Bally's Corporation (Baly): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Bally's Corporation (Baly) surge como uma potência dinâmica no cenário de jogos e entretenimento, concluindo estrategicamente as experiências tradicionais de cassino com plataformas digitais de ponta. Ao aproveitar um modelo de negócios sofisticado que integra perfeitamente ambientes de jogos físicos e on -line, a Bally's se posicionou como um jogador transformador na indústria de jogos em rápida evolução. Sua abordagem inovadora abrange apostas esportivas, jogos digitais interativos e soluções abrangentes de entretenimento, criando um ecossistema multifacetado que atende a diversas preferências do consumidor e avanços tecnológicos.

Bally's Corporation (Baly) - Modelo de Negócios: Principais Parcerias

Provedores de tecnologia de jogos

A Bally's Corporation mantém parcerias estratégicas com os principais provedores de tecnologia de jogos:

Parceiro de tecnologia	Valor do contrato	Detalhes da parceria
IGT (Tecnologia Internacional de Jogo)	US $ 42,3 milhões em 2023	Máquina de caça -níqueis e tecnologia da plataforma de jogos
Jogos científicos	US $ 36,7 milhões em 2023	Jogos digitais e sistemas de loteria

Parcerias de licenciamento do governo do estado

Bally's detém licenças de jogos em vários estados:

Estado	Tipo de licença	Taxa de licença anual
Rhode Island	Casino e apostas esportivas	US $ 12,5 milhões
Illinois	Apostas esportivas	US $ 8,3 milhões
Colorado	Apostas esportivas	US $ 5,7 milhões

Parcerias de rede de mídia

• ESPN: Contrato de direitos de transmissão esportiva avaliada em US $ 22,6 milhões
• FOX Sports: Contrato de Direitos da Mídia de US $ 18,9 milhões
• CBS Sports: Streaming and Content Partnership no valor de US $ 15,4 milhões

Parcerias de instituição financeira

Instituição financeira	Foco em parceria	Volume de transação
JPMorgan Chase	Processamento de pagamento	Transações anuais de US $ 340 milhões
Bank of America	Processamento de cartão de crédito	Transações anuais de US $ 275 milhões

Parcerias de desenvolvimento imobiliário

• Mohegan Sun: Desenvolvimento Conjunto de Casino em Connecticut
• Hard Rock International: Projeto Colaborativo Resort na Flórida
• Penn National Gaming: Oportunidades de Desenvolvimento Compartilhado

Bally's Corporation (Baly) - Modelo de Negócios: Atividades -chave

Operações e gerenciamento de cassino

A partir de 2024, a Bally's Corporation opera 12 cassinos em 7 estados, incluindo propriedades no Colorado, Iowa, Indiana e Missouri.

Localização	Propriedade do cassino	Tamanho do piso dos jogos
Black Hawk, co	Bally's Black Hawk	38.000 pés quadrados
Tiverton, RI	Bally's Tiverton Casino	45.000 pés quadrados

Desenvolvimento da plataforma de apostas esportivas

A divisão interativa de Bally gerencia operações de apostas esportivas em várias jurisdições.

• Plataformas de apostas esportivas ativas em 15 estados
• Identificador de apostas esportivas digitais: US $ 2,3 bilhões em 2023
• Downloads de aplicativos móveis: 1,2 milhão

Expansão interativa de jogos digitais

O segmento de jogos digitais da Bally gera receita significativa por meio de plataformas on -line.

Segmento digital	Receita (2023)	Crescimento ano a ano
Jogos interativos	US $ 187 milhões	22.5%

Prestação de serviços de hospitalidade e entretenimento

Ofertas abrangentes de entretenimento nas propriedades do cassino.

• Total de quartos de hotel nas propriedades: 1.850
• Restaurante e locais de jantar: 42
• Locais de entretenimento: 18

Fusões e aquisições de propriedades de jogo

Aquisições estratégicas recentes para expandir a presença do mercado.

