Bally's Corporation (BALY): Business Model Canvas [Dec-2025 Updated]

You're trying to make sense of how Bally's Corporation is actually making money as it pivots from just brick-and-mortar gaming to a full omni-channel operator, right? Honestly, it's a complex map to follow, but their Q3 2025 revenue hit $663.7 million by stitching together 19 regional casinos with their growing Bally Bet and Bally Casino platforms. We need to look past the headlines and see exactly how their Key Resources-like those gaming licenses and land rights-fuel their Value Propositions, especially when they're pouring capital into big projects like the Chicago casino. Below, I've broken down their entire Business Model Canvas so you can see the precise mechanics of this transformation and spot where the real value, and the near-term risks, actually lie.

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

You're looking at the web of alliances Bally's Corporation has woven to fuel its growth and manage its capital structure as of late 2025. These aren't just handshake deals; they involve billions in capital deployment and significant equity stakes. Honestly, understanding these relationships is key to seeing where the real value-and the real risk-lies for Bally's.

Intralot S.A. for a global lottery and digital gaming technology venture

The October 2025 transaction with Intralot S.A. was a major capital reset, unlocking liquidity by selling the International Interactive business. This move immediately positioned Bally's as the controlling shareholder in the combined lottery and gaming operations entity.

Here's a quick look at the financial structure of that October 2025 closing:

Bally's CEO Robeson Reeves noted this was a milestone transaction, allowing the company to establish a stronger platform for digital growth. Management intends to allocate at least $1 billion of the after-tax proceeds toward reducing secured debt. So, this partnership was as much about balance sheet cleanup as it was about global expansion.

Gaming & Leisure Properties (GLPI) for real estate sale-leaseback transactions and Chicago financing

The relationship with Gaming and Leisure Properties, Inc. (GLPI) is foundational to funding the flagship Chicago development and optimizing the real estate portfolio. GLPI has committed a massive amount of capital across several properties.

The Chicago project funding is detailed below, showing the scale of the development commitment:

The total aggregate financing commitment from GLPI across Chicago, Kansas City, and Shreveport is up to $2.07 billion. This structure allows Bally's Chicago to move forward on its planned $4 billion venue, which is set to feature over 3,300 slots and 170 table games in its permanent form.

The Star Entertainment Group, holding a 37.7% equity interest for Australian market access

Bally's Corporation has secured a significant foothold in the Australian market through its investment in The Star Entertainment Group. This is a substantial, though not controlling, equity position achieved through a strategic capital injection.

• Bally's and affiliates officially became substantial shareholders on November 28th, 2025.
• The current equity interest held by Bally's and related entities is 37.7%.
• This stake represents 2.5 billion ordinary shares in The Star Entertainment Group.
• The investment was part of a AU$300 million rescue package, which, when combined with Investment Holdings Pty Ltd, could give backers a combined ~61% stake upon full conversion.
• Bally's Chairman Soo Kim and President George Papanier were appointed as directors following the stake acquisition.

State and local governments for casino licenses and development agreements (e.g., Chicago, New York)

Securing licenses from state and local governments is a non-financial prerequisite that carries massive financial implications, particularly in competitive markets like New York City.

• Chicago: The development agreement with GLPI is directly tied to the license granted by the State of Illinois for the permanent casino and resort on the Chicago River.
• New York: Bally's was recommended for one of three downstate casino licenses for a gaming facility in the Bronx.
• If the New York license is formally awarded by the end of 2025, Bally's will owe the Trump Organization $115 million.
• The planned New York gaming venue is estimated to be a $4 billion casino hotel.

Stakelogic B.V. for live dealer studio technology in Rhode Island iGaming

This partnership was critical for launching Bally's iGaming operations in its home state, Rhode Island, which granted the company exclusive rights to operate iGaming in June 2023. The deal leverages Stakelogic's technology to offer live dealer games like Blackjack, Roulette, and Baccarat.

While the initial launch was targeted for April 2024, the performance of the resulting platform gives context to the value of this digital partnership:

• Bally Casino in Rhode Island generated $4.8 million in revenue in May 2025.
• Of that May 2025 revenue, slots accounted for $3.7 million.
• The initial projection for 2024 net revenue for the platform was $58.9 million.

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

Operating 19 physical casinos and resorts across 11 US states and the UK

Bally's Corporation owns and operates 19 casinos across 11 U.S. states as of February 2025, following the merger with Queen Casino & Entertainment Inc.. This portfolio also includes one golf course in New York and one horse racetrack in Colorado. The company also operates Aspers Casino in the United Kingdom (Bally's Newcastle). The combined casino operations, as reported earlier in 2025, included approximately 17,700 slot machines, 630 table games, and 3,950 hotel rooms. The Casinos & Resorts segment generated revenue of $396.1 million in the third quarter of 2025, an increase of 12.1% year over year, driven by the addition of four regional properties from the Queen merger.

