v3.26.1
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Reportable Segment Information
The following table sets forth revenue and Adjusted EBITDAR for the Company’s four reportable segments and reconciles Adjusted EBITDAR on a consolidated basis to net (loss) income. The Other category is included in the following tables in order to reconcile the segment information to the Company’s condensed consolidated financial statements.
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025
Revenue
Casinos & Resorts$401,017 $393,333 $780,745 $620,184 $124,299 
Bally’s Intralot B2B79,488 7,046 153,444 11,929 3,720 
Bally’s Intralot B2C243,481 199,020 483,419 306,887 75,265 
North America Interactive66,064 56,502 126,520 84,059 16,941 
Corporate & Other2,184 1,633 3,828 3,169 273 
Total$792,234 $657,534 $1,547,956 $1,026,228 $220,498 
Adjusted EBITDAR(1)
Casinos & Resorts$109,611 $105,967 $205,807 $177,507 $23,554 
Bally’s Intralot B2B21,931 7,046 37,047 11,929 3,720 
Bally’s Intralot B2C64,739 75,159 151,831 118,471 25,220 
North America Interactive2,994 2,484 (4,143)139 (5,661)
Corporate & Other(11,760)(17,506)(24,096)(27,209)(6,774)
Total187,515 173,150 366,446 280,837 40,059 
Operating (expense) income
Rent expense associated with triple net operating leases(2)
(63,481)(43,904)(119,128)(68,320)(15,669)
Depreciation and amortization(91,689)(71,732)(189,132)(119,213)(22,343)
Transaction costs(21,343)(17,010)(28,568)(17,847)(865)
Development costs(3)
(20,306)(21,560)(33,264)(34,392)(6,846)
Share-based compensation(1,805)(2,350)(4,356)(5,090)(1,954)
Gain on sale-leaseback, net— — 105,845 — — 
Merger Agreement and Intralot Transaction costs(4)
(2,195)(11,720)(10,953)(27,595)(11,233)
Other(20,715)(7,311)(29,298)(12,627)(1,915)
(Loss) income from operations(34,019)(2,437)57,592 (4,247)(20,766)
Other (expense) income
Interest expense, net of interest income(118,970)(97,522)(228,875)(149,259)(27,229)
Other(24,566)56,964 (170,378)47,934 (2,365)
Total other expense, net(143,536)(40,558)(399,253)(101,325)(29,594)
Loss before income taxes(177,555)(42,995)(341,661)(105,572)(50,360)
Benefit (provision) for income taxes13,573 (185,441)16,822 (88,348)(664)
Net loss$(163,982)$(228,436)$(324,839)$(193,920)$(51,024)
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(1)    Adjusted EBITDAR is defined as earnings, or loss, for the Company before interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, acquisition, integration and restructuring expense, share-based compensation, and certain other gains or losses as well as, when presented for our reporting segments, an adjustment related to the allocation of corporate cost among segments, plus rent expense associated with triple net operating leases. Adjusted EBITDAR should not be construed as an alternative to GAAP net income, nor is it directly comparable to similarly titled measures presented by other companies.
(2)    Consists primarily of the operating lease components contained within certain triple net leases for the real estate assets used in the operations of casino properties. Refer to Note 13 “Leases” for further information.
(3)    Costs associated with the Company’s Casino development projects including: (i) the demolition and redevelopment of the Tropicana Las Vegas site, (ii) the development of the Chicago Permanent Facility, and (iii) the Company’s planned Bally’s Bronx project.
(4)    Costs incurred in connection with the Merger and the Intralot Transaction discussed in Note 1 “General Information”.    
