Bally's Corporation (BALY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Bally's Corporation (Baly) emerge como una potencia dinámica en el panorama de los juegos de azar y el entretenimiento, uniendo estratégicamente las experiencias de casino tradicionales con plataformas digitales de vanguardia. Al aprovechar un modelo de negocio sofisticado que integra sin problemas entornos de juegos físicos y en línea, Bally's se ha posicionado como un jugador transformador en la industria del juego en rápida evolución. Su enfoque innovador abarca las apuestas deportivas, los juegos digitales interactivos y las soluciones integrales de entretenimiento, creando un ecosistema multifacético que atiende a diversas preferencias de los consumidores y avances tecnológicos.

Bally's Corporation (Baly) - Modelo de negocios: asociaciones clave

Proveedores de tecnología de juego

Bally's Corporation mantiene asociaciones estratégicas con proveedores clave de tecnología de juegos:

Socio tecnológico	Valor de contrato	Detalles de la asociación
IGT (Tecnología de Juego Internacional)	$ 42.3 millones en 2023	Tecnología de la máquina tragamonedas y la plataforma de juegos
Juegos científicos	$ 36.7 millones en 2023	Sistemas de juegos digitales y lotería

Asociaciones de licencia del gobierno estatal

Bally tiene licencias de juego en múltiples estados:

Estado	Tipo de licencia	Tarifa de licencia anual
Rhode Island	Casino y apuestas deportivas	$ 12.5 millones
Illinois	Apuestas deportivas	$ 8.3 millones
Colorado	Apuestas deportivas	$ 5.7 millones

Asociaciones de redes de medios

• ESPN: Contrato de derechos de transmisión deportiva valorado en $ 22.6 millones
• Fox Sports: Acuerdo de derechos de los medios de $ 18.9 millones
• CBS Sports: transmisión y asociación de contenido por valor de $ 15.4 millones

Asociaciones de la institución financiera

Institución financiera	Enfoque de asociación	Volumen de transacción
JPMorgan Chase	Procesamiento de pagos	$ 340 millones de transacciones anuales
Banco de América	Procesamiento de tarjetas de crédito	$ 275 millones de transacciones anuales

Asociaciones de desarrollo inmobiliario

• Mohegan Sun: Desarrollo de casinos conjuntos en Connecticut
• Hard Rock International: Proyecto de resort colaborativo en Florida
• Penn National Gaming: Oportunidades de desarrollo compartido

Bally's Corporation (Baly) - Modelo de negocios: actividades clave

Operaciones y gestión del casino

A partir de 2024, Bally's Corporation opera 12 casinos en 7 estados, incluidas las propiedades en Colorado, Iowa, Indiana y Missouri.

Ubicación	Propiedad del casino	Tamaño del piso de juego
Black Hawk, CO	Bally's Black Hawk	38,000 pies cuadrados
Tiverton, RI	Bally's Tiverton Casino	45,000 pies cuadrados

Desarrollo de la plataforma de apuestas deportivas

La división interactiva de Bally administra las operaciones de apuestas deportivas en múltiples jurisdicciones.

• Plataformas de apuestas deportivas activas en 15 estados
• Mango de apuestas deportivas digitales: $ 2.3 mil millones en 2023
• Descargas de aplicaciones móviles: 1.2 millones

Expansión de juegos digitales interactivos

El segmento de juegos digitales de Bally genera ingresos significativos a través de plataformas en línea.

Segmento digital	Ingresos (2023)	Crecimiento año tras año
Juego interactivo	$ 187 millones	22.5%

Delección de servicios de hospitalidad y entretenimiento

Ofertas integrales de entretenimiento en propiedades del casino.

• Habitaciones totales de hotel en propiedades: 1.850
• Restaurante y salas de comedor: 42
• Lugares de entretenimiento: 18

Fusiones y adquisiciones de propiedades de juego

Adquisiciones estratégicas recientes para expandir la presencia del mercado.

