Bally’s Corporation posted higher first-quarter revenue for 2026 as the company continued integrating Intralot operations, expanded its online gaming reach, and advanced several large-scale development projects across the United States.

Consolidated revenue for the quarter reached $755.7m, representing a 28.3% increase year-on-year. Growth came from multiple business areas, including casino operations, digital gaming, and interactive wagering. The company linked the increase to the acquisition of Queen Casino & Entertainment completed in February 2025, the addition of Intralot’s B2C operations, and stronger wagering activity within its North America Interactive segment.

Athens-listed Bally’s Intralot separately reported quarterly revenue of €268.1m, up 180.5% from €95.6m recorded during the same period last year. Adjusted EBITDA climbed 231.8% to €100.2m, while EBITDA margin improved to 37.4% from 31.6%.

The company stated that the October 2025 acquisition of Bally’s International Interactive (BII) contributed €183.9m in revenue and €72.7m in adjusted EBITDA during the quarter. BII’s EBITDA margin reached 39.5%.

UK Online Business Drives Interactive Growth

Bally’s reported continued momentum in its UK online operations. Bally’s Intralot B2C revenue reached $239.9m in Q1 2026, increasing 31.0% year-on-year. The company said the result reflected growth in the UK market and the integration of Intralot’s B2C business.

As reported by SBC Americas, citing Bally’s Intralot Group Announcement of Preliminary Results for the three-month period ended March 31, 2026 (pdf), UK online revenue increased 10.5% in constant currency terms, supported by higher new player volumes. Spain also recorded stable growth, with revenue increasing 1.7% in constant currency.

Preliminary April figures suggested the UK segment continued to perform strongly, with revenue reaching £52m, up 11.5% from the prior year despite new regulatory pressures and the implementation of the 40% remote gaming duty tax from April.

North America Interactive revenue rose 35.9% year-on-year to $60.5m. Bally’s said sportsbook, online casino, and other wagering activity contributed to the increase. The segment posted a negative adjusted EBITDAR of $7.1m, though this represented a $0.9m improvement compared with the prior-year period.

Management credited customer retention efforts, revenue growth, and cost-control measures introduced by the new North America Interactive leadership team for the improved performance.

Bally’s Intralot B2B generated $74.0m in revenue during the quarter following the integration of Intralot’s B2B and B2G operations. The company said legacy Intralot B2B EBITDAR remained broadly stable despite lower US lottery activity.

Still, some legacy operations faced weaker results. Excluding BII, legacy revenue declined 11.9% on a reported basis and 7.1% in constant currency terms. Bally’s attributed the decrease to foreign exchange pressures, softer US lottery performance, and changes to the remuneration structure at Turkish betting platform Bilyoner, where revenue fell 19.2% to €16.6m.

US B2B revenue declined by 6.2%, while overall B2B revenue dropped 10% to €63.5m.

Expansion Projects and Financing Activity Continue

Casinos & Resorts revenue totaled $379.7m in Q1 2026, an 8.1% year-on-year increase. Bally’s pointed to contributions from the Queen transaction and operational gains at properties including Bally’s Baton Rouge and Marquette, both of which completed landside transitions recently.

The company also reported growth at its Chicago and Quad Cities properties, though competition in Shreveport and Dover affected performance.

Segment Adjusted EBITDAR for Casinos & Resorts reached $96.2m, up 1.2% year-on-year.

During February 2026, Bally’s entered into a new $1.1bn credit facility due in 2031 and completed the sale and leaseback of the Lincoln Casino Resort real estate assets with GLP Capital L.P. Proceeds from the Intralot transaction, financing arrangements, and the sale-leaseback deal were used to fully repay a previous $1.47bn term loan due in 2028.

The company also used hedging strategies to manage currency and interest-rate exposure, including converting portions of its term loan into euro-denominated and GBP-denominated instruments.

As of March 31, 2026, Bally’s Intralot reported total debt of €1.75bn and adjusted net debt of €1.49bn. Liquidity included €257.3m in cash and a fully undrawn €160m revolving credit facility.

The company continues to pursue expansion opportunities globally. In April, Bally’s secured a new 15-year electronic gaming machine monitoring license in Victoria, Australia, while also signing a long-term lottery and sports betting technology agreement with Chile’s state lottery operator, Polla Chilena de Beneficencia.

Bally’s Pushes Ahead With Large-Scale Developments

Chief Executive Officer Robeson Reeves said the company continues to pursue growth across retail and digital gaming.

“We delivered solid first quarter results across the enterprise and continue to make progress on growing and diversifying our global footprint, delivering on operational synergies and strengthening our balance sheet,” Reeves stated.

The company also provided updates on several development projects. Bally’s Chicago reached a construction milestone in April with the completion of structural steel work. The permanent property is expected to feature approximately 3,400 slot machines, more than 170 table games, a 500-room hotel tower, entertainment facilities, and public spaces.

Bally’s also confirmed progress on Bally’s Bronx following the receipt of a Gaming Facility License from the New York State Gaming Commission. The project represents a planned $4.0bn investment and is expected to open by 2030.

Reeves also discussed Bally’s Las Vegas project at the former Tropicana site, which will share a campus with Major League Baseball’s Las Vegas Athletics development.

“We also continue to move forward with our development of Bally’s Las Vegas on the former Tropicana site, sharing a 35-acre campus with Major League Baseball’s Las Vegas Athletics,” Reeves said.

Regarding the company’s interactive division, Reeves added: “On the interactive side, Bally’s Intralot saw strong performance, particularly in our UK region and B2C business.”

He also stated: “In summary, our strategic initiatives are creating a scaled, growing, global omni-channel provider of retail and online experiences and we are aggressively pursuing and executing on the many growth opportunities before us.”

Analyst estimates had projected quarterly revenue of $759.19m. Bally’s reported revenue slightly below that figure at $755.7m.

According to GuruFocus metrics referenced in one of the reports, Bally’s shares appeared undervalued relative to the company’s GF Value estimate, though the company’s financial strength rating reflected its leveraged balance sheet and ongoing execution demands across multiple markets.