Aquisição	Ano	Valor da transação
Tropicana Las Vegas	2022	US $ 150 milhões
Cassino do jumer	2021	US $ 120 milhões

Bally's Corporation (Baly) - Modelo de negócios: Recursos -chave

Propriedades físicas do cassino e resort

A partir de 2024, a Bally's Corporation possui e opera as seguintes propriedades físicas:

Localização	Tipo de propriedade	Mágua quadrada total
Black Hawk, Colorado	Cassino	33.000 pés quadrados
Tiverton, Rhode Island	Resort de cassino	48.000 pés quadrados
Portsmouth, Ohio	Cassino	25.000 pés quadrados

Infraestrutura de tecnologia de apostas esportivas digitais

Detalhes da infraestrutura de tecnologia:

• Plataformas de apostas digitais ativas em 16 estados
• Aplicativo de apostas móveis com 2,4 milhões de usuários registrados
• Infraestrutura de tecnologia baseada em nuvem com 99,9% de tempo de atividade

Licenças de jogo

Portfólio de licença de jogo:

Estado	Tipo de licença	Ano de aquisição
Illinois	Apostas esportivas on -line	2022
Maryland	Cassino de varejo	2023
Colorado	Jogos online/de varejo	2021

Reconhecimento da marca

Métricas de marca:

• Valor da marca estimado em US $ 287 milhões
• Reconhecimento em 22 estados
• Mais de 3,1 milhões de membros do programa de fidelidade

Equipes de gestão e operacional

Composição da força de trabalho organizacional:

Categoria de funcionários	Número total
Total de funcionários	4,672
Liderança executiva	12
Equipe de tecnologia	287

Bally's Corporation (Baly) - Modelo de Negócios: Proposições de Valor

Diversas experiências de jogo em plataformas físicas e digitais

A Bally's Corporation opera 14 cassinos em 8 estados a partir de 2024, com um total de 15.500 máquinas caça -níqueis e 500 jogos de mesa. A receita da plataforma digital atingiu US $ 78,3 milhões no quarto trimestre de 2023.

Tipo de plataforma	Número de locais	Dispositivos de jogo
Cassinos físicos	14	15.500 máquinas caça -níqueis
Plataformas de jogos online	8 estados	Ofertas de cassino digital

Apostas esportivas integradas e entretenimento de cassino

A receita de apostas esportivas gerou US $ 45,2 milhões no quarto trimestre de 2023, representando 22% da receita total de jogos.

• Apostas esportivas disponíveis em 7 estados
• Plataformas online de sportsbook integradas com ofertas de cassino
• Opções de apostas ao vivo no jogo

Opções de jogo convenientes e acessíveis

A penetração de jogos móveis atingiu 63% da receita total de jogos digitais em 2023, com US $ 112,5 milhões gerados através de plataformas móveis.

Canal de acesso	Receita	Penetração de mercado
Jogos móveis	US $ 112,5 milhões	63%
Jogos de mesa	US $ 66,3 milhões	37%

Recompensas personalizadas de clientes e programas de fidelidade

O programa de fidelidade de Bally abrange 1,2 milhão de membros ativos, gerando US $ 37,6 milhões em receita recorrente de clientes.

• Programa de fidelidade em camadas com recompensas personalizadas
• Acumulação de pontos em plataformas físicas e digitais
• Ofertas promocionais personalizadas

Tecnologias inovadoras de jogos digitais

O investimento tecnológico de US $ 24,3 milhões em 2023 focou no aprimoramento da experiência de jogos digitais e da integração da plataforma.

Área de investimento em tecnologia	Valor do investimento	Foco principal
Desenvolvimento da plataforma digital	US $ 15,6 milhões	Melhoramento da experiência do usuário
Inovação de software para jogos	US $ 8,7 milhões	Mecânica avançada de jogos

Bally's Corporation (Baly) - Modelo de Negócios: Relacionamentos do Cliente

Associações do Programa de Fidelidade

O programa Total Rewards da Bally possui 3,2 milhões de membros ativos a partir do quarto trimestre 2023. O programa de fidelidade gera 68% da receita total de jogos em suas 14 propriedades de cassino.

