Revenue in the company’s Casinos & Resorts segment reached $351.2m, meanwhile, reflecting a 2.6% increase compared to the previous year.
The company credited this growth to the addition of four regional gaming properties, through its completed transactions with The Queen Casino & Entertainment and Standard General in early Q1.
“There continued to be stability in the domestic regional gaming environment in the first quarter, but inclement weather and increased supply in a few of our regional markets offset the growth generated by the addition of the Queen assets,” said Bally’s CEO Robeson Reeves.
“Despite the competitive landscape, during the first quarter, Bally’s legacy properties outpaced market growth in seven of 12 jurisdictions.”
Bally’s hails Queen Casino integration
The addition of the Queen properties expanded Bally’s domestic gaming portfolio and introduced new operational practices aimed at boosting profitability and efficiency across the segment.
Reeves added that the completed acquisitions positioned the company for long-term growth.
He said the integration of the assets enabled Bally’s to apply best practices across the expanded portfolio, with a focus on driving top-line growth, improving margins, and increasing operating efficiencies.
Despite the overall decline in revenue, the North America Interactive segment also reported positive performance, with revenue increasing 12.5% year-on-year to $44.5m.
This growth was driven by contributions from Queen’s interactive business and continued progress in Rhode Island’s iGaming operations.
Bally’s is currently active in the iGaming markets of New Jersey, Pennsylvania, Rhode Island, and Ontario, and its BallyBet sports betting platform is live in 11 US states.
Asia divestiture drives international decline
Elsewhere, the International Interactive segment posted total revenue of $191.7m, representing an 18.3% year-on-year decrease. This decline was directly tied to the divestiture of the Asia interactive business in Q4 2024.
When excluding the impact of this divestiture, International Interactive revenue increased 7.7% year-on-year.
Within the segment, UK operations remained a strong performer, with revenue up 4.9%, driven by robust player retention and monetisation.Revenue in Spain also increased following the loosening of advertising restrictions in that market. However, International Interactive adjusted EBITDAR totalled $77.1m, down 7.7% compared to the same period in 2024.
In the Casinos & Resorts segment, adjusted EBITDAR reached $95.1m in Q1 2025, up 6.3% from the previous year. This improvement was largely attributed to the newly acquired Queen properties.
Reeves noted that despite macroeconomic concerns tied to global trade policy, the company’s C&R operations remained relatively stable during the quarter.
Operationally, Bally’s reported mixed performance across its regional markets. The company cited weather disruptions and increased supply in certain areas as factors that offset gains from the Queen acquisition.
In Rhode Island, traffic challenges were mitigated through marketing interventions. The temporary casino facility in Chicago continued building its customer database in preparation for the opening of the permanent property.
Leadership changes in Atlantic City were expected to drive improvements in that market.
Bally’s looking forward to Star acquisition
Bally’s also reiterated that it is moving forward with its investment in Australia’s Star Entertainment Group. The total investment initially announced was A$300m.
Subsequently, Star’s largest shareholder, Investment Holdings Pty, agreed to fund A$100m of the amount, reducing Bally’s commitment to A$200m.
The investment includes a multi-tranche convertible note and subordinated debt, which could ultimately give Bally’s a 38% equity stake in Star.
Bally’s funded A$67m of the investment in April, with the remaining portion pending regulatory approvals.
The company also announced a segment recast during the quarter, moving a component of the North America Interactive segment to a newly created operating segment under the Corporate & Other category.
This change reflects a realignment of Bally’s operations with its strategic growth initiatives and alters how company leadership evaluates performance and allocates resources.
Looking ahead, Bally’s expects further growth in its North America and International Interactive operations, while continuing to optimise its newly expanded Casinos & Resorts portfolio.
