Bally's Corporation has reported its financial results for the third quarter of 2025, as total revenue for the operator increased 5.4% to $663.7m, but its North America interactive segment witnessed a $6m loss in adjusted EBITDAR throughout the period.
The $6m loss in adjusted EBITDAR for North America Interactive follows a similar loss reported for the third quarter of 2024, but the segment's revenue for Q3 2025 still managed to increase 13.1% for a total of $49.9m. Bally's stated the adjusted EBITDAR loss was primarily attributed to "higher marketing investment and an increase in certain other expenses."
"Through a combination of new leadership, revenue optimization initiatives and strategic cost management, we expect Adjusted EBITDAR for this segment to improve meaningfully in the coming quarters," Bally's stated as part of the Q3 2025 report.
For International Interactive operations, revenue fell 6.9% year-over-year to $215.1m, as the divestiture of Asia interactive business in 2024 was the primary cause of the revenue decrease.
UK online revenue helped offset the quarterly losses in revenue, as the vertical's Q3 2025 revenue increased 8%. The revenue generated from UK online operations was said to be positively impacted by "strong player acquisition and retention" as well as "robust" results in online sports betting.
Despite the decrease in revenue from International Interactive business, the segment generated a 2% revenue increase for a total of $91.9m. Excluding the revenue associated with divested Asia interactive business, the segment's revenue would have grown 11.7% from the prior year period.
In October 2025, Bally's completed the sale of its international interactive operations to Intralot SA for $3.1bn, becoming the majority shareholder of Intralot as a result of the transaction. Bally's CEO Robeson Reeves stated the combined entity is expected to generate nearly $1.3bn in annual revenue, as well as EBITDA margins "in excess" of 39%.
Bally's casino & resort revenue generated the highest amount of revenue of any vertical for the operator, reporting close to $396.1m for Q3 2025 and increasing 12.1%. The operator stated its favorable results in casinos & resorts was positively affected by the addition of four gaming properties following a merger with Queen Casino and Entertainment earlier in 2025.
The casino & resort segment also managed to increase adjusted EBITDAR by 7.4% for a total of $107.9m, with the operator highlighting performances from its Vicksburg, Kansas City and Queen Baton Rouge properties throughout Q3 2025.
On September 29, Bally's announced plans for a new Las Vegas Strip integrated casino resort located on the old site of the legendary Tropicana property, set to also feature a stadium for the Las Vegas A's MLB franchise.
Development is set to begin in the first half of 2026 and has now been officially submitted for entitlements to Clark County. The project is also set to feature two hotel towers with 3,000 rooms and an additional, 2,500-seater entertainment venue.
Bally's is also still in the running for one of New York's three commercial casino licenses as part of its Bronx resort proposal, with the state's Gaming Commission deciding upon the licenses by December 2025. Fellow proposals include bids from Resorts World and Hard Rock International, as operators such as Caesars and Mohegan have fallen out of the race in 2025.
Bally's completed its merger transaction with Standard General and its affiliates, including The Queen Casino and Entertainment, on February 7, which was originally approved by stockholders in November 2024