Métrica do Programa de Fidelidade	Valor
Membros ativos totais	3,200,000
Contribuição da receita do programa de fidelidade	68%
Membro de gasto médio por lealdade	$425

Experiências personalizadas de jogos digitais e físicos

A Bally investiu US $ 12,7 milhões em tecnologias de personalização digital em 2023, direcionando o engajamento aprimorado do cliente em plataformas físicas e on -line.

Suporte ao cliente em vários canais

• Suporte ao cliente 24/7 por telefone
• Suporte ao bate -papo ao vivo com taxa de resolução de 92%
• Suporte por e -mail com tempo médio de resposta de 4,2 horas
• Suporte pessoal em 14 propriedades do cassino

Estratégias de marketing e promocional direcionadas

As despesas de marketing em 2023 foram de US $ 47,3 milhões, com 42% alocados a campanhas de marketing digital e personalizado.

Métrica de marketing	Valor
Gastos com marketing total	$47,300,000
Alocação de marketing digital	42%
Custo de aquisição do cliente	$86

Plataformas interativas de engajamento móvel e online

As plataformas digitais de Bally geraram US $ 214 milhões em receita em 2023, representando 22% da receita total da empresa.

• Downloads de aplicativos móveis: 1,4 milhão
• Usuários da plataforma de jogos online: 620.000
• Tempo médio de engajamento do usuário: 47 minutos por sessão

Bally's Corporation (Baly) - Modelo de Negócios: Canais

Locais físicos de cassino

A partir de 2024, a Bally's Corporation opera 14 cassinos em 7 estados nos Estados Unidos.

Estado	Número de cassinos
Rhode Island	2
Colorado	1
Iowa	3
Mississippi	2
Missouri	2
Indiana	2
Nevada	2

Plataformas de apostas esportivas online

A Bally's possui operações ativas de apostas esportivas on -line em 9 estados.

• Total de apostas esportivas online em 2023: US $ 2,7 bilhões
• Receita de apostas esportivas online: US $ 215 milhões
• Usuários ativos mensais médios: 350.000

Aplicativos para jogos móveis

Recursos de plataforma Bally Interactive:

• Downloads de aplicativos móveis totais: 1,2 milhão
• Usuários móveis ativos mensais: 275.000
• Receita de jogos para dispositivos móveis: US $ 127 milhões em 2023

Marketing de mídia social

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

Comunicação direta do cliente

Métricas de engajamento da interface digital:

• Assinantes de e -mail: 750.000
• Membros do programa de fidelidade do cliente: 1,1 milhão
• Tempo médio de interação digital: 12,5 minutos por usuário

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

Entusiastas de apostas esportivas

A partir do quarto trimestre 2023, o segmento de apostas esportivas de Bally abrange 16 estados com operações de apostas esportivas ativas.

Métrica de segmento	Valor
Tocal de apostas esportivas totais	US $ 1,2 bilhão (2023)
Idade média do usuário	28-45 anos
Usuários ativos mensais	375,000

Jogadores de jogos de cassino

A Bally's opera 12 cassinos comerciais em vários estados.

• Receita total do cassino: US $ 487 milhões (2023)
• Visitantes médios diários de cassino: 6.500
• Membros do Programa de Fidelidade do Casino: 220.000

Consumidores de jogo online

As plataformas de jogo digital atingem aproximadamente 8 estados com ofertas de cassino e pôquer online.

Métrica de jogo online	Valor
Receita de cassino online	US $ 156 milhões (2023)
Receita de poker online	US $ 42 milhões (2023)
Usuários da plataforma digital	285,000

Hospitalidade e buscadores de entretenimento

A Bally's possui e opera 4 propriedades de resort integradas.

