TLDR
- Bally’s reported Q1 2026 net revenue of $755.72 million, up 28.3% year-over-year, powered by the Intralot acquisition and digital expansion in the UK and Spain.
- The company posted a net loss of $161.91 million, more than triple the prior year’s loss, largely due to a $63.4 million debt extinguishment charge and $145.8 million in non-operating hits.
- Bally’s opened a new $1.1 billion credit facility and completed a $700 million sale-leaseback to push major debt maturities from 2028 to 2031.
- The $1.7 billion Chicago casino hit a construction milestone with its steel topping out, and Bally’s secured a gaming license for its $4.0 billion Bronx project in New York.
- Intralot B2C revenue jumped 31% year-over-year to $239.9 million, though the legacy Intralot operation is still running at a net loss of $31.7 million.
Bally’s posted first quarter 2026 results that showed strong revenue growth alongside a widening net loss. The company reported net revenue of $755.72 million, a 28.3% increase compared to the $611.07 million it brought in during Q1 2025.
The revenue gains were driven largely by the Intralot acquisition, which Bally’s completed about seven months ago. Bally’s holds a 58% controlling interest in Intralot, which added global lottery networks and B2B technology channels to its business.
Intralot Powers Top-Line Growth While Bottom Line Struggles
Intralot’s B2C revenue climbed 31% year-over-year to $239.9 million. Strong player volumes in the UK outpaced local competitors. Online casino operations in the UK and Spain have become the company’s highest-volume digital hubs.
Top brands driving growth include Jackpotjoy in the UK and Botemania in Spain. These digital casinos are at the center of the revenue surge.
However, the legacy Intralot framework is operating at a net loss of $31.7 million. Bally’s also reported a $7.5 million negative adjustment when converting Intralot’s European accounting standards to US GAAP.
Despite the revenue growth, Bally’s posted a net loss of $161.91 million. That is more than triple the $51.02 million loss from the same quarter last year. Diluted EPS came in at negative $2.69, far worse than the negative $1.15 analysts had expected.
The loss was not driven by weak operations. It was caused by non-operating expenses tied to the company’s effort to clean up its balance sheet.
Bally’s took a $63.4 million charge on debt extinguishment as part of a refinancing push. The company also absorbed a $145.8 million non-operating hit, which included a $104.3 million negative fair value adjustment on investment assets.
Quarterly net interest expenses reached $109.9 million. The company carries $4.39 billion in long-term debt.
Refinancing and Major Casino Projects Shape the Road Ahead
To deal with near-term debt, Bally’s opened a new $1.1 billion credit facility due in 2031. It also completed a $700 million sale-leaseback of its Twin River Lincoln Casino Resort real estate.
Together, these moves wiped out an outstanding $1.47 billion term loan that was due in 2028. Bally’s now has $653.4 million in total liquidity and more breathing room on its debt timeline.
CEO Robeson Reeves said the company delivered solid results and is making progress on growing its global footprint and strengthening the balance sheet.
On the development side, Bally’s $1.7 billion Chicago casino celebrated its structural steel topping out in April. The finished property will include 3,400 slots and a 500-room luxury hotel tower.
In New York, Bally’s secured its gaming license for the Bally’s Bronx project. That $4.0 billion development required a $500 million license fee and a $115 million payment for golf course concessions during the quarter.
Adjusted EBITDA came in at $178.93 million, slightly below the $182.50 million analyst estimate. On a preliminary basis, adjusted EBITDA rose 16.7% year-over-year.
Bally’s was also recently selected as Rhode Island’s second online sportsbook operator. The company is in talks about acquiring Evoke.
