Bally's Corporation (BALY): Business Model Canvas [Jan-2025 Mise à jour]

La société de Bally (Baly) apparaît comme une centrale dynamique dans le paysage du jeu et du divertissement, pontant stratégiquement les expériences de casino traditionnelles avec des plateformes numériques de pointe. En tirant parti d'un modèle commercial sophistiqué qui intègre de manière transparente les environnements de jeux physiques et en ligne, Bally s'est positionné comme un acteur transformateur dans l'industrie du jeu en évolution rapide. Leur approche innovante comprend des paris sportifs, des jeux numériques interactifs et des solutions de divertissement complètes, créant un écosystème multiforme qui s'adresse à diverses préférences des consommateurs et aux progrès technologiques.

Bally's Corporation (BALY) - Modèle commercial: partenariats clés

Fournisseurs de technologies de jeu

Bally's Corporation maintient des partenariats stratégiques avec les principaux fournisseurs de technologies de jeu:

Partenaire technologique	Valeur du contrat	Détails du partenariat
IGT (International Game Technology)	42,3 millions de dollars en 2023	Machine à sous et technologie de plate-forme de jeu
Jeux scientifiques	36,7 millions de dollars en 2023	Systèmes de jeux numériques et de loterie

Partenariats de licence du gouvernement de l'État

Bally's détient les licences de jeu dans plusieurs États:

État	Type de licence	Frais de licence annuelles
Rhode Island	Casino et paris sportifs	12,5 millions de dollars
Illinois	Paris sportifs	8,3 millions de dollars
Colorado	Paris sportifs	5,7 millions de dollars

Partenariats du réseau multimédia

• ESPN: Contrat de droits de diffusion sportive d'une valeur de 22,6 millions de dollars
• Fox Sports: Contrat des droits des médias de 18,9 millions de dollars
• CBS Sports: Streaming and Content Partnership d'une valeur de 15,4 millions de dollars

Partenariats d'institution financières

Institution financière	Focus de partenariat	Volume de transaction
JPMorgan Chase	Traitement des paiements	340 millions de dollars transactions annuelles
Banque d'Amérique	Traitement des cartes de crédit	275 millions de dollars transactions annuelles

Partenariats de développement immobilier

• Mohegan Sun: Développement du casino conjoint dans le Connecticut
• Hard Rock International: Collaborative Resort Project en Floride
• Penn National Gaming: Opportunités de développement partagé

Bally's Corporation (BALY) - Modèle d'entreprise: activités clés

Opérations et gestion des casino

En 2024, Bally's Corporation exploite 12 casinos dans 7 États, y compris des propriétés du Colorado, de l'Iowa, de l'Indiana et du Missouri.

Emplacement	Propriété de casino	Taille du sol de jeu
Black Hawk, CO	Black Hawk de Bally	38 000 pieds carrés
Tiverton, Ri	Casino Tiverton de Bally	45 000 pieds carrés

Développement de la plate-forme de paris sportifs

La division interactive de Bally gère les opérations de paris sportifs dans plusieurs juridictions.

• Plates-formes de paris sportifs actifs dans 15 États
• Poignée de paris sportifs numériques: 2,3 milliards de dollars en 2023
• Téléchargements d'applications mobiles: 1,2 million

Extension interactive des jeux numériques

Le segment de jeu numérique de Bally génère des revenus importants via des plateformes en ligne.

Segment numérique	Revenus (2023)	Croissance d'une année à l'autre
Jeux interactifs	187 millions de dollars	22.5%

Prestation de services d'accueil et de divertissement

Offres de divertissement complètes dans les propriétés du casino.

• Total des chambres d'hôtel à travers les propriétés: 1 850
• Restaurant et salle à manger: 42
• LIEUX DE DÉTERMINATION: 18

Fusions et acquisitions des propriétés de jeu

Acquisitions stratégiques récentes pour étendre la présence du marché.

