSB licenses held as of late 2025
Bally Casino iGaming Jurisdictions	4 (NJ, PA, RI, ON)	Contributes to North America Interactive Revenue	Live in these US/Canadian markets
Bally Rewards Members	Over 11 million Domestic	Drives repeat physical and digital play	Also serves 20 million international customers
Intralot Stake	Majority Shareholder Post-Transaction	Enhances global iGaming and lottery reach	Acquisition of Bally's International Interactive business by Intralot

Direct sales and marketing are heavily channeled through the Bally Rewards program, which incentivizes play across the entire ecosystem. For instance, members can earn status that grants access to exclusive getaways, including cruise benefits with Carnival Cruise Line®. Also, the company is pursuing the development of a major integrated resort in Las Vegas on the site of the former Tropicana, which will serve as a massive new physical channel destination.

The media and strategic partnership angle is evident in the significant capital allocation to future growth channels. The company completed an AUD $200 million (approximately $130 million at the time of the investment) strategic capital investment in Star Entertainment Group. This move positions Bally's Corporation to use the Australian properties as a physical channel outside the US.

• Bally's Corporation casino operations include approximately 17,700 slot machines.
• The company has 630 table games across its US properties.
• The Bally Bet platform is live in states including Arizona, Colorado, Indiana, and Ohio.
• The Bally Casino iGaming platform is live in Pennsylvania, which generated monthly revenues in the millions in late 2024.
• Bally's Corporation has 3,950 hotel rooms in its portfolio.

The North America Interactive segment revenue for Q3 2025 was $49.9 million, showing a 13.1% increase year-over-year, driven by market ramp-up and strong online sports betting performance. The segment's Adjusted EBITDAR for the quarter was a loss of $6.0 million, reflecting higher marketing investment to fuel these channel acquisitions. Finance: draft 13-week cash view by Friday.

Bally's Corporation (BALY) - Canvas Business Model: Customer Segments

You're looking at the core groups Bally's Corporation targets across its integrated portfolio, spanning physical casinos and digital platforms as of late 2025. The data shows a clear push to grow the domestic retail footprint while simultaneously scaling the North America Interactive segment.

The customer base is segmented across the three main reportable divisions: Casinos & Resorts, North America Interactive, and International Interactive.

Customer Segment Focus	Relevant Financial/Statistical Data (Latest Reported)
Regional Casino Patrons	Casinos & Resorts Segment Revenue (Q3 2025): $396.1 million
Online Sports Bettors/iGamers (North America)	North America Interactive Revenue (Q3 2025): $49.9 million
Online Gaming (UK/Europe)	UK Online Revenue Growth (Q3 2025): 8.0% increase
Tourists/Convention Attendees (New Developments)	Bally's Chicago Permanent Resort Slot Count Projection: 3,400
Local Residents (New Markets)	Bally's Bronx Project Tax Revenue Projection: $370 million annually
Overall Loyalty Program Reach	Domestic Customers Served: Over 11 million

The retail segment, Casinos & Resorts, remains the largest revenue generator, bringing in $396.1 million in the third quarter of 2025, a 12.1% year-over-year rise, largely due to the integration of four new regional properties from the Queen merger earlier in 2025.

For the digital side, North America Interactive revenue hit $49.9 million in Q3 2025, marking a 13.1% increase. This growth is fueled by online sports betting and the ramp-up in Rhode Island.

Regional casino patrons are concentrated in markets showing strong performance, such as Vicksburg, Kansas City, and Baton Rouge. The temporary Chicago facility, which serves local residents and tourists, saw admissions reach 118,650 in May 2025, generating $13.8M in Gross Gaming Revenue that same month.

The focus on future growth markets involves high-investment, large-scale integrated resorts targeting a broad spectrum of entertainment-seeking customers.

• Regional casino patrons are the base for Bally's 19 owned and operated casinos across 11 states.
• Online bettors are targeted in the 13 North American jurisdictions where Bally's holds an OSB (Online Sports Betting) license.
• High-net-worth individuals and VIPs are anticipated to utilize the planned luxury amenities, such as the 500-room hotel tower planned for the Chicago resort.
• The proposed Bally's Bronx integrated resort is designed for 3,500 slot machines and 250 table games, projecting over $1 billion in Gross Gaming Revenues annually.
• Local residents in new development markets are the focus for the $1.7 billion permanent Chicago resort, projected to open in September 2026.

The International Interactive segment, which serves 20 million international customers, saw its Q3 2025 revenue at $215.1 million, though this reflects a 6.9% decline due to the 2024 Asia divestiture. Excluding that sale, the segment's underlying growth was 11.7%.

Bally's Corporation (BALY) - Canvas Business Model: Cost Structure

You're looking at the major drains on Bally's Corporation's cash flow, which is key when you're funding massive projects like the Chicago casino. The cost structure is heavily weighted toward operations, real estate obligations, and aggressive digital customer acquisition.

Significant gaming expenses, including gaming taxes and payroll costs are baked into the cost of running the physical casinos. Gaming expenses, as Bally's Corporation defines them, cover payroll costs and expenses tied to operating VLTs (Video Lottery Terminals), slots, and table games. This also includes the gaming taxes that Bally's Corporation must pay to jurisdictions outside of Rhode Island and Delaware. While a precise breakdown just for taxes and payroll isn't immediately available, we know the interactive marketing component is tracked separately.

The company carries high capital expenditures for development projects. For the full year ended December 31, 2024, total capital expenditures were reported at $199.8 million. A huge chunk of this spending is dedicated to the future flagship permanent casino in downtown Chicago. Bally's Corporation secured a financing arrangement with Gaming & Leisure Properties (GLPI) that includes up to $940 million in construction financing for the Chicago project's hard costs, with GLPI's total investment in the project expected to reach $1.19 billion. Separately, as of December 31, 2024, approximately $45.1 million remained of a committed $100 million investment into Bally's Twin River over the term of that contract.

