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Here are 1-3 brief analogies for Bally's (BALY):

• A diversified casino and resort company, similar to a regional Caesars Entertainment.
• A casino company that also operates its own sports betting and online gaming platform, much like MGM Resorts with BetMGM.

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• Casino Gaming: Operation of land-based casinos featuring slot machines, table games, and poker rooms.
• Hotel Accommodations: Provision of hotel rooms and suites, primarily integrated with their casino resorts, for guests.
• Food & Beverage: Offering various dining experiences, including restaurants, bars, and lounges within its properties.
• Live Entertainment & Events: Hosting concerts, shows, and other performances, alongside providing convention and meeting facilities.
• Online Gaming & Sports Betting: Digital platforms for online casino games (iGaming) and sports wagering, primarily under the Bally Bet brand.

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Bally's Corporation (symbol: BALY) sells primarily to individuals.

The up to three major categories of customers that Bally's serves are:

1. On-Premise Casino & Resort Guests: Individuals who visit Bally's physical properties across the United States for gaming, hotel stays, dining, entertainment, and other leisure activities. This category includes both tourists and local patrons seeking entertainment and hospitality services.
2. Online Sports Betting & iGaming Users: Individuals who engage with Bally's digital platforms (such as Bally Bet for sports wagering and Bally Casino for online casino games) in jurisdictions where these services are legal. These customers participate in online gambling from their personal devices.

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Robeson Reeves, Chief Executive Officer

Robeson Reeves was appointed CEO of Bally's Corporation in March 2023. He joined Bally's in October 2021 as President of its Interactive division, a role he assumed following Bally's acquisition of Gamesys. Reeves had been with Gamesys since 2005, where he held various leadership positions including Chief Operating Officer and Director of Gaming Operations. He earned a Bachelor of Science in Statistics, Operations Research, and Management Studies from University College, London, in 2005.

Marcus Glover, Executive Vice President and Chief Financial Officer

Marcus Glover was appointed Executive Vice President and Chief Financial Officer of Bally's in May 2023. He brings over 20 years of experience in the hospitality and gaming industry. Prior to joining Bally's, he served as President and Chief Operating Officer of both the Borgata Hotel Casino and Spa in Atlantic City, New Jersey, and the Beau Rivage Resort and Casino in Biloxi, Mississippi. Glover also held senior executive positions with Caesars Entertainment. From October 2021 to May 2023, he was the Chief Strategy Officer for QPSI LLC, a supply chain solutions and contract packaging company. He holds an M.B.A. from The Duke University Fuqua School of Business and a B.A. in Business Administration, Finance from Morehouse College.

Jaymin B. Patel, Vice Chairman of the Board

Jaymin B. Patel was appointed Vice Chairman of Bally's Board of Directors in May 2023. He has over 25 years of global experience in the gaming business, including numerous public company executive and governance roles. Patel served as Chief Executive Officer and Director of Brightstar Corporation, a global wireless device services company backed by Softbank, from 2015 to 2018. His previous roles include President and Chief Executive Officer of GTECH Corporation (now IGT) from 2007 to 2015, and Chief Financial Officer and Senior Vice President of GTECH Holdings Corporation from 2000 to 2006. He also served as CFO of Lottomatica SpA from 2006 to 2007. Patel is a chartered accountant and holds a degree from Birmingham City University (UK).

George T. Papanier, President

George T. Papanier serves as the President of Bally's Corporation.

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The public company Bally's (symbol: BALY) faces several key risks to its business, primarily stemming from its significant debt burden, challenges with its Chicago casino project, and broader operational and competitive pressures.

1. High Debt Burden and Financial Strain: Bally's operates with a substantial debt load, which has led to high interest costs and concerns about its overall financial stability and liquidity. As of March 2025, long-term debt stood at $6.68 billion, with a precarious 8.23x leverage ratio. The company's financial health has been described as its "Achilles' heel". Credit rating agencies have downgraded Bally's due to these high debt levels and concerns over execution risk. Analysts have also noted a concerning current ratio of 0.49 and a negative free cash flow yield, indicating potential liquidity challenges. The Altman Z-Score of 0.13 places the company in a distress zone, implying a potential risk of bankruptcy. This high leverage limits financial flexibility, increases interest expenses, and makes the company more vulnerable to economic downturns.