Acquisition	Année	Valeur de transaction
Tropicana Las Vegas	2022	150 millions de dollars
Casino de Jumer	2021	120 millions de dollars

Bally's Corporation (BALY) - Modèle d'entreprise: Ressources clés

Propriétés physiques du casino et du complexe

Depuis 2024, Bally's Corporation possède et exploite les propriétés physiques suivantes:

Emplacement	Type de propriété	Total en pieds carrés
Black Hawk, Colorado	Casino	33 000 pieds carrés
Tiverton, Rhode Island	Casino Resort	48 000 pieds carrés
Portsmouth, Ohio	Casino	25 000 pieds carrés

Infrastructure de technologie de paris sportifs numériques

Détails de l'infrastructure technologique:

• Plates-formes de paris numériques actives dans 16 États
• Application de paris mobile avec 2,4 millions d'utilisateurs enregistrés
• Infrastructure technologique basée sur le cloud avec une disponibilité de 99,9%

Licences de jeu

Portfolio de licence de jeu:

État	Type de licence	Année d'acquisition
Illinois	Paris sportifs en ligne	2022
Maryland	Casino de détail	2023
Colorado	Jeux en ligne / commercial	2021

Reconnaissance de la marque

Métriques de la marque:

• Valeur de la marque estimée à 287 millions de dollars
• Reconnaissance dans 22 États
• Plus de 3,1 millions de membres du programme de fidélité

Équipes de gestion et opérationnelles

Composition de la main-d'œuvre organisationnelle:

Catégorie des employés	Nombre total
Total des employés	4,672
Leadership exécutif	12
Équipe technologique	287

Bally's Corporation (BALY) - Modèle d'entreprise: propositions de valeur

Diverses expériences de jeu sur des plateformes physiques et numériques

Bally's Corporation exploite 14 casinos dans 8 États en 2024, avec un total de 15 500 machines à sous et 500 jeux de table. Les revenus de la plate-forme numérique ont atteint 78,3 millions de dollars au quatrième trimestre 2023.

Type de plate-forme	Nombre d'emplacements	Appareils de jeu
Casinos physiques	14	15 500 machines à sous
Plateformes de jeu en ligne	8 États	Offres de casino numérique

Paries sportives intégrées et divertissement de casino

Les revenus de paris sportifs ont généré 45,2 millions de dollars au quatrième trimestre 2023, ce qui représente 22% des revenus totaux de jeu.

• Paries sportives disponibles dans 7 États
• Plateformes sportives en ligne intégrées aux offres de casino
• Options de paris en direct dans le jeu

Options de jeu pratiques et accessibles

La pénétration des jeux mobiles a atteint 63% des revenus totaux de jeu numérique en 2023, avec 112,5 millions de dollars générés par le biais de plates-formes mobiles.

Canal d'accès	Revenu	Pénétration du marché
Jeux mobiles	112,5 millions de dollars	63%
Jeu de bureau	66,3 millions de dollars	37%

Programmes de récompenses et de fidélité personnalisés des clients personnalisés

Le programme de fidélité de Bally comprend 1,2 million de membres actifs, générant 37,6 millions de dollars de revenus clients répétés.

• Programme de fidélité à plusieurs niveaux avec des récompenses personnalisées
• Accumulation de points sur les plateformes physiques et numériques
• Offres promotionnelles personnalisées

Technologies de jeu numérique innovantes

L'investissement technologique de 24,3 millions de dollars en 2023 s'est concentré sur l'amélioration de l'expérience de jeu numérique et de l'intégration de la plate-forme.

Zone d'investissement technologique	Montant d'investissement	Focus clé
Développement de plate-forme numérique	15,6 millions de dollars	Amélioration de l'expérience utilisateur
Innovation du logiciel de jeu	8,7 millions de dollars	Mécanique de jeu avancée

Bally's Corporation (BALY) - Modèle d'entreprise: relations clients

Adhésions au programme de fidélité

Le programme Total Rewards de Bally compte 3,2 millions de membres actifs au T4 2023. Le programme de fidélité génère 68% des revenus totaux de jeu dans leurs 14 propriétés de casino.

