Bally's Corporation Overview and Analysis

Bally's Corporation is a leading name in the gaming industry, with a rich history that spans over 90 years. Founded in 1936 by Raymond T. Moyer, the company has undergone significant transformations over the years, evolving from a small pinball machine manufacturer to a global gaming giant.

Bally's has a diverse portfolio of businesses, including online sports betting, iGaming, and land-based casinos. The company's online sports betting platform offers a wide range of sports and events for users to bet on, making it a popular choice among sports enthusiasts.

The company's revenue has been steadily increasing over the years, with a significant boost in 2020 due to the growth of online gaming. In 2020, Bally's reported a revenue of $1.3 billion, a 37% increase from the previous year.

Bally's has made several strategic acquisitions in recent years, including its purchase of Sportech in 2020, which expanded its online sports betting capabilities.

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Bally's Corporation has a leadership team that's responsible for steering the company's direction. The team is led by Soo Kim, who serves as both Chairman of the Board of Directors and Managing Partner of Standard General L.P.

The company's largest single shareholder is Standard General L.P., led by Soo Kim, with a significant stake of around 23%. This investment firm has a substantial influence on the company's policy.

The executive leadership team includes key figures like Robeson Reeves, who has been CEO since March 2023, and Marcus Glover, who serves as Executive Vice President and Chief Financial Officer.

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Meet the leadership team behind Bally's Corporation, a group of talented individuals who are steering the company towards success. Soo Kim serves as the Chairman of the Board of Directors, bringing a wealth of experience to the role.

The executive leadership team is led by Robeson Reeves, who has been CEO since March 30, 2023. Marcus Glover is the Executive Vice President and Chief Financial Officer (CFO), overseeing the company's financial strategy.

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Here's a breakdown of the key members of the leadership team:

The Board of Directors is comprised of six members, each bringing their unique expertise to the table. The team includes George Papanier, Soo Kim, Jeffrey Rollins, Wanda Wilson, Jaymin Patel, and Tracy Harris.

Bally's Corporation operates as a publicly traded entity, with its ownership dispersed among various institutional investors, hedge funds, and individual shareholders. This structure influences its governance and strategic direction.

The majority of Bally's Corporation's ownership is held by institutional investors, who collectively own around 65% of the company's shares. This includes mutual funds, pension funds, and other large financial institutions.

Standard General L.P., an investment firm led by Soo Kim, is the company's largest single shareholder, owning approximately 23% of the company's shares.

Retail and other investors, including individual investors and smaller holdings, own around 12% of the company's shares.

The ownership structure of Bally's Corporation is a key factor in understanding its governance and strategic direction.

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Bally's Corporation has a diverse range of revenue streams, including gaming win from casinos, hotel occupancy, food and beverage sales, and online revenue derived from net win on sports wagers and iGaming activities.

The company's operational framework is built around an omnichannel strategy, aiming to create a seamless experience between its physical and digital offerings. This is achieved through the Bally Bet app and online casino products, which are often incentivized through the unified Bally Rewards loyalty program.

The company operates 15 casinos across 10 states, with a significant online gaming revenue generated from the International Interactive segment, largely driven by the former Gamesys assets. This segment reported revenues of approximately $241 million in Q3 2024.

Key costs impacting profitability include labor expenses, significant marketing and promotional spending, technology development and platform maintenance, gaming taxes and regulatory compliance costs, and property upkeep, utilities, and capital expenditures for resort maintenance and upgrades.

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Here are some of the key drivers of revenue for Bally's casinos:

These drivers are crucial to understanding the company's financial standing and strategic direction, which can be explored further by examining the company's mission statement, vision, and core values.

Bally's Corporation's operational framework is built around an omnichannel strategy that aims to create a seamless experience between its physical and digital offerings. This approach ensures that customers can engage with the company's various products and services across different channels, from visiting its 15 casinos across 10 states to using the Bally Bet app and online casino products.

The company's revenue streams are diverse, including gaming win from casinos, hotel occupancy, food and beverage sales, and online revenue derived from net win on sports wagers and iGaming activities. Gaming win from casinos is the bulk of the revenue, with slots and tables contributing the most.

Bally's Rewards loyalty program is a key component of its operational framework, encouraging customers to engage with the company's physical and digital offerings. The program is unified across all platforms, allowing customers to earn rewards and benefits across different channels.

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The company's operational framework also focuses on leveraging customer data across platforms to enhance marketing and player retention. This is achieved through the integration of its various technology platforms, which enables the company to better understand its customers' behavior and preferences.