• Receita total de hospitalidade: US $ 213 milhões (2023)
• Taxa de ocupação do hotel: 72%
• Taxa média de quarto noturno: $ 185

Jogadores individuais de alta rede

Segmento de jogos premium direcionando clientes de alto valor.

Métrica de segmento de alto valor	Valor
Receita de jogos de alto jogador	US $ 98 milhões (2023)
Gastos médios de alto rolo	US $ 15.000 por visita
Membros do programa VIP	12,500

Bally's Corporation (Baly) - Modelo de Negócios: Estrutura de Custo

Aquisição e manutenção de propriedades

A partir de 2024, os custos relacionados à propriedade da Bally da Corporação incluem:

Categoria de propriedade	Custo anual
Propriedades do cassino	US $ 412,6 milhões
Manutenção imobiliária	US $ 89,3 milhões
Impostos sobre a propriedade	US $ 37,5 milhões

Desenvolvimento de tecnologia e infraestrutura

Redução de investimentos em tecnologia:

• Desenvolvimento da plataforma digital: US $ 54,2 milhões
• Manutenção de infraestrutura de TI: US $ 22,7 milhões
• Investimentos de segurança cibernética: US $ 16,5 milhões

Despesas de marketing e aquisição de clientes

Canal de marketing	Gasto anual
Marketing digital	US $ 67,8 milhões
Publicidade tradicional	US $ 42,3 milhões
Aquisição de clientes	US $ 38,6 milhões

Salários e treinamento de funcionários

Despesas relacionadas à força de trabalho:

• Salários totais de funcionários: US $ 245,7 milhões
• Treinamento e desenvolvimento: US $ 9,3 milhões
• Benefícios e compensação: US $ 58,4 milhões

Custos de licenciamento e conformidade regulatória

Categoria de conformidade	Despesas anuais
Licenças de jogo	US $ 22,1 milhões
Conformidade regulatória	US $ 18,6 milhões
Taxas legais	US $ 14,3 milhões

Bally's Corporation (Baly) - Modelo de negócios: fluxos de receita

Receita de jogos de cassino

Para o ano fiscal de 2022, a Bally's Corporation registrou receitas totais de jogos de cassino de US $ 1,23 bilhão. A quebra das receitas de jogos de cassino inclui:

Localização do cassino	Receita para jogos ($ M)
Colorado	187.5
Rhode Island	213.6
Mississippi	156.9
Outros locais	672.0

Taxas de plataforma de apostas esportivas

A receita da plataforma de apostas esportivas para 2022 atingiu US $ 345,7 milhões, com as apostas esportivas digitais contribuindo significativamente:

• Alça de apostas esportivas online: US $ 2,8 bilhões
• Receita média por usuário: US $ 78,43
• Taxa de comissão da plataforma digital: 12,4%

Comissões de transações de jogos digitais

As receitas de transações de jogos digitais totalizaram US $ 276,4 milhões em 2022, com a seguinte segmentação:

Categoria de jogo digital	Receita ($ m)
Jogos de cassino interativos	127.6
Plataformas de poker online	88.2
Jogos sociais de cassino	60.6

Receita de serviço de hospitalidade e entretenimento

As receitas de hospitalidade e entretenimento em 2022 totalizaram US $ 215,3 milhões, incluindo:

• Receitas de quarto de hotel: US $ 89,7 milhões
• Serviços de evento e conferência: US $ 62,5 milhões
• Receitas de restaurantes e bares: US $ 63,1 milhões

Mercadoria e vendas de produtos auxiliares

As vendas de mercadorias e produtos auxiliares geraram US $ 47,2 milhões em 2022, com o seguinte quebra:

Categoria de produto	Receita ($ m)
Mercadoria com marca de cassino	18.6
Acessórios para jogos	14.3
Itens promocionais	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.