Bally's Bets Big: Strong Q1 Fuels Aggressive Coast-to-Coast Expansion

PROVIDENCE, RI – May 18, 2026 – Bally's Corporation is aggressively executing a high-stakes expansion strategy, leveraging a robust first quarter to fuel a trio of mammoth development projects in Chicago, New York, and Las Vegas. The global entertainment company reported a significant 28.3% year-over-year revenue increase to $755.7 million for the first quarter of 2026, beating analyst expectations and providing the financial muscle for its ambitious coast-to-coast transformation.

The strong performance underscores a pivotal moment for the company as it simultaneously refinances its balance sheet, integrates international acquisitions, and breaks ground on developments set to redefine major urban skylines and entertainment landscapes. The results signal that Bally's strategic diversification—spanning regional casinos, international lotteries, and interactive gaming—is paying dividends and funding its next chapter of growth.

A Foundation of Financial Strength

Bally's impressive top-line growth was distributed across its diverse business segments, showcasing the resilience of its omni-channel model. The core Casinos & Resorts division posted revenue of $379.7 million, an 8.1% increase from the previous year. This growth was bolstered by the successful integration of The Queen Casino & Entertainment properties acquired in 2025 and strong organic performance at newly renovated landside locations like Bally's Baton Rouge.

More striking was the performance of its international and interactive arms. The Bally's Intralot B2C segment, primarily driven by its UK operations, surged 31.0% to $239.9 million in revenue. This growth is particularly notable as it comes after a UK remote gaming duty increase, a regulatory headwind that Bally's appears to be navigating more effectively than some competitors. The company noted an increase in active player numbers, suggesting it is capturing market share.

Meanwhile, the North America Interactive segment, which includes the Bally Bet platform, grew by a remarkable 35.9% to $60.5 million. While still a smaller player in a field dominated by giants like FanDuel and DraftKings, this sustained growth indicates that the company's investment in its digital platform is gaining traction with customers across sports betting and iGaming.

“We delivered solid first quarter results across the enterprise and continue to make progress on growing and diversifying our global footprint,” stated Robeson Reeves, Bally’s Chief Executive Officer, in the earnings announcement. He expressed confidence that economic conditions remain stable in the company's key operating areas.

The Urban Casino Gambit: Chicago, Bronx, and Vegas

The strong financial quarter serves as the foundation for Bally's most ambitious undertakings: three large-scale integrated resort projects in major American cities. These developments represent a multi-billion-dollar bet that will fundamentally reshape the company's profile.

In Chicago, progress is tangible. The company recently celebrated the “topping out” of its $1.7 billion permanent casino, marking the completion of the structural steel framework. Located at the former Tribune Publishing Center, the project is poised to be the only casino within Chicago's city limits and the largest in Illinois. When complete, it will feature approximately 3,400 slot machines, over 170 table games, a 500-room hotel, and a 3,000-seat theater, with an opening anticipated in late 2026 or early 2027.

In New York, Bally’s is pushing forward with plans for Bally's Bronx, a monumental $4.0 billion integrated resort. During the quarter, the company finalized critical land acquisitions and paid the $500 million statutory license fee, demonstrating its commitment. The proposed 3-million-square-foot facility would be the largest private development in the borough's history, featuring a casino, hotel, event center, and an 18-hole golf course. However, the project's ultimate fate hinges on securing one of the state's highly coveted and fiercely competitive downstate casino licenses.

On the Las Vegas Strip, the iconic Tropicana hotel is gone, and Bally's is actively developing plans for its replacement. The new Bally's Las Vegas will share a 35-acre campus with the new ballpark for Major League Baseball's Athletics. While construction on the A's stadium is underway for a 2028 opening, Bally's is in discussions with partners for retail and entertainment offerings for its resort, which will feature over 500,000 square feet of space with direct ballpark access.

Engineering Growth: A Strategic Balance Sheet Overhaul

Supporting this massive capital expenditure is a series of shrewd financial maneuvers designed to enhance liquidity and extend debt maturities. During the first quarter, Bally's entered into a new $1.1 billion credit facility, using the proceeds to fully repay a previously outstanding $1.47 billion term loan. This refinancing pushes its debt obligations further into the future, providing crucial breathing room as it invests in its development pipeline.

In a concurrent move, the company completed a sale-leaseback transaction for its Lincoln Casino Resort. This strategy involves selling the physical real estate to an investor while signing a long-term lease to continue operating the casino. The move unlocks significant cash from the property—monetizing a fixed asset—which can then be redeployed to fund growth projects like the one in Chicago. This financial engineering provides immediate capital and shifts the company's balance sheet, reflecting a sophisticated approach to funding its aggressive expansion.

Expanding the Global and Digital Footprint

Beyond its U.S. development pipeline, Bally's is also deepening its international presence. A key strategic move was the conversion of a loan to Australia's The Star Entertainment Group into a 38% equity interest. This transforms Bally's from a lender into a major shareholder, giving it a significant foothold in the Australian gaming market.

While The Star has faced significant regulatory challenges in recent years, this investment positions Bally's to benefit from any recovery and long-term growth. It represents a calculated, long-term play to diversify its global footprint and leverage its operational expertise in a new market.

Combined with the strong performance of its UK-focused Bally's Intralot division and the steady growth of its North American digital arm, the company is executing a complex, multi-front strategy. The strong first-quarter results provide clear evidence that its diversified approach is working, providing the necessary capital and confidence to pursue a transformative agenda that could establish Bally's as a top-tier global entertainment brand.