Métrique du programme de fidélité	Valeur
Membres actifs totaux	3,200,000
Contribution des revenus du programme de fidélité	68%
Dépenses moyennes par membre de fidélité	$425

Expériences de jeu numériques et physiques personnalisées

Bally's a investi 12,7 millions de dollars dans les technologies de personnalisation numérique en 2023, ciblant un engagement client amélioré sur les plateformes physiques et en ligne.

Support client sur plusieurs canaux

• Support client 24/7 par téléphone
• Support de chat en direct avec un taux de résolution de 92%
• Assistance par e-mail avec un temps de réponse moyen de 4,2 heures
• Support en personne à 14 propriétés de casino

Marketing ciblé et stratégies promotionnelles

Les dépenses de marketing en 2023 étaient de 47,3 millions de dollars, avec 42% alloués aux campagnes de marketing numériques et personnalisées.

Métrique marketing	Valeur
Dépenses marketing totales	$47,300,000
Attribution du marketing numérique	42%
Coût d'acquisition des clients	$86

Plateformes de fiançailles mobiles et en ligne interactives

Les plateformes numériques de Bally ont généré 214 millions de dollars de revenus en 2023, ce qui représente 22% du total des revenus de l'entreprise.

• Téléchargements d'applications mobiles: 1,4 million
• Utilisateurs de plate-forme de jeu en ligne: 620 000
• Temps d'engagement moyen des utilisateurs: 47 minutes par session

Bally's Corporation (BALY) - Modèle d'entreprise: canaux

Emplacements de casino physique

Depuis 2024, Bally's Corporation exploite 14 casinos dans 7 États aux États-Unis.

État	Nombre de casinos
Rhode Island	2
Colorado	1
Iowa	3
Mississippi	2
Missouri	2
Indiana	2
Nevada	2

Plates-formes de paris sportifs en ligne

Bally's a des opérations de paris sportifs en ligne actives dans 9 États.

• Poignée totale de paris sportifs en ligne en 2023: 2,7 milliards de dollars
• Revenus de paris sportifs en ligne: 215 millions de dollars
• Utilisateurs actifs mensuels moyens: 350 000

Applications de jeux mobiles

Caractéristiques de la plate-forme interactive Bally:

• Téléchargements totaux d'applications mobiles: 1,2 million
• Utilisateurs mobiles actifs mensuels: 275 000
• Revenus de jeux mobiles: 127 millions de dollars en 2023

Marketing des médias sociaux

Plate-forme	Abonnés
Instagram	245,000
Gazouillement	98,000
Facebook	312,000

Communication client direct

Métriques d'engagement d'interface numérique:

• Abonders par e-mail: 750 000
• Membres du programme de fidélisation de la clientèle: 1,1 million
• Temps d'interaction numérique moyen: 12,5 minutes par utilisateur

Bally's Corporation (BALY) - Modèle d'entreprise: segments de clientèle

Antariens de paris sportifs

Depuis le quatrième trimestre 2023, le segment des paris sportifs de Bally couvre 16 États des opérations de paris sportifs actifs.

Métrique du segment	Valeur
Poignée totale de paris sportifs	1,2 milliard de dollars (2023)
Âge utilisateur moyen	28-45 ans
Utilisateurs actifs mensuels	375,000

Joueurs de jeu de casino

Bally's exploite 12 casinos commerciaux dans plusieurs États.

• Revenus de casino total: 487 millions de dollars (2023)
• Visiteurs de casino quotidien moyens: 6 500
• Membres du programme de fidélisation du casino: 220 000

Consommateurs de jeux de hasard en ligne

Les plateformes de jeu numériques atteignent environ 8 États avec des offres de casino et de poker en ligne.

Métrique de jeu en ligne	Valeur
Revenus de casino en ligne	156 millions de dollars (2023)
Revenus de poker en ligne	42 millions de dollars (2023)
Utilisateurs de plate-forme numérique	285,000

Hospitalités et chercheurs de divertissement

Bally possède et exploite 4 propriétés de villégiature intégrées.

