New York City's proposed casinos clear a hurdle before getting their licenses. ...

Core Viewpoint - Queensland and New South Wales gaming authorities have approved a US-led rescue package for Star Entertainment Group, allowing Bally's Corporation and Investment Holdings to convert their $300 million debt into equity, significantly increasing their ownership stake in the company [1][5][10]. Regulatory Approvals - Queensland Attorney-General Deb Frecklington announced the necessary regulatory approvals for Bally's and Investment Holdings, confirming their suitability following an investigation by the Office of Liquor and Gaming Regulation [2][4]. - The NSW Independent Casino Commission (NICC) also granted approvals for Bally's to become a substantial shareholder of The Star, indicating that Bally's and its associated entities passed a rigorous assessment [5][7]. Financial Implications - The approvals will enable Bally's and Investment Holdings to convert their $300 million investment into equity, allowing them to have significant influence over The Star's casino operations in Queensland [5][8]. - Star Entertainment Group will also be able to nominate new members to its board as part of this deal, which is seen as a critical step towards financial stability [10][11]. Future Outlook - NICC chief commissioner Philip Crawford expressed anticipation that Bally's and Investment Holdings would soon proceed with their financial and operational commitments regarding The Star [8]. - Star's chair Anne Ward emphasized the importance of these regulatory approvals for the company's progress towards returning to suitability and achieving financial stability [10].

Company Overview - As of September 30, 2025, the company owns and manages 19 casinos across 11 states in the US and one casino in the UK, with a recent merger adding four additional casinos to its portfolio[224]. - The company completed a transaction with Intralot valued at approximately €2.7 billion, consisting of €1.5 billion in cash and newly issued shares, enhancing its liquidity and positioning for global growth[228][229]. - The company’s updated equity interest in Intralot post-acquisition is 58%, reflecting a controlling financial interest in the global lottery and gaming operations[229]. Financial Performance - Total revenue for the three months ended September 30, 2025, was $663.7 million, compared to $1,689.9 million for the nine months ended September 30, 2025[243]. - Net loss for the three months ended September 30, 2025, was $106.2 million, while the net loss for the nine months ended September 30, 2025, was $300.1 million[243]. - Total gaming revenue for the three months ended September 30, 2025, was $544.5 million, while total non-gaming revenue was $119.2 million[247]. - Adjusted EBITDA was $130.6 million for the Successor three months ended September 30, 2025 compared to $137.7 million for the same period last year[258]. - The total Adjusted EBITDA for the three months ended September 30, 2025, was $130.6 million, compared to $137.7 million for the same period in 2024, indicating a decrease of 5.1%[262]. Operational Insights - The company is actively pursuing new gaming opportunities and reinvesting in existing operations, focusing on enhancing guest experiences to increase revenues at its casinos and resorts[225]. - The company’s strategy includes a significant focus on interactive gaming, which is seen as a strategic opportunity for future growth[225]. - The company’s business is organized into three reportable segments: Casinos & Resorts, International Interactive, and North America Interactive, allowing for targeted performance analysis[231]. - The company reclassified a component of the North America Interactive operating segment to better align with strategic growth initiatives[245]. Expenses and Costs - Gaming and non-gaming expenses as a percentage of total revenue were 44.0% for the three months ended September 30, 2025, and 44.1% for the period from February 8, 2025, to September 30, 2025[244]. - General and administrative expenses for the three months ended September 30, 2025, amounted to $292.5 million, representing 44% of total revenue[247]. - Total operating costs and expenses for the three months ended September 30, 2025, were 99.9% of total revenue[244]. - General and Administrative expense for the Successor three months ended September 30, 2025 increased 6.9% or $18.9 million from $273.6 million in the same period last year[250]. Cash Flow and Investments - Net cash used in operating activities for the Successor period was $29.8 million, compared to a net cash provided of $76.2 million for the nine months ended September 30, 2024[277]. - Net cash used in investing activities for the Successor period was $235.7 million, driven by an $83.7 million investment in the Star and $13.8 million for shares in Intralot[278]. - Net cash provided by financing activities increased to $300.9 million in the Successor period, up from $75.7 million for the nine months ended September 30, 2024, primarily due to higher net issuance of long-term debt[279]. - Capital expenditures for the Successor period from February 8, 2025, to September 30, 2025, were $146.6 million, compared to $155.8 million for the Predecessor nine months ended September 30, 2025[305]. Debt and Financing - The company issued $750.0 million of 5.625% senior notes due 2029 and $750.0 million of 5.875% senior notes due 2031 as part of its debt obligations[282]. - The Company entered into a credit agreement providing for a senior secured term loan facility of $1.945 billion, maturing in 2028[286]. - The Company executed a Third Amendment to the Credit Agreement, extending and increasing the revolving credit facility, with a portion maturing in 2028[289]. - The Company has a master lease agreement with GLPI requiring combined initial minimum annual payments of $101.5 million for certain properties[295]. Regulatory and Economic Factors - The company is subject to regulatory agreements that impose financial covenants and operational restrictions, impacting its ability to declare dividends and incur additional debt[235][236]. - Macroeconomic factors such as rising inflation and global economic challenges are identified as risks that could impact consumer spending and overall business performance[238]. Community and Sponsorship Commitments - The company is required to pay annual fixed host community impact fees of $4.0 million as part of the host community agreement with the City of Chicago[308]. - The host community agreement mandates a minimum capital investment of at least $1.34 billion for the design, construction, and outfitting of the temporary and permanent casino[309]. - As of September 30, 2025, the company has sponsorship commitments totaling $116.2 million, with contracts extending through 2036[310]. Currency and Interest Rate Management - The company has utilized operational hedges and derivative financial instruments to manage currency exchange rate fluctuations[316]. - A hypothetical 1% increase in the effective interest rate would result in an increase in interest expense of approximately $22.7 million over the next twelve months[313]. - Foreign currency transaction losses for the three months ended September 30, 2025, amounted to $32.1 million[316].

