Bally’s Q1 revenue up 28%; GAAP loss $161.9M

Bally’s reported Q1 2026 net revenue of $755.72 million, a 28.3% increase from Q1 2025, driven largely by the acquisition and integration of Intralot and consolidation of its property portfolio. The company recorded a GAAP net loss of $161.91 million for the quarter and a diluted loss per share of $2.69 on 60 million weighted shares outstanding.

Adjusted EBITDA for the quarter was $178.93 million, slightly below the $182.5 million analyst consensus. A preliminary pro forma adjusted EBITDA figure of $153.33 million reflected a 16.7% year‑over‑year increase. Bally’s filed its Q1 results after the usual reporting deadline and scheduled a shareholder meeting at 2 p.m. ET to discuss deleveraging, the Chicago casino project and Intralot integration.

Non‑operating and financing items were the largest contributors to the GAAP loss. The company carries $4.39 billion in long‑term debt and secured a new $1.1 billion credit facility maturing in 2031. Bally’s completed a $700 million sale‑leaseback of the Twin River Lincoln Casino Resort real estate to GLP Capital L.P., which, together with the new credit line, eliminated a $1.47 billion term loan that had been due in 2028 and preserved about $653.4 million in total liquidity.

The refinancing generated a $63.4 million debt extinguishment charge and raised quarterly net interest expense to $109.9 million. An additional $145.8 million non‑operating charge included a $104.3 million negative fair‑value adjustment on investment assets, further reducing reported earnings.

Bally’s continues capital investment in major development projects. Construction on the $1.7 billion Chicago flagship casino reached structural steel topping out in April; the site is planned to have 3,400 slot machines and a 500‑room hotel at completion. The company also secured a downstate gaming facility license for the Bally’s Bronx project in New York. The Bronx development is a $4.0 billion project that required a $500 million statutory license fee and a $115 million contingent payment related to golf course concessions during Q1, resulting in a near‑term cash outflow.

The Intralot acquisition, in which Bally’s holds a 58% controlling interest, was the main driver of revenue growth. Intralot B2C revenue rose 31% year‑over‑year to $239.9 million, led by online volumes in the U.K. and Spain at brands including Jackpotjoy and Botemania. Intralot also provides lottery and gaming infrastructure to U.S. state lotteries and retail operations in Canada, Latin America and Europe, and operates the Greek national lottery.

Integration has added cross‑border accounting adjustments. Bally’s recorded a $7.5 million negative reconciliation adjustment converting Intralot’s IFRS results to U.S. GAAP, primarily related to software development and lease treatments. The legacy Intralot business reported a net loss of $31.7 million for the quarter.

The earnings materials include a comment from CEO Robeson Reeves: “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.”

Other operational notes for the quarter include Bally’s selection as Rhode Island’s second online sportsbook operator. The company’s quarterly results show stronger top‑line performance in digital and international segments alongside significant one‑time financing and accounting charges tied to its refinancing and development activity.