Adquisición	Año	Valor de transacción
Tropicana Las Vegas	2022	$ 150 millones
Casino de jumer	2021	$ 120 millones

Bally's Corporation (Baly) - Modelo de negocios: recursos clave

Propiedades físicas de casino y resort

A partir de 2024, Bally's Corporation posee y opera las siguientes propiedades físicas:

Ubicación	Tipo de propiedad	Hoques cuadrados totales
Black Hawk, Colorado	Casino	33,000 pies cuadrados
Tiverton, Rhode Island	Resort de casino	48,000 pies cuadrados
Portsmouth, Ohio	Casino	25,000 pies cuadrados

Infraestructura de tecnología de apuestas deportivas digitales

Detalles de la infraestructura tecnológica:

• Plataformas de apuestas digitales activas en 16 estados
• Aplicación de apuestas móviles con 2.4 millones de usuarios registrados
• Infraestructura tecnológica basada en la nube con 99.9% de tiempo de actividad

Licencias de juego

Cartera de licencias de juego:

Estado	Tipo de licencia	Año de adquisición
Illinois	Apuestas deportivas en línea	2022
Maryland	Casino minorista	2023
Colorado	Juegos en línea/minoristas	2021

Reconocimiento de marca

Métricas de marca:

• Valor de marca estimado en $ 287 millones
• Reconocimiento en 22 estados
• Más de 3.1 millones de miembros del programa de fidelización

Equipos de gestión y operativos

Composición de la fuerza laboral organizacional:

Categoría de empleado	Número total
Total de empleados	4,672
Liderazgo ejecutivo	12
Equipo de tecnología	287

Bally's Corporation (Baly) - Modelo de negocio: propuestas de valor

Diversas experiencias de juego en plataformas físicas y digitales

Bally's Corporation opera 14 casinos en 8 estados a partir de 2024, con un total de 15,500 máquinas tragamonedas y 500 juegos de mesa. Los ingresos de la plataforma digital alcanzaron los $ 78.3 millones en el cuarto trimestre de 2023.

Tipo de plataforma	Número de ubicaciones	Dispositivos de juego
Casinos físicos	14	15,500 máquinas tragamonedas
Plataformas de juego en línea	8 estados	Ofertas de casino digital

Apuestas deportivas integradas y entretenimiento del casino

Los ingresos por apuestas deportivas generaron $ 45.2 millones en el cuarto trimestre de 2023, lo que representa el 22% de los ingresos totales de los juegos.

• Apuestas deportivas disponibles en 7 estados
• Plataformas de apuestas deportivas en línea integradas con ofertas de casinos
• Opciones de apuestas en vivo en el juego

Opciones de juego convenientes y accesibles

La penetración de juegos móviles alcanzó el 63% de los ingresos totales de juegos digitales en 2023, con $ 112.5 millones generados a través de plataformas móviles.

Canal de acceso	Ganancia	Penetración del mercado
Juego móvil	$ 112.5 millones	63%
Juego de escritorio	$ 66.3 millones	37%

Programas personalizados de recompensas y fidelización de clientes

El programa de lealtad de Bally abarca 1,2 millones de miembros activos, generando $ 37.6 millones en ingresos repetidos del cliente.

• Programa de lealtad escalonado con recompensas personalizadas
• Acumulación de puntos en plataformas físicas y digitales
• Ofertas promocionales personalizadas

Tecnologías innovadoras de juegos digitales

La inversión tecnológica de $ 24.3 millones en 2023 se centró en mejorar la experiencia de juego digital y la integración de la plataforma.

Área de inversión tecnológica	Monto de la inversión	Enfoque clave
Desarrollo de plataforma digital	$ 15.6 millones	Mejora de la experiencia del usuario
Innovación del software de juego	$ 8.7 millones	Mecánica de juegos avanzada

Bally's Corporation (Baly) - Modelo de negocios: relaciones con los clientes

Membresías del programa de fidelización

El programa de recompensas totales de Bally tiene 3.2 millones de miembros activos a partir del cuarto trimestre de 2023. El programa de fidelización genera el 68% de los ingresos totales de los juegos en sus 14 propiedades del casino.

