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GENERAL INFORMATION | 12 Months Ended
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Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
GENERAL INFORMATION | GENERAL INFORMATION Bally’s Corporation (the “Company,” or “Bally’s”) is a global gaming, hospitality and entertainment company with casinos and resorts and online gaming (“iGaming”) businesses. As of December 31, 2025 (Successor), the Company owns and manages the following properties within its Casinos & Resorts reportable segment:
Casinos and Resorts |  | Location |  | Type |  | Built/ Acquired
Bally’s Twin River Lincoln Casino Resort (“Bally’s Twin River”) |  | Lincoln, Rhode Island |  | Casino and Resort |  | 2004
Bally’s Arapahoe Park |  | Aurora, Colorado |  | Racetrack/OTB Site |  | 2004
Hard Rock Hotel & Casino Biloxi (“Hard Rock Biloxi”)(2) |  | Biloxi, Mississippi |  | Casino and Resort |  | 2014
Bally’s Tiverton Casino & Hotel (“Bally’s Tiverton”)(2) |  | Tiverton, Rhode Island |  | Casino and Hotel |  | 2018
Bally’s Dover Casino Resort (“Bally’s Dover”)(2) |  | Dover, Delaware |  | Casino, Resort and Raceway |  | 2019
Bally’s Black Hawk(1)(2) |  | Black Hawk, Colorado |  | Three Casinos |  | 2020
Bally’s Kansas City Casino (“Bally’s Kansas City”)(2) |  | Kansas City, Missouri |  | Casino |  | 2020
Bally’s Vicksburg Casino (“Bally’s Vicksburg”) |  | Vicksburg, Mississippi |  | Casino and Hotel |  | 2020
Bally’s Atlantic City Casino Resort (“Bally’s Atlantic City”) |  | Atlantic City, New Jersey |  | Casino and Resort |  | 2020
Bally’s Shreveport Casino & Hotel (“Bally’s Shreveport”)(2) |  | Shreveport, Louisiana |  | Casino and Hotel |  | 2020
Bally’s Lake Tahoe Casino Resort (“Bally’s Lake Tahoe”) |  | Lake Tahoe, Nevada |  | Casino and Resort |  | 2021
Bally’s Evansville Casino & Hotel (“Bally’s Evansville”)(2) |  | Evansville, Indiana |  | Casino and Hotel |  | 2021
Bally’s Quad Cities Casino & Hotel (“Bally’s Quad Cities”)(2) |  | Rock Island, Illinois |  | Casino and Hotel |  | 2021
Bally’s Chicago Casino (“Bally’s Chicago”)(3) |  | Chicago, Illinois |  | Casino |  | 2023
Bally’s Golf Links at Ferry Point (“Bally’s Golf Links”) |  | Bronx, New York |  | Golf Course |  | 2023
The Queen Baton Rouge(2) |  | Baton Rouge, Louisiana |  | Casino |  | 2025
Bally’s Baton Rouge Casino and Hotel (“Bally's Baton Rouge”)(2) |  | Baton Rouge, Louisiana |  | Casino and Hotel |  | 2025
Casino Queen Marquette(2) |  | Marquette, Iowa |  | Casino |  | 2025
DraftKings at Casino Queen(2) |  | East St. Louis, Illinois |  | Casino and Hotel |  | 2025
__________________________________ (1)Includes Bally’s Black Hawk North Casino, Bally’s Black Hawk West Casino and Bally’s Black Hawk East Casino. (2)Properties leased from Gaming and Leisure Properties, Inc. (“GLPI”). Refer to Note 15 “Leases” for further information. (3)Temporary casino facility as permanent casino resort is constructed. Site of future permanent casino resort is leased from GLPI. The Company’s Bally's Intralot B2B reportable segment includes Intralot’s global business-to-business (“B2B”) operations and licensing revenue generating operations. Intralot was acquired by the Company in the fourth quarter of 2025. Refer to “Acquisition of Intralot” subsection below for further information. The Company’s Bally's Intralot B2C reportable segment includes the Company’s business-to-consumer (“B2C”) gaming operations in international jurisdictions and one casino property, Bally's Newcastle, in the UK. The North America Interactive reportable segment include s a portfolio of sports betting and iGaming offerings in the United States and Canada. Agreement and Plan of Merger On February 7, 2025, the Company completed the previously announced transactions under the Agreement and Plan of Merger (as amended, the “Merger Agreement”) with SG Parent LLC, a Delaware limited liability company (“Parent”), The Queen Casino & Entertainment, Inc., a Delaware corporation and affiliate of Parent (“Queen”), Epsilon Sub I, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub I”), Epsilon Sub II, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub II”, and together with the Company and Merger Sub I, the “Company Parties”), and, solely for purposes of specified provisions thereof, SG CQ Gaming LLC, a Delaware limited liability company (“SG Gaming” and together with Parent and Queen, the “Buyer Parties”). On February 7, 2025, as a result of the transactions, Parent and its affiliates beneficially owned 73.8% of the issued and outstanding Company common stock. Pursuant to the Merger Agreement, (i) SG Gaming contributed to the Company all shares of common stock of Queen that it owned (the “Queen Share Contribution”) in exchange for 26,909,895 shares of common stock of the Company (“Company Common Stock”) based on a 2.4536890595 share exchange ratio, (ii) the Company issued approximately 3,542,201 shares of Company Common Stock to the other stockholders of Queen, (iii) immediately thereafter, Merger Sub I merged into the Company (the “Company Merger”), with the Company surviving the Company Merger and (iv) immediately thereafter, Merger Sub II merged