Exhibit 99.1 BALLY'S CORPORATION REPORTS THIRD QUARTER 2025 RESULTS PROVIDENCE, R.I., - November 10, 2025 - Bally's Corporation (NYSE: BALY) ("Bally's" or the "Company") today reported financial results for the third quarter ended September 30, 2025. Third Quarter 2025 and Recent Highlights | | Successor | | Predecessor | | Successor | | Predecessor | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Three Months | | Three Months | | Period from February 8, | | Period from | | Ni ...

Gaming, betting and entertainment company Bally's Corporation (NYSE:BALY) will be reporting results this Monday after market close. Here’s what to expect. Bally's beat analysts’ revenue expectations by 1% last quarter, reporting revenues of $657.5 million, up 5.8% year on year. It was a softer quarter for the company, with a significant miss of analysts’ adjusted operating income estimates and a significant miss of analysts’ EPS estimates. Is Bally's a buy or sell going into earnings? Read our full analy ...

Core Insights - Analysts project that Bally's (BALY) will report a quarterly loss of -$0.71 per share, reflecting a year-over-year increase of 64.3% [1] - Revenue is expected to reach $659.65 million, marking a 4.7% increase from the same quarter last year [1] - The consensus EPS estimate has remained unchanged over the past 30 days, indicating a reassessment by covering analysts [1] Revenue Estimates - Analysts estimate 'Revenue- Casinos & Resorts' at $392.60 million, representing an 11.1% increase from the prior-year quarter [4] - 'Revenue- International Interactive' is projected to be $211.30 million, indicating a decline of 8.5% from the year-ago quarter [4] - 'Revenue- North America Interactive' is expected to reach $54.80 million, reflecting a 20% increase from the prior-year quarter [4] EBITDAR Estimates - 'Adjusted EBITDAR- International Interactive' is expected to be $82.90 million, down from $90.03 million reported in the same quarter last year [5] - Analysts project 'Adjusted EBITDAR- Casinos & Resorts' at $109.15 million, compared to $100.44 million from the previous year [5] Stock Performance - Over the past month, shares of Bally's have increased by 28%, while the Zacks S&P 500 composite has only risen by 1.3% [5] - Currently, Bally's holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [5]