You asked specifically about interactive marketing and advertising costs, which were $170.1 million in 2024. That figure represents the marketing costs directly tied to Bally's Corporation's iGaming products and services, and it's a substantial, recurring expense for digital growth. Separately, general advertising expenses, which include production and agency fees and fall under General and Administrative, were $12.2 million for 2024.

Lease payments for real estate properties under sale-leaseback arrangements form a significant, non-negotiable cost base. For the full year 2024, rent expense associated with triple net operating leases was $118.9 million. Following the December 2024 sale-leaseback of Bally's Kansas City and Bally's Shreveport for $395 million, the initial cash rent for the new Master Lease (MLA#2) covering those properties is $32.2 million annually. Also, Bally's Corporation pays GLPI $10.5 million per year to lease the 35-acre site in Las Vegas.

For technology development and maintenance for the omni-channel platforms, Bally's Corporation manages this through its capital expenditure budget. The 2024 target for capital expenditures and software development costs for the core portfolio was reduced to an expected $115 million for the year, which covers the creation, production, and preparation of software for online gaming operations.

Here's a quick look at some of the key 2024 expense and obligation figures you should keep front-of-mind:

Cost Category/Metric	Amount (USD)	Period/Context
Interactive Marketing/Advertising Costs (iGaming)	$170.1 million	Year Ended December 31, 2024
General Advertising Expense (G&A)	$12.2 million	Year Ended December 31, 2024
Total Capital Expenditures	$199.8 million	Year Ended December 31, 2024
Core Portfolio CapEx & Software Development Target	$115 million	Year Ended December 31, 2024
Rent Expense (Triple Net Leases)	$118.9 million	Year Ended December 31, 2024
Kansas City/Shreveport New Annual Cash Rent	$32.2 million	Initial Annual Rent
Las Vegas Site Annual Lease Payment	$10.5 million	Annual Payment to GLPI

You should also note the scale of the debt servicing, which is a major fixed cost, though not strictly part of the BMC cost structure blocks like rent or payroll. Bally's Corporation held total debt outstanding of $3.38 billion as of the end of 2024, leading to interest expenses of $334 million over the trailing twelve months ending late 2025.

The operational cost base is influenced by several factors, especially in the digital segment:

• North America Interactive segment reported an Adjusted EBITDAR loss of $12.3 million in Q4 2024, partly due to platform migration issues.
• The company is focused on driving operating efficiencies and improving operating margins across its expanded portfolio following the Queen merger.
• The Casinos & Resorts segment Adjusted EBITDAR declined 14.6% year-over-year in Q4 2024 due to higher costs.
• Bally's Corporation is actively pursuing growth in regulated iGaming markets, which requires sustained marketing spend.

Finance: draft 13-week cash view by Friday.

Bally's Corporation (BALY) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how Bally's Corporation brings in cash as of late 2025. The revenue picture is clearly split between the physical casinos and the growing digital side, even with the big strategic shift involving the International Interactive segment.

The core of the revenue still comes from the brick-and-mortar operations, which saw a solid lift this past quarter. The total company-wide revenue for the third quarter ended September 30, 2025, hit $663.7 million.

Revenue Segment	Q3 2025 Revenue (USD)	Year-over-Year Growth
Casinos & Resorts	$396.1 million	12.1% increase
North America Interactive	$49.9 million	13.1% increase
International Interactive	$215.1 million	(6.9% decline)

The Casinos & Resorts revenue, which was $396.1 million in Q3 2025, benefited from the full inclusion of the four regional gaming properties acquired from The Queen Casino & Entertainment earlier in 2025. This segment's Adjusted EBITDAR grew 7.4% year-over-year to $107.9 million.

North America Interactive revenue, driven by sports betting and iGaming, reached $49.9 million for the quarter, marking a 13.1% increase. This growth reflects the ramp-up in Rhode Island and strong online sports betting performance.

International Interactive revenue, which includes the UK and other online operations, was $215.1 million for Q3 2025. You need to know this number reflects a reported decline of 6.9% year-over-year because of the 2024 divestiture of the Asia interactive business. However, excluding that sale, the underlying growth was strong.

• UK online revenue specifically grew 8.0% versus Q3 2024.
• Excluding the Asia divestiture impact, International Interactive revenue grew 11.7% year-over-year.
• The segment's Adjusted EBITDAR was $91.9 million, up slightly from $90.0 million in the prior year.

The non-gaming revenue from hotel, food and beverage, and entertainment offerings is embedded within the Casinos & Resorts segment. For instance, the development in Chicago is planned to feature a 500-room hotel tower and a 3,000-seat theater, which will feed future non-gaming revenue streams.

Licensing and other fees from intellectual property and partnerships are now heavily tied to the major strategic move completed in October 2025. Bally's Corporation sold its International Interactive business to Intralot S.A. for €2.7 billion in cash and stock consideration. This transaction immediately positioned Bally's as the majority shareholder, holding a 58% ownership interest in Intralot S.A. This partnership is a key revenue driver now, as the combined Intralot entity is expected to generate approximately €1.1 billion in annual revenue, supported by EBITDA margins exceeding 39%.

• The cash proceeds from the sale were used to pay down approximately $1.3 billion of secured debt and revolver balances.
• The Chicago Development Agreement also saw Bally's receive its first funding from Gaming and Leisure Properties (GLPI) in October 2025, amounting to $125.4 million.

Finance: draft 13-week cash view by Friday.