2. Execution Risks and Financial Hurdles of the Chicago Casino Project: The development of Bally's $1.7 billion Chicago casino project at 777 W. Chicago Ave., scheduled to open in September 2026, presents significant risks. These include unresolved funding gaps and potential cost overruns. The temporary casino's financial performance has consistently fallen below expectations, with its revenue in February 2025 marking its lowest monthly intake in over a year. The project also faces challenges from a saturated gaming market in Chicago, a higher-than-average gaming tax rate, and legal challenges related to its planned initial public offering (IPO) that aims to sell shares exclusively to women and minority investors, which has faced discrimination claims and SEC approval delays. Delays or difficulties in securing property tax breaks further complicate its financial outlook.

3. Operational Challenges and Market Competition: Bally's has experienced underperformance and revenue declines in its Casino & Resort (land-based casino) segment, contributing to its overall financial challenges. The company's expansion strategy, which includes mergers and acquisitions, introduces integration complexities and uncertainties in the timing and financing of growth projects. Moreover, Bally's faces intense competitive pressures in both traditional and online gaming markets. The U.S. iGaming market is projected to grow, but execution risks in multi-state iGaming platforms and global scale via Intralot remain. Regulatory hurdles and potential delays in approvals for strategic transactions, such as the Intralot merger, could further strain liquidity.

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Increasing market dominance and escalating customer acquisition costs in the online sports betting and iGaming sector.

This threat is driven by highly capitalized competitors such as DraftKings, FanDuel, BetMGM, and Caesars Sportsbook, which are rapidly consolidating market share and engaging in aggressive marketing spend. As the nascent US online gaming market matures, these dominant players are creating an environment where the cost of customer acquisition and retention becomes prohibitively expensive for smaller operators like Bally's digital division (Bally Bet and iGaming platforms).

The clear emerging threat is that Bally's will find it increasingly difficult to achieve significant market share or sustained profitability in its digital segment. This could lead to its substantial investments in the digital space being rendered ultimately unviable or requiring continuous, heavy losses to maintain a presence, thereby eroding overall company value. Evidence for this trend is visible in current market share reports, the immense advertising expenditures by market leaders, and the persistent challenges faced by smaller players in gaining meaningful traction or becoming profitable.

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Bally's Corporation (BALY) operates across several key segments, including land-based casinos and resorts, online sports betting, iGaming (online casino), and lottery management and services. The addressable market sizes for their main products and services are detailed below:

• Casinos & Resorts: The U.S. casino gaming market is projected to grow from an estimated USD 99.0 billion in 2024 to USD 222 billion by 2035, at a compound annual growth rate (CAGR) of 7.61% from 2025 to 2035.

• Online Sports Betting (Bally Bet): The U.S. sports betting market was estimated at USD 17.94 billion in 2024 and is expected to grow to USD 33.18 billion by 2030, exhibiting a CAGR of 10.9% from 2025 to 2030. More specifically, the U.S. online sports betting market is projected to reach a valuation of USD 16 billion by 2032, with a CAGR of 12.2% from 2023.

• iGaming/Online Casino (Bally Casino, Gamesys Group):

  • Global: The global online gambling market, which includes iGaming, was estimated at USD 78.66 billion in 2024 and is projected to reach USD 153.57 billion by 2030, with a CAGR of 11.9% from 2025 to 2030. Another estimate for the global iGaming market pegs its value at approximately USD 100 billion as of mid-2024.
  • U.S.: The U.S. online gambling market size was estimated at USD 12.68 billion in 2024 and is expected to reach USD 22.19 billion by 2030, growing at a CAGR of 9.8% from 2025 to 2030.

• Lottery Management and Services (Intralot S.A. stake): The overall global lottery market size was estimated at USD 120.5 billion in 2024 and is projected to increase to USD 167.8 billion by 2030, with a CAGR of 5.7%.

