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Land-based gains and a digital rebound set the stage for a transformative second half of the year.
Bally’s Corporation entered the second half of 2025 with renewed momentum, posting $657.5 million in company-wide revenue for Q2, a 5.8% year-on-year increase. The lift came from surging Casinos & Resorts performance and a strong showing from North America Interactive, more than making up for the drag from last year’s Asia divestiture.
Casinos & Resorts lead the charge
New properties and steady performers keep the tills ringing.
The Casinos & Resorts segment delivered $393.3 million in revenue, up 14.7% from the same period last year. The February merger with The Queen Casino & Entertainment brought four additional regional properties into the fold, instantly strengthening Bally’s land-based footprint.
In markets like Quad Cities, Vicksburg, and Baton Rouge, the extra capacity and fresh branding helped drive results. Competition in Shreveport, Evansville, and Dover was tougher, but overall, the segment still pushed adjusted EBITDAR up 6.2% to $106 million.
The numbers tell a clear story: Bally’s land-based business isn’t only holding steady, it’s expanding its reach and resilience.
Digital rebound in North America
From losses to profit in just 12 months.
The North America Interactive division stood out as the fastest-growing arm of the business, climbing 21.5% to $56.5 million in revenue. Growth in iGaming and online sports betting, along with Queen’s digital operations, pushed the division back into profitability.
Adjusted EBITDAR landed at $2.5 million, a marked turnaround from the $2.2 million loss recorded in Q2 last year. For Bally’s, this shift isn’t just about the numbers, it signals that its North American digital strategy is finally clicking.
International Interactive: a tale of two markets
Headline drop hides European strength.
International Interactive revenue fell 10.2% to $206.1 million, but the decline was entirely tied to the sale of Bally’s Asia interactive business in 2024. Without that one-off impact, the segment would have grown 10%, thanks to an 8.8% lift in UK online revenue and steady gains in Spain after marketing restrictions eased.
Adjusted EBITDAR nudged up 1.1% to $82.2 million, proving the European operations remain solid.
Strategic shifts take centre stage
Intralot deal, Australian investment, and a big New York bet.
July brought a major announcement: Bally’s will sell its International Interactive business to Intralot SA for €2.7 billion ($3.1 billion) in cash and stock. The transaction, expected to close in Q4, will make Bally’s the majority shareholder in Intralot and combine lottery technology with expanded online gaming reach.
In April, Bally’s committed $133 million to an investment in Star Entertainment Group, with the option to raise its stake to 38%. Star’s properties in Sydney, Brisbane, and the Gold Coast give Bally’s a potential new foothold in the Australian market.
Meanwhile, the proposed $4 billion Bronx casino and resort project remains on the table, pending licensing approval, a development that, if approved, could reshape Bally’s position in the New York market.
From Q1 setbacks to Q2 progress
A stronger quarter changes the tone for 2025.
The first quarter of the year saw revenue drop 4.7% to $589.2 million, largely due to the Asia sale. Yet even then, Casinos & Resorts and North America Interactive showed growth. Now, with Q2’s stronger performance, Bally’s has the wind at its back heading into the second half of the year.
The road ahead
Bally’s ends Q2 with a mix of stability and ambition, land-based operations are expanding, digital performance in North America is back in the black, and strategic deals promise to reshape the company’s profile. The challenge will be execution: integrating acquisitions, completing the Intralot deal, and fending off competition in both online and offline markets.
For now, Bally’s has managed to balance the heavy lifting of transformation with enough operational strength to keep investors watching closely.
Source: Gambling Insider