The following table sets forth significant segment expenses and other segment items by reportable segment:
(in thousands)Casinos & ResortsBally’s Intralot B2BBally’s Intralot B2CNorth America Interactive
Three Months Ended June 30, 2026 (Successor)
Revenue$401,017 $79,488 $243,481 $66,064 
Less: segment expenses
Marketing costs19,290 1,357 26,721 14,315 
Gaming tax62,993 508 85,158 16,988 
Compensation112,329 22,691 25,158 9,639 
Other direct costs— 16,249 29,075 10,936 
Casino property costs45,894 — — — 
General and administrative26,033 12,064 14,147 4,973 
Segment expense allocations167 — 1,151 1,305 
Other segment items(1)
24,700 4,688 (2,668)4,914 
Segment EBITDAR$109,611 $21,931 $64,739 $2,994 
Three Months Ended June 30, 2025 (Successor)
Revenue$393,333 $7,046 $199,020 $56,502 
Less: segment expenses
Marketing costs16,469 — 21,168 13,851 
Gaming tax47,659 — 43,562 11,592 
Compensation102,974 115 21,919 7,445 
Other direct costs— 19 21,897 9,164 
Casino property costs42,983 — — — 
General and administrative21,256 (329)15,037 8,294 
Other segment items(1)
56,025 195 278 3,672 
Segment EBITDAR$105,967 $7,046 $75,159 $2,484 
Six Months Ended June 30, 2026 (Successor)
Revenue$780,745 $153,444 $483,419 $126,520 
Less: segment expenses
Marketing costs36,299 2,683 53,748 28,463 
Gaming tax122,913 1,021 135,492 33,467 
Compensation226,716 45,338 57,052 20,453 
Other direct costs— 31,655 59,339 23,057 
Casino property costs88,968 — — — 
General and administrative52,740 21,469 27,627 13,098 
Segment expense allocations214 190 1,056 2,041 
Other segment items(1)
47,088 14,041 (2,726)10,084 
Segment EBITDAR$205,807 $37,047 $151,831 $(4,143)
(in thousands)Casinos & ResortsBally’s Intralot B2BBally’s Intralot B2CNorth America Interactive
Period from February 8, 2025 to June 30, 2025 (Successor)
Revenue$620,184 $11,929 $306,887 $84,059 
Less: segment expenses
Marketing costs21,768 — 31,529 21,764 
Gaming tax72,687 — 66,333 15,105 
Compensation159,492 (426)35,007 13,538 
Other direct costs— 16 34,178 9,954 
Casino property costs66,847 — — — 
General and administrative21,159 (221)24,359 15,143 
Other segment items(1)
100,724 631 (2,990)8,416 
Segment EBITDAR$177,507 $11,929 $118,471 $139 
Period from January 1, 2025 to February 7, 2025 (Predecessor)
Revenue$124,299 $3,720 $75,265 $16,941 
Less: segment expenses
Marketing costs8,814 — 8,362 5,055 
Gaming tax20,917 — 16,535 6,461 
Compensation41,381 — 8,492 3,213 
Other direct costs— — 8,183 8,355 
Casino property costs26,653 — — — 
General and administrative10,712 — 6,261 2,220 
Other segment items(1)
(7,732)— 2,212 (2,702)
Segment EBITDAR$23,554 $3,720 $25,220 $(5,661)
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(1)    Other Segment Items primarily includes Gaming and non-gaming expenses within our Casinos & Resorts reportable segment, and certain other immaterial costs and allocations within each of the Company’s reportable segments.
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Period from February 8, 2025 to June 30, 2025Period from January 1, 2025 to February 7, 2025
Capital Expenditures
Casinos & Resorts$27,141 $12,419 $59,642 $23,125 $5,306 
Bally’s Intralot B2B6,697 — 9,521 — — 
Bally’s Intralot B2C1,083 288 3,950 288 148 
North America Interactive153 — 795 — — 
Corporate & Other(1)
16 36,258 46 56,009 10,970 
Total$35,090 $48,965 $73,954 $79,422 $16,424 
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(1)    Includes $36.3 million, $56.0 million and $11.0 million related to the Chicago Permanent Facility during the three months ended June 30, 2025 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.