Here are the key components of Bally's Corporation's operational framework:

As you explore the business operations of Bally's Corporation, you'll notice they have several group companies that play a crucial role in their overall strategy.

One notable group company is GAMESYS GROUP PLC, which operates in the Packaged Software sector.

Gamesys Operations Ltd. is another group company that's part of Bally's Corporation.

JPJ Group Holdings Ltd. is also a group company, but details on its operations are scarce.

Premier Entertainment Sub LLC is a group company that operates multiple tanning salons, and it's part of Acme Amalgamated Holdings LLC.

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Bally's Corporation has seen significant changes in its Enterprise Value over the past ten years, with the current value being 5.91B, an 18.20% increase from the historical average of 3.23B.

The company's highest Enterprise Value was $5.95B in the June 2025 quarter, while the lowest was $0 in the March 2017 quarter.

Bally's Corporation's financial performance is reflected in its total revenue, which was projected to be near $2.5 billion for the fiscal year 2024. This includes contributions from both established casinos and growing digital channels.

The company's adjusted EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization, and Rent/Restructuring costs) was anticipated around the $600 million mark for 2024.

Here are the maximum annual increases in Enterprise Value and the corresponding values:

Bally's Corporation's balance sheet reflects substantial debt, a common feature in capital-intensive industries like casino resorts, making debt service coverage and leverage ratios important metrics for investors to monitor closely.

Bally's Corporation is navigating a transformative period, integrating numerous acquisitions and expanding its digital footprint while managing significant debt.

The company's future outlook hinges on successfully launching its Bally Bet platform across more states, optimizing its portfolio of regional casinos, and executing major development projects like the Chicago casino.

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Bally's holds a notable position with 16 casinos across 10 states and a growing interactive division, aiming to be a leading omnichannel gaming company.

Its strategy involves leveraging its physical presence to bolster its online offerings, a path reflecting its stated goals. Currently, Bally's is a smaller player in the US online market compared to leaders like FanDuel and DraftKings.

Bally's significant investments in technology, market access, and marquee projects like Chicago signal ambition. Key challenges remain integrating its components effectively and managing its financial structure amidst rising interest rates and fierce competition.

Here are some of the key challenges Bally's faces:

Bally's Corporation has a mean historical Enterprise Value of $3.23B over the last ten years, with a current Enterprise Value of $5.91B, representing an 18.20% change from the historical average.

The Enterprise Value has fluctuated significantly, with the highest value of $5.95B in the June 2025 quarter and the lowest value of $0 in the March 2017 quarter.

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The Enterprise Value has increased by as much as 126.83% in a single year, specifically in 2021, when it rose to $5.36B from $2.36B in 2020.

The Enterprise Value has also experienced significant annual fluctuations, ranging from a minimum of $1.21B in 2017 to a maximum of $5.53B in 2019.

Here are the annual Enterprise Value fluctuations for Bally's Corporation:

In comparison to its peers, Bally's Corporation's Enterprise Value is less than Red Rock Resorts, Inc. ($6.58B) and Caesars Entertainment, Inc. ($28.72B), but greater than Monarch Casino & Resort, Inc. ($1.71B), Golden Entertainment, Inc. ($953.95M), and Studio City International Holdings Limited ($2.21B).

Bally's Corporation has a dividend yield of 2.23%, indicating that for every dollar invested, investors can expect to earn 2.23 cents in dividend payments each year.

The company has a dividend payout ratio of 34.6%, which means that 34.6% of its net income is paid out as dividends to shareholders.

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Bally's Corporation is a publicly traded company listed on the New York Stock Exchange (NYSE) under the ticker symbol BALY.

As of the latest available data, there are approximately 122 million shares outstanding, giving investors a total market capitalization of over $6.5 billion.

The company's stock price has experienced fluctuations, with a 52-week high of $54.35 and a 52-week low of $18.38.

Bally's Corporation has a beta of 1.73, indicating that its stock price is more volatile than the overall market.

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Bally's Corporation is a public company with a significant presence in the gaming industry. Its headquarters is located in Providence, Rhode Island, and it has a substantial retail footprint.

The company operates in a fiercely competitive market, particularly in the online sports betting and iGaming sectors. Bally's faces established giants like FanDuel, DraftKings, and BetMGM.

Here's a brief overview of Bally's key parameters compared to its competitors:

Bally's Corporation has a relatively small market share in the US online sports betting handle, estimated to be around 1-2% in 2024. In comparison, FanDuel holds a significant market share of around 40-45%.

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