Bally’s Corporation has reported a 4.7 percent fall in total revenue for the first quarter of 2025, largely due to the sale of its Asia-facing online business in late 2024. The US-based gambling group posted $589.2 million (€544 million) in revenue for the three months of 2025, down from $618.5 million (€571 million) a year earlier.
Despite the decline, Bally’s said its core operations in North America and Europe continued to perform strongly, with several key divisions achieving year-on-year growth. The company noted the Asia divestment enabled a sharper focus on regulated markets and core business performance. In an official presser, (as depicted in the featured image) expressed cautious optimism, pointing to ongoing efforts to streamline operations and improve margins.
“Early in the first quarter, we completed a series of transactions with Queen Casino & Entertainment and Standard General, expanding our scale and adding four regional gaming properties with strong growth potential,” Reeves said. “We are now deploying best practices from both our legacy assets and Queen’s operations.”
Western market propel overall growth
The Casinos & Resorts division, Bally’s largest unit, generated $351.2 million (€324 million) in revenue, up 2.6 percent from Q1 2024. Adjusted EBITDAR rose 6.3 percent to $95.1 million (€88 million), helped by the addition of four regional properties through the Queen Casino & Entertainment acquisition. Bally’s said its legacy properties outpaced market growth in seven of twelve jurisdictions, despite poor weather and increased competition.
Revenue from the North America Interactive segment rose 12.5 percent to $44.5 million (€41 million), driven by the integration of Queen’s digital assets and the continued expansion of BallyBet and iGaming offerings. BallyBet is now live in 11 US states, while iGaming operations are active in New Jersey, Pennsylvania, Rhode Island and Ontario. Online activity in Rhode Island rose as players shifted away from land-based venues due to infrastructure disruptions.
International segment takes the hit
‘The International Interactive segment saw revenue fall 18.3 percent to $191.7 million (€177 million), reflecting the loss of the Asia business. However, the UK market grew by 4.9 percent (5.6 percent in constant currency), supported by high player retention and better monetisation. Spain also posted gains following the easing of local advertising rules. Adjusted EBITDAR for the segment stood at $77.1 million (€71 million), down 7.7 percent, though margins in regulated markets remained strong.
Looking ahead, Bally’s is pushing further into international markets, underlined by a strategic AU$200 million (€122 million) investment in Star Entertainment Group, an Australian casino operator. Structured through convertible notes and subordinated debt, the deal could eventually give Bally’s a 38 percent stake, pending regulatory approval.