Métrica del programa de fidelización	Valor
Totales miembros activos	3,200,000
Contribución de ingresos del programa de fidelización	68%
Gasto promedio por miembro de fidelización	$425

Experiencias de juegos digitales y físicos personalizados

Bally invirtió $ 12.7 millones en tecnologías de personalización digital en 2023, dirigida a la participación mejorada del cliente en plataformas físicas y en línea.

Atención al cliente en múltiples canales

• Atención al cliente 24/7 por teléfono
• Soporte de chat en vivo con una tasa de resolución del 92%
• Soporte por correo electrónico con un tiempo de respuesta promedio de 4.2 horas
• Soporte en persona en 14 propiedades del casino

Estrategias de marketing y promoción específicos

El gasto de marketing en 2023 fue de $ 47.3 millones, con un 42% asignado a campañas de marketing digital y personalizada.

Métrico de marketing	Valor
Gasto total de marketing	$47,300,000
Asignación de marketing digital	42%
Costo de adquisición de clientes	$86

Plataformas de participación móviles y en línea interactivas

Las plataformas digitales de Bally generaron $ 214 millones en ingresos en 2023, lo que representa el 22% de los ingresos totales de la compañía.

• Descargas de aplicaciones móviles: 1.4 millones
• Usuarios de la plataforma de juegos en línea: 620,000
• Tiempo promedio de participación del usuario: 47 minutos por sesión

Bally's Corporation (Baly) - Modelo de negocios: canales

Ubicaciones físicas de casino

A partir de 2024, Bally's Corporation opera 14 casinos en 7 estados en los Estados Unidos.

Estado	Número de casinos
Rhode Island	2
Colorado	1
Iowa	3
Misisipí	2
Misuri	2
Indiana	2
Nevada	2

Plataformas de apuestas deportivas en línea

Bally's tiene operaciones activas de apuestas deportivas en línea en 9 estados.

• Total de apuestas deportivas en línea en 2023: $ 2.7 mil millones
• Ingresos de apuestas deportivas en línea: $ 215 millones
• Usuarios activos mensuales promedio: 350,000

Aplicaciones de juegos móviles

Características de la plataforma interactiva de Bally:

• Descargas totales de aplicaciones móviles: 1.2 millones
• Usuarios móviles activos mensuales: 275,000
• Ingresos para juegos móviles: $ 127 millones en 2023

Marketing en redes sociales

Plataforma	Seguidores
Instagram	245,000
Gorjeo	98,000
Facebook	312,000

Comunicación directa del cliente

Métricas de compromiso de la interfaz digital:

• Suscriptores de correo electrónico: 750,000
• Miembros del programa de fidelización del cliente: 1.1 millones
• Tiempo de interacción digital promedio: 12.5 minutos por usuario

Bally's Corporation (Baly) - Modelo de negocios: segmentos de clientes

Entusiastas de las apuestas deportivas

A partir del cuarto trimestre de 2023, el segmento de apuestas deportivas de Bally cubre 16 estados con operaciones de apuestas deportivas activas.

Métrico de segmento	Valor
Mango de apuestas deportivas totales	$ 1.2 mil millones (2023)
Edad de usuario promedio	28-45 años
Usuarios activos mensuales	375,000

Jugadores de juegos de casino

Bally's opera 12 casinos comerciales en múltiples estados.

• Ingresos totales del casino: $ 487 millones (2023)
• Visitantes diarios de casino promedio: 6,500
• Miembros del programa de fidelización del casino: 220,000

Consumidores de juegos de azar en línea

Las plataformas de juego digital alcanzan aproximadamente 8 estados con ofertas de casino y póker en línea.

