# Bally's Corporation (BALY)

> Source: Nexqual · https://nexqual.com/BALY · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Bally's Corporation (BALY), nexqual.com/BALY" · informational, not investment advice.

**Price:** USD 13.86 (+0.73% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 13.76 · day 13.55–13.89 · 52w 8.44–19.77 · market cap $700M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.87B, net income -$639M (-22.3% margin) (SEC filings).
- Analysts: Hold (mean 3.40 on a 1–5 scale) (5 analysts), mean target USD 9.67 (range 7–12).
- Total return with dividends: 1Y -27.5% vs S&P 500 +13.4%; 5Y -21.3% vs S&P 500 +76.9%.
- Next earnings: 2026-11-09, EPS estimate USD -0.73, revenue estimate $808M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $373M | $1.32B | $2.26B | $2.45B | $2.45B | $2.87B |
| Operating income | -$18.4M | $93.4M | -$293M | $104M | -$258M | $56.1M |
| Net income | -$5.5M | -$115M | -$426M | -$188M | -$568M | -$639M |
| EPS (diluted) | -$0.18 | -$2.31 | -$7.32 | -$3.51 | -$11.71 | — |
| Free cash flow | $4.2M | -$14.8M | $58.7M | -$123M | -$85.8M | — |
| Operating margin | -4.9% | 7.1% | -13.0% | 4.2% | -10.5% | 2.0% |
| Net margin | -1.5% | -8.7% | -18.9% | -7.7% | -23.2% | -22.3% |
| Revenue growth | -28.8% | +254.7% | +70.6% | +8.6% | +0.1% | — |
| Cash + short-term investments | $123M | $206M | $213M | $163M | $171M | — |
| Total debt | $1.10B | $3.45B | $3.49B | $3.66B | $3.32B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.2x · EV/EBITDA 12.2x · EV/Sales 1.7x · P/B 1.1x · Earnings yield -91.40% · Net debt $4.12B · EV $4.82B

## Analysts
Consensus Hold (mean 3.40 on a 1–5 scale), 5 analysts; mean target USD 9.67 (low 7, high 12).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | Macquarie | Target raised | Neutral | $11 → $12 |
| 2026-08-21 | Macquarie | Target lowered | Neutral | $13 → $11 |
| 2026-08-19 | Truist Securities | Target lowered | Hold | $15 → $10 |
| 2026-08-19 | Barclays | Target lowered | Underweight | $8 → $7 |
| 2026-07-20 | Truist Securities | Target raised | Hold | $13 → $15 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2024-12-02) |
|---|---|---|
| Total return | -27.5% | -21.3% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -27.6% | -11.9% |
| Volatility (annualized) | 73.9% | 85.3% |
| Max drawdown | -54.6% (Oct 2025→Aug 2026) | -52.2% (Oct 2025→Aug 2026) |

## Peers (Resorts & Casinos)
MLCO (Melco Resorts & Entertainment L) USD 3.73 -5.81% · PENN (PENN Entertainment, Inc.) USD 14.5 -6.21% · MCRI (Monarch Casino & Resort, Inc.) USD 112.68 -0.72% · HGV (Hilton Grand Vacations Inc.) USD 35.89 -3.21% · VAC (Marriott Vacations Worldwide Co) USD 109.31 -3.21% · RRR (Red Rock Resorts, Inc.) USD 49.61 -1.63%

## More
Full page: https://nexqual.com/BALY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BALY's own 10-K filed 2026-03-23 (https://www.sec.gov/Archives/edgar/data/1747079/000174707926000019/baly-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | MLB Professional Development Leagues | "We have entered into strategic partnerships with the National Hockey League, MLB Professional Development Leagues, LLC," |
| Partner | IGT Global Solutions | "Bally's Twin River - In connection with our partnership with IGT, we have committed to invest $100 million in Bally's Twin" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Casinos & Resorts | $401.0M | 50.6% | +2.0% |
| Bally’s Intralot B2C | $243.5M | 30.7% | +22.3% |
| Bally’s Intralot B2B | $79.5M | 10.0% | +1028.1% |
| North America Interactive | $66.1M | 8.3% | +16.9% |
| Corporate & Other | $2.2M | 0.3% | +33.7% |
| Total revenue | $792.2M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Gaming | $608.0M | 76.7% | +9.0% |
| Non-gaming | $184.2M | 23.3% | +84.4% |
| Non-gaming | $89.6M | 11.3% | +2.5% |
| — Food and beverage (part of Non-gaming) | $36.6M | 4.6% | +5.1% |
| — Hotel (part of Non-gaming) | $33.6M | 4.2% | -0.4% |
| — Retail, entertainment and other (part of Non-gaming) | $19.5M | 2.5% | +2.8% |
| Total revenue | $792.2M | 100% | — |
The lines above cover 111.3% of total revenue.

## Company outlook (8-K filed 2026-08-14)

- "As we look to the second half of 2026, our execution is creating revenue tailwinds both domestically and internationally, generating multiple levers to improve profitability, and building a solid foundation for long-term shareholder returns. "Domestically, we are making substantial progress on our development projects."
- "Bally's has already made substantial investments in the project, including the $500 million license fee and $115 million golf course concession contingent payment, both of which were made in the first quarter of 2026."
- "The $4.0 billion Bally's Bronx integrated casino project is expected to open by 2030 and will feature 3 million square feet of gaming facilities, a 500-room hotel, a 2,000-person event center, and an 18-hole world-class golf course."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.73 | $-0.89 | -18.0% | $807.8M | 1 |
| Next quarter (ends 2026-12-31) | $-0.94 | $-1.17 | -19.7% | $808.1M | 1 |
| Current fiscal year (ends 2026-12-31) | $-6.94 | $-6.04 | +14.8% | $3.16B | 1 |
| Next fiscal year (ends 2027-12-31) | $-3.44 | $-3.40 | +1.2% | $3.42B | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-09): ±21.8%; last 7 reports averaged ±9.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 27 | 107.3% | ±21.8% |
| 2027-03-19 | 146 | 72.9% | ±38.1% |
| 2027-06-17 | 236 | 67.9% | ±44.6% |