The company is also advancing its major capital projects, including the permanent facility for Bally's Chicago Casino, which is a $1.7 billion integrated resort project. Gaming and Leisure Properties (GLPI) has a commitment of $940 million for this project, with approximately $739 million of that remaining to be funded as of December 4, 2025. The permanent Chicago property is slated to open in 2026 and will feature 3,400 slot machines, 170 table games, and 500 hotel rooms. Bally's also has rights to developable land in Las Vegas at the former Tropicana site.

Developing major capital projects like the $1.7 billion Bally's Chicago Casino

Construction remains in full swing at the Chicago site, with the exterior shell rising, on average, two floors per week as of early December 2025. The company is also completing the landside conversion of Bally's Baton Rouge in the fourth quarter of 2025.

Managing and growing the Bally Bet sports betting and Bally Casino iGaming platforms

The interactive segment is a core focus, with Bally Bet being the sports betting platform and Bally Casino the iCasino platform. Bally's holds online sports betting (OSB) licenses in 13 jurisdictions in North America. Bally Casino is currently live in four states. The North America Interactive segment posted revenue of $49.9 million in the third quarter of 2025, representing growth of 13.1% year-over-year. In the UK, online revenue grew by 8.0% in the same period. The company finalized a transaction with Intralot S.A., becoming the majority shareholder with a 58% ownership stake.

The performance across the main revenue-generating segments for the third quarter of 2025 is detailed below:

Executing the Bally's 2.0 initiatives for operational efficiencies and integration

The transition to Bally's 2.0 is centered on global integration and technology-driven operations. The integration of the four Queen properties brought best practices in cost management. The company implemented cost-saving initiatives expected to deliver over $15 million in annualized benefits starting in the current quarter (Q4 2025). The acquisition of the 58% stake in Intralot S.A. supports the global structure.

Marketing and player acquisition for both retail and interactive segments

Player acquisition and retention efforts are key drivers for the interactive segment, particularly in the UK, where growth momentum was noted in October. The Bally Bet sportsbook and Monopoly Casino platforms are cited as key catalysts for the North America iGaming revenue growth. The company's overall Q3 2025 revenue of $663.7 million reflects the performance across both its retail and digital operations.

• Bally's holds online sports betting licenses in 13 jurisdictions in North America.
• Bally Casino is live in four states.
• The company has 10,600 employees across its operations.

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

You're looking at the hard assets and critical intangible rights that power Bally's Corporation's operations as of late 2025. These are the things that can't easily be replicated, so they form a core part of the company's competitive moat.

The physical footprint is substantial, anchored by a portfolio of established gaming properties. As of early 2025, Bally's Corporation owned and operated 19 land-based casino properties across 11 states in the U.S.. This physical network includes a total of approximately 4,165 hotel rooms across its casino operations as reported in its Q2 2025 filings. Furthermore, the company also operates one golf course in New York and one horse racetrack in Colorado.

The interactive gaming technology platforms represent a significant, though recently restructured, asset. Bally's owns the proprietary Bally Bet sports betting platform and the Bally Casino iGaming platform. A major strategic move involved the planned sale of the International Interactive division (formerly Gamesys Group) to Intralot S.A. for a total consideration of €2.7 billion, which included €1.530 billion in cash and €1.136 billion in newly issued Intralot shares. This transaction repositions the interactive assets under a new structure where Bally's is expected to become the majority shareholder of Intralot S.A..

Intangible rights are crucial for digital expansion. Bally's Corporation holds online sports betting (OSB) licenses in 13 jurisdictions across North America as of early 2025.

Future growth is heavily weighted on significant developable land rights. The most prominent is the 35-acre campus in Las Vegas at the site of the former Tropicana, slated to anchor a new integrated resort alongside the new Major League Baseball ballpark. This planned Bally's Las Vegas development includes two luxury hotel towers totaling 3,000 rooms, a 2,500-seat entertainment venue, and is expected to commence development in the first half of 2026. Separately, the company holds rights for a major project in the Bronx, New York, which involves a proposed $4.0 billion casino resort featuring approximately 3,500 slot machines and 250 table games, alongside a 500-room hotel. The capital investment pledged for the Bronx project is roughly $2.3 billion. Furthermore, the Trump Organization is set to receive a $115 million payment once Bally's is granted the New York casino license.

The customer relationship asset is managed through the Bally Rewards loyalty program. While the active customer count is not explicitly stated as 3.4 million in the latest data, the program's structure provides concrete value metrics for members based on their play:

The program uses Bally Reward points to determine tier status, with status achieved in the qualifying period of January 1 - December 31, 2024, maintained through the next qualifying period, January 1 - December 31, 2025.

The scale of the land-based operations is summarized below:

• Portfolio size: 19 land-based casino properties.
• Total hotel rooms (as of Q2 2025): Approximately 4,165 rooms.
• Las Vegas land size: 35 acres.
• Bronx proposed slots: 3,500 machines.

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:

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:

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:

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.

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:

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.

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.