Métrica de juego en línea	Valor
Ingresos del casino en línea	$ 156 millones (2023)
Ingresos de póker en línea	$ 42 millones (2023)
Usuarios de plataforma digital	285,000

Buscadores de hospitalidad y entretenimiento

Bally es propietario y opera 4 propiedades de resort integradas.

• Ingresos totales de hospitalidad: $ 213 millones (2023)
• Tasa de ocupación del hotel: 72%
• Tasa promedio de la habitación nocturna: $ 185

Jugadores individuales de alto valor neto

Segmento de juego premium dirigido a clientes de alto valor.

Métrica de segmento de alto valor	Valor
Ingresos para juegos de alto rollero	$ 98 millones (2023)
Gasto promedio de alto rollero	$ 15,000 por visita
Miembros del programa VIP	12,500

Bally's Corporation (Baly) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento de la propiedad

A partir de 2024, los costos relacionados con la propiedad de Bally's Corporation incluyen:

Categoría de propiedad	Costo anual
Propiedades del casino	$ 412.6 millones
Mantenimiento inmobiliario	$ 89.3 millones
Impuestos a la propiedad	$ 37.5 millones

Desarrollo de tecnología e infraestructura

Desglose de inversión tecnológica:

• Desarrollo de la plataforma digital: $ 54.2 millones
• Mantenimiento de infraestructura de TI: $ 22.7 millones
• Inversiones de ciberseguridad: $ 16.5 millones

Gastos de marketing y adquisición de clientes

Canal de marketing	Gasto anual
Marketing digital	$ 67.8 millones
Publicidad tradicional	$ 42.3 millones
Adquisición de clientes	$ 38.6 millones

Salarios y capacitación de los empleados

Gastos relacionados con la fuerza laboral:

• Salarios totales de los empleados: $ 245.7 millones
• Capacitación y desarrollo: $ 9.3 millones
• Beneficios y compensación: $ 58.4 millones

Costos de licencia y cumplimiento regulatorio

Categoría de cumplimiento	Gasto anual
Licencias de juego	$ 22.1 millones
Cumplimiento regulatorio	$ 18.6 millones
Honorarios legales	$ 14.3 millones

Bally's Corporation (Baly) - Modelo de negocios: flujos de ingresos

Ingresos para juegos de casino

Para el año fiscal 2022, Bally's Corporation reportó ingresos totales de juegos de casino de $ 1.23 mil millones. El desglose de los ingresos de los juegos de casino incluye:

Ubicación del casino	Ingresos de juego ($ M)
Colorado	187.5
Rhode Island	213.6
Misisipí	156.9
Otros lugares	672.0

Tarifas de plataforma de apuestas deportivas

Los ingresos de la plataforma de apuestas deportivas para 2022 alcanzaron $ 345.7 millones, con apuestas deportivas digitales que contribuyen significativamente:

• Mango de apuestas deportivas en línea: $ 2.8 mil millones
• Ingresos promedio por usuario: $ 78.43
• Tasa de comisión de plataforma digital: 12.4%

Comisiones de transacciones de juegos digitales

Los ingresos por transacciones de juegos digitales totalizaron $ 276.4 millones en 2022, con la siguiente segmentación:

Categoría de juegos digitales	Ingresos ($ M)
Juegos de casino interactivos	127.6
Plataformas de póker en línea	88.2
Juegos de casino social	60.6

Ingresos de servicios de hospitalidad y entretenimiento

Los ingresos de hospitalidad y entretenimiento para 2022 ascendieron a $ 215.3 millones, que incluyen:

• Ingresos de la habitación de hotel: $ 89.7 millones
• Servicios de eventos y conferencias: $ 62.5 millones
• Ingresos de restaurantes y bares: $ 63.1 millones

Venta de mercadería y productos auxiliares

Las ventas de mercancías y productos auxiliares generaron $ 47.2 millones en 2022, con el siguiente desglose:

Categoría de productos	Ingresos ($ M)
Mercancía de marca de casino	18.6
Accesorios para juegos	14.3
Artículos promocionales	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.