Core Insights - Bally's Corporation will release its financial results for the third quarter ended September 30, 2025, after market close on November 10, 2025 [1] Company Overview - Bally's Corporation operates 20 casinos internationally, including 1 retail casino in Newcastle, UK, and has a presence in 11 states across the US [2] - The company also owns a golf course in New York, a horse racetrack in Colorado, and holds OSB licenses in 13 jurisdictions in North America [2] - Bally's operates a sports betting platform called Bally Bet, an iCasino platform, and has a significant stake in Intralot S.A., a global lottery management business [2] - The company serves over 11 million domestic and 20 million international customers through its loyalty programs [2] Operational Details - Bally's employs approximately 11,500 people and operates around 17,700 slot machines, 630 table games, and 3,950 hotel rooms [3] - The company has rights to developable land in Las Vegas at the site of the former Tropicana Las Vegas [3] Recent Transactions - Intralot S.A. has completed the acquisition of Bally's International Interactive business for an enterprise value of €2.7 billion, which is expected to unlock significant liquidity for Bally's [5] - Bally's has secured additional commitments to increase its revolving credit facility to $510 million, with a maturity date extended to October 1, 2028 [6] - The company has also announced amendments to its revolving credit facility, extending $460 million of commitments to a new maturity date of October 1, 2028 [7]

Group 1: Company Overview - Bally's shares increased by 17.8% in the last trading session, closing at $15.08, with notable trading volume [1] - The stock has also gained 17.8% over the past four weeks, indicating strong investor interest [1] Group 2: Strategic Developments - The stock rally is attributed to renewed investor confidence following the sale of Bally's international interactive business to Intralot S.A., which is seen as a strategic repositioning for digital and international expansion [2] - This transaction allows Bally's to maintain majority ownership while unlocking significant liquidity, enhancing its balance sheet and strategic flexibility [2] - Investors are encouraged by the potential for debt reduction and a sharper focus on high-growth gaming verticals, shifting sentiment from concerns over leverage to confidence in Bally's growth outlook [2] Group 3: Financial Expectations - Bally's is expected to report a quarterly loss of $0.72 per share, reflecting a year-over-year change of +63.8%, with revenues projected at $660.55 million, up 4.9% from the previous year [3] - The consensus EPS estimate for the quarter has remained unchanged over the last 30 days, indicating a lack of upward revisions which typically correlate with stock price movements [4] Group 4: Industry Context - Bally's holds a Zacks Rank of 3 (Hold) within the gaming industry, while another industry player, GDEV Inc., has a Zacks Rank of 1 (Strong Buy) [5] - GDEV Inc. is expected to report an EPS of $0.42, representing a decline of -46.8% from the previous year [6]

Core Insights - The New York State Gaming Commission is set to select three casino licenses by December 1, with four contenders remaining in the race, each promising significant revenue potential over the next decade [2][11]. Group 1: Contenders for Casino Licenses - The two existing racinos, Resorts World New York in Queens and MGM's Empire City in Yonkers, have a competitive advantage due to their established operations and contributions to state revenue [2][3]. - Bally's Corporation is proposing a $4 billion investment for a casino in the Bronx, which includes a 250-foot-tall casino with 3,500 slots and 250 table games, projected to generate over $1 billion in gambling revenue annually [12][13]. - Metropolitan Park, backed by billionaire Steve Cohen and Hard Rock International, proposes an $8.1 billion development next to Citi Field, featuring a casino, hotel, and entertainment venues, with projected annual revenues of $3.9 billion [19][21]. Group 2: Industry Dynamics - The gaming industry sees New York as a significant opportunity due to its large, affluent population, making it a highly competitive market for casino operators [5][6]. - The New York State Gaming Commission has emphasized that no proposals have an advantage, and the decision will be based on operational ability and integrity [4][5]. - The failure of previous proposals, such as Caesars Palace in Times Square and Freedom Plaza near the UN, highlights the challenges of gaining community support for casino projects in New York City [8][9][10].

Core Viewpoint - Intralot S.A. has successfully acquired Bally's International Interactive, valuing the business at an enterprise value of €2.7 billion, which enhances Bally's liquidity and integrates it with Intralot's global operations [1]. Group 1: Acquisition Details - The acquisition of Bally's International Interactive by Intralot S.A. has been completed [1]. - The transaction values Bally's International Interactive at €2.7 billion [1]. - This acquisition is expected to unlock significant liquidity for Bally's Corporation [1]. Group 2: Strategic Implications - The integration of Bally's International Interactive with Intralot's global lottery and gaming operations positions Bally's for enhanced operational capabilities [1].