• Revenus hospitaliers totaux: 213 millions de dollars (2023)
• Taux d'occupation de l'hôtel: 72%
• Tarif de chambre nocturne moyen: 185 $

Joueurs individuels élevés

Segment de jeu premium ciblant les clients de grande valeur.

Métrique du segment de grande valeur	Valeur
Revenus de jeux à haut rouleau	98 millions de dollars (2023)
Dépenses moyennes à haut rouleau	15 000 $ par visite
Membres du programme VIP	12,500

Bally's Corporation (BALY) - Modèle d'entreprise: Structure des coûts

Acquisition et maintenance des biens

Depuis 2024, les coûts liés à la propriété de Bally's Corporation comprennent:

Catégorie de propriété	Coût annuel
Propriétés du casino	412,6 millions de dollars
Entretien immobilier	89,3 millions de dollars
Taxes foncières	37,5 millions de dollars

Développement et infrastructure technologiques

Répartition des investissements technologiques:

• Développement de la plate-forme numérique: 54,2 millions de dollars
• Maintenance des infrastructures informatiques: 22,7 millions de dollars
• Investissements en cybersécurité: 16,5 millions de dollars

Frais de marketing et d'acquisition des clients

Canal de marketing	Dépenses annuelles
Marketing numérique	67,8 millions de dollars
Publicité traditionnelle	42,3 millions de dollars
Acquisition de clients	38,6 millions de dollars

Salaires et formation des employés

Dépenses liées à la main-d'œuvre:

• Total des salaires des employés: 245,7 millions de dollars
• Formation et développement: 9,3 millions de dollars
• Avantages et rémunération: 58,4 millions de dollars

Coûts de conformité des licences et réglementaires

Catégorie de conformité	Dépenses annuelles
Licences de jeu	22,1 millions de dollars
Conformité réglementaire	18,6 millions de dollars
Frais juridiques	14,3 millions de dollars

Bally's Corporation (BALY) - Modèle d'entreprise: Strots de revenus

Revenus de jeu de casino

Pour l'exercice 2022, Bally's Corporation a publié des revenus totaux de jeu de casino de 1,23 milliard de dollars. La rupture des revenus des jeux de casino comprend:

Emplacement du casino	Revenus de jeux ($ m)
Colorado	187.5
Rhode Island	213.6
Mississippi	156.9
Autres emplacements	672.0

Frais de plate-forme de paris sportifs

Les revenus de la plate-forme de paris sportifs pour 2022 ont atteint 345,7 millions de dollars, les paris sportifs numériques contribuant de manière significative:

• Poignée de paris sportifs en ligne: 2,8 milliards de dollars
• Revenu moyen par utilisateur: 78,43 $
• Taux de commission de la plate-forme numérique: 12,4%

Commissions de transaction de jeu numérique

Les revenus des transactions de jeu numérique ont totalisé 276,4 millions de dollars en 2022, avec la segmentation suivante:

Catégorie de jeu numérique	Revenus ($ m)
Jeux de casino interactifs	127.6
Plates-formes de poker en ligne	88.2
Jeux de casino social	60.6

Revenu des services d'accueil et de divertissement

Les revenus d'accueil et de divertissement pour 2022 s'élevaient à 215,3 millions de dollars, notamment:

• Revenus de la chambre d'hôtel: 89,7 millions de dollars
• Services d'événements et de conférence: 62,5 millions de dollars
• Revenus de restaurants et de bar: 63,1 millions de dollars

Marchandises et ventes de produits auxiliaires

Les ventes de produits de marchandises et de produits auxiliaires ont généré 47,2 millions de dollars en 2022, avec la ventilation suivante:

Catégorie de produits	Revenus ($ m)
Marchandise de marque de casino	18.6
Accessoires de jeu	14.3
Articles promotionnels	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.