into Queen (the “Queen Merger,” and together with the Company Merger, the “Merger”), with Queen surviving the Queen Merger as a direct, wholly owned subsidiary of the Company. At the effective time of the Merger, each share of the Company’s Common Stock issued and outstanding (other than shares of common stock owned by (i) the Company or any of its wholly owned subsidiaries, (ii) Parent or any of Parent’s affiliates, (iii) by holders exercising statutory appraisal rights; (iv) by SG Gaming following the Queen Share Contribution; or (v) by holders who have elected to have such shares remain issued and outstanding following the Company Merger (a “Rolling Share Election”)) were converted into the right to receive cash consideration equal to $18.25 per share of common stock (the “Per Share Price”). Each holder of shares of Company Common Stock (other than the Company or its subsidiaries) had the option to make a Rolling Share Election. Concurrently with the Merger Agreement, the Company and Parent entered into support agreements with Standard RI Ltd. (“SRL”) (the “SG Support Agreement”), SBG Gaming, LLC, a designated subsidiary of Sinclair (“SBG”) (the “SBG Support Agreement”), and Noel Hayden (the “Hayden Support Agreement”), collectively known as the “Support Agreements”. The Support Agreements obligated the parties to vote their respective shares in favor of the Merger Agreement and related transactions, and to make a Rolling Share Election for their shares, including those acquired through options or warrants. Additionally, under the SBG Support Agreement, SBG agreed to waive its right to the options it previously acquired under a Framework Agreement originally entered into in 2020 (the “Framework Agreement”), upon completion of the Merger, and in exchange, the Company issued SBG warrants to purchase 384,536 shares of the Company’s common stock under substantially similar terms to the Penny Warrants issued to SBG under the Framework Agreement. In connection with the Merger, as of February 7, 2025, all outstanding Performance Warrants became immediately exercisable at a price of $0.01 per share. Acquisition of Intralot In 2025, following the Queen Merger, the Company held an investment in Bally’s Intralot S.A. (“Intralot”), which was accounted for as an equity method investment under the fair value option. The total initial investment represented approximately 26.86% of Intralot’s outstanding shares. As part of this investment structure, the Company held a €25.0 million delayed draw term loan receivable from a third‑party investment holding company, the repayment of which was contractually tied to the delivery of Intralot shares. During the three months ended June 30, 2025 (Successor), the Company settled this outstanding delayed draw term loan by receiving 34.3 million shares of Intralot in full satisfaction of the loan, consistent with the fair value model that estimated repayment based on the value of Intralot shares. In addition, on June 30, 2025, the Company purchased 4.8 million additional Intralot shares for €1.06 per share. These transactions collectively triggered a mandatory tender offer for the remaining outstanding shares of Intralot. During the three months ended September 30, 2025 (Successor), the mandatory tender offer was completed, and the Company’s acquired an additional 6.1 million shares of Intralot, increasing its ownership to 34.35% of Intralot’s outstanding shares prior to the transaction described below. On October 8, 2025 (the “Intralot Closing Date”), the Company completed the previously announced acquisition under the transaction agreement (the “Transaction Agreement”) of Intralot, pursuant to which Intralot agreed to acquire Bally’s International Interactive through a combined cash-and-equity transaction. Pursuant to the Transaction Agreement, (i) Intralot paid the Company $1.8 billion in cash and issued approximately 873.7 million new shares in exchange for all of the issued and outstanding capital stock of Bally’s Holdings Limited which held Bally’s International Interactive, (ii) the Company’s ownership of Intralot increased to a controlling 57.9% interest through the issuance of equity to the Company’s consolidated subsidiary Premier Entertainment Sub, LLC via PE Sub Holdings LLC, an indirect wholly owned subsidiary of the Company, making the Company the majority shareholder of Intralot (the “Intralot Transaction”). As a result of obtaining a controlling financial interest in Intralot, the Company retained control of Bally’s International Interactive, via Bally’s Holdings Limited, throughout the transaction. On the Intralot Closing Date, legal ownership of Bally’s Holdings Limited transferred from Premier Entertainment Sub to Intralot; however, Bally’s Corporation simultaneously obtained control of Intralot. Accordingly, Bally’s maintained control of Bally’s International Interactive, and as a result, t he transfer of Bally’s International Interactive was accounted for as an equity transaction with the initial recognition of a 42.1% non-controlling interest, and no gain or loss was recognized in earnings.

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