Bally’s Corporation has reported a 20.5% increase in second-quarter revenue to $792.2 million, but is facing significant challenges with high debt levels and financing requirements that are raising concerns about the company’s major development projects, including its permanent casino in Chicago.
For the quarter ended June 30, 2026, Bally’s reported a net loss of $163.98 million, with $146.1 million attributable to the company. The net loss for the first six months of the year was approximately $308 million.
Bally’s had around $4.5 billion in debt as of June 30 and experienced negative operating cash flow of about $265.9 million and net interest expense of nearly $229 million during the first half. The company has expressed significant doubts about its ability to continue as a going concern without successfully completing planned asset monetization and securing additional debt or equity financing.
The company’s financial situation has drawn increased scrutiny in Chicago, where Bally’s is working on a permanent casino project estimated at approximately $1.7 billion. Alderman Brian Hopkins of the 2nd Ward was among 27 aldermen who signed a letter urging Bally’s to resume construction activities.
Bally’s has stated that construction is ongoing with a target opening in early 2027. The planned development includes a permanent casino, hotel, restaurants, entertainment venues, and other amenities, with the company continuing to collaborate with Gaming and Leisure Properties on construction financing.
Render's of Bally's permanent casino in Chicago
Chicago is also relying on gaming tax revenue from the casino to support its underfunded pension systems. Hopkins has expressed concerns about the temporary casino’s performance and questioned whether the permanent operation will generate the anticipated revenue approved for the project.
Despite the financial challenges, Bally’s reported revenue growth across its main operating businesses. Casino & Resorts revenue increased by 2% to $401 million, with the successful launches of Bally’s Baton Rouge and Marquette, and growth in Chicago and Quad Cities.
Robeson Reeves, Bally’s Chief Executive Officer, commented: “We achieved a consolidated year-over-year revenue growth of 20% driven by a 22% growth in Bally’s Intralot B2C, 17% growth in North America Interactive, and 2% growth in our Casinos & Resorts business, reflecting consistent regional performance.”
“As we look ahead to the second half of 2026, our operational efforts are creating revenue opportunities both domestically and internationally, providing multiple avenues for increasing profitability and establishing a strong foundation for long-term shareholder returns.”
Robeson Reeves, Bally’s Chief Executive Officer
Increased competition in Atlantic City and East Saint Louis partly offset these gains. Visitation ratings across the portfolio increased by 4.3%, while Segment Adjusted EBITDAR rose by 3.4% to $109.6 million. North America Interactive revenue grew by 16.9% to $66.1 million, with Segment Adjusted EBITDAR reaching $3 million, up $500,000 from the previous year.
Bally’s Intralot B2C revenue surged by 22.3% to $243.5 million. U.K. online revenue grew by 11.6% in constant currency, while Spain recorded 15.1% growth. The results also included Intralot’s Turkish sports betting business following the completion of the Intralot transaction in the fourth quarter of 2025.
The quarter reflected the impact of the U.K. gaming tax increase from 21% to 40% effective April 1. Bally’s noted that the change had a gross negative impact of approximately $39 million on B2C Segment Adjusted EBITDAR, with around 65% of the impact offset through revenue growth and cost controls.
Bally’s Intralot B2B generated $79.5 million in second-quarter revenue and now includes Intralot’s business-to-business and business-to-government operations following the 2025 transaction.
The company is also pursuing other expansion projects. Bally’s Bronx, a planned $4 billion integrated casino project expected to open by 2030, is designed to include 3 million square feet of gaming facilities, a 500-room hotel, a 2,000-person event center, and an 18-hole golf course. Bally’s paid a $500 million license fee and a $115 million golf course concession contingent payment in the first quarter and is seeking additional project debt and equity financing.
Bally’s Bronx, a planned $4 billion integrated casino project expected to open by 2030
In June, Bally’s Intralot also announced a binding offer to acquire Evoke PLC, with competition and gaming regulatory approvals underway. During the quarter, the company also announced or secured lottery-related contracts in Australia, Chile, Greece, and Ontario, according to Reeves.