Bally’s Corporation reported a 20.5% increase in second-quarter revenue to $792.2 million, but a substantial quarterly loss, high debt levels and financing requirements are drawing renewed attention to 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. Its net loss for the first six months of the year was about $308 million.
Bally’s had approximately $4.5 billion in debt as of June 30 and recorded about $265.9 million in negative operating cash flow and nearly $229 million in net interest expense during the first half. The company has disclosed substantial doubt about its ability to continue as a going concern without successfully completing planned asset monetization and additional debt or equity financing.
The financial position has intensified scrutiny in Chicago, where Bally’s is developing a permanent casino estimated at about $1.7 billion. Alderman Brian Hopkins of the 2nd Ward was among 27 aldermen who signed a letter urging Bally’s to resume construction activity.
Bally’s said construction is continuing and that it is targeting an early 2027 opening. The planned development includes a permanent casino, hotel, restaurants, entertainment venues and other amenities, with the company continuing to work with Gaming and Leisure Properties on construction financing.
Render's of Bally's permanent casino in Chicago
Chicago is also counting on gaming tax revenue from the casino to support its underfunded pension systems. Hopkins said the temporary casino has been performing below expectations and questioned whether the permanent operation would generate the revenue anticipated when the project was approved.
Despite the financial concerns, Bally’s reported revenue growth across its major operating businesses. Casinos & Resorts revenue increased 2% to $401 million, supported by the landside openings of Bally’s Baton Rouge and Marquette and growth in Chicago and Quad Cities.
Robeson Reeves, Bally’s Chief Executive Officer, commented: “We generated 20% consolidated year-over-year revenue growth driven by 22% growth in Bally’s Intralot B2C, 17% growth in North America Interactive, and 2% growth in our Casinos & Resorts business reflecting stable regional performance.”
“As we look to the second half of 2026, our execution is creating revenue tailwinds both domestically and internationally, generating multiple levers to improve profitability, and building a solid foundation for long-term shareholder returns.”
Robeson Reeves, Bally’s Chief Executive Officer
Increased competition in Atlantic City and East Saint Louis partly offset those gains. Rated visitation across the portfolio rose 4.3%, while Segment Adjusted EBITDAR increased 3.4% to $109.6 million. North America Interactive revenue rose 16.9% to $66.1 million, with Segment Adjusted EBITDAR reaching $3 million, up $500,000 from a year earlier.
Bally’s Intralot B2C revenue increased 22.3% to $243.5 million. U.K. online revenue rose 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 was the first to reflect the increase in the U.K. gaming tax from 21% to 40%, effective April 1. Bally’s said the change had an approximately $39 million negative gross impact on B2C Segment Adjusted EBITDAR, with about 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 additionally announced or secured lottery-related contracts in Australia, Chile, Greece and Ontario, according to Reeves.