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Here are 3-5 expected drivers of future revenue growth for Bally's (BALY) over the next 2-3 years:

1. North America Interactive Expansion (iGaming and Sports Betting): Bally's is heavily focused on growing its North America Interactive segment, which includes its Bally Bet online sports betting platform and iGaming operations. This segment has shown significant year-over-year revenue growth. The company plans to continue launching Bally Bet in additional states and expanding its iGaming presence in markets like Rhode Island, Pennsylvania, and New Jersey. Bally's launched the Bally Bet Casino app in Rhode Island in March 2024, becoming the sole iGaming provider in the state.

2. Bally's Chicago Casino Project: The development of the permanent Bally's Chicago casino is a cornerstone of the company's growth strategy. Construction is underway, with completion expected in September 2026. This flagship project is anticipated to become a major revenue driver, featuring a large number of slots and table games, a hotel, entertainment venues, and food and beverage options. The temporary Chicago casino is already operational and contributing to revenue.

3. Integration of Strategic Acquisitions (Casinos & Resorts): Bally's has been actively expanding its land-based casino portfolio through strategic acquisitions. For example, the addition of four regional gaming properties from The Queen Casino & Entertainment in early 2025 is expected to drive growth and operational efficiencies within the Casinos & Resorts segment. The company's strategy involves leveraging these acquisitions to diversify its geographic presence and enhance its market position.

4. Redevelopment of Tropicana Las Vegas Site: Although the Tropicana Las Vegas casino has closed, the redevelopment of its site presents a significant long-term growth opportunity for Bally's. This initiative involves preparing the site for potential future developments, including a new baseball stadium for the A's franchise and a broader Bally's resort.

5. Growth in UK Online Market: While Bally's has undergone a strategic shift with its International Interactive business, including the sale of its International Interactive segment to Intralot, its UK online operations have consistently demonstrated robust revenue growth. The company's UK business has been driven by increased active customer levels and strong average revenue per user metrics. Bally's also retains a significant equity stake in Intralot following the transaction, which could provide indirect revenue opportunities.

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Share Repurchases

• Bally's paid $223.1 million for share repurchases in 2020.
• In October 2021, Bally's Corporation announced an increase in its share repurchase authorization to $350 million.

Share Issuance

• In April 2021, Bally's issued 12.65 million shares of common stock in a public offering, generating net proceeds of approximately $671.4 million.
• Approximately 30.5 million shares of common stock are anticipated to be issued to stockholders and warrant holders of Casino Queen pursuant to a merger agreement, resulting in approximately 48.4 million total pro forma shares of common stock outstanding upon completion of the transaction in Q1 2025.
• Bally's Chicago successfully completed its first Community Investment Program in August 2025, which included an initial public offering aiming to raise $250 million for the Chicago casino and resort project.

Inbound Investments

• Bally's secured $2 billion in funding from Gaming and Leisure Properties Inc. (GLPI) for the Chicago casino project in 2024.
• In September 2025, Bally's received unanimous consent from revolver lenders for a $735 million sale and leaseback of its Twin River Lincoln Casino Resort to Gaming and Leisure Properties Inc.

Outbound Investments

• Bally's acquired Gamesys Group plc for approximately $2.7 billion in 2021, significantly expanding its interactive division.
• In April 2025, Bally's committed to an AUD $200 million strategic capital investment in Star Entertainment Group, a leading Australian entertainment and gaming company; AUD $67 million of this investment was funded in April 2025.

Capital Expenditures

• Capital expenditures were $15.3 million in 2020, with plans to exceed this in 2021, including a planned redevelopment project of approximately $40 million at Casino KC and an estimated $120 million for a Pennsylvania casino project.
• Bally's plans to invest approximately $90 million in its Bally's Atlantic City property over a span of five years to refurbish and upgrade facilities and expand amenities.
• Capital expenditures, excluding the development of the Bally's Chicago permanent facility, are expected to be relatively flat in 2025 compared to 2024, focusing on generating cash flows for long-term growth opportunities.