Ballys (BALY)
Market Price (5/21/2026): $11.0 | Market Cap: $662.7 MilSector: Consumer Discretionary | Industry: Casinos & Gaming
Ballys (BALY)
Market Price (5/21/2026): $11.0Market Cap: $662.7 MilSector: Consumer DiscretionaryIndustry: Casinos & Gaming
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -38% Megatrend and thematic driversMegatrends include Markets & Betting, Experience Economy & Premiumization, and Digital Content & Streaming. Themes include Online Gaming & Betting, Show more. | Weak multi-year price returns2Y Excs Rtn is -57%, 3Y Excs Rtn is -111% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 962% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -93% Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 19.73 Key risksBALY key risks include [1] a crippling debt burden threatening its financial stability, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -38% |
| Megatrend and thematic driversMegatrends include Markets & Betting, Experience Economy & Premiumization, and Digital Content & Streaming. Themes include Online Gaming & Betting, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -57%, 3Y Excs Rtn is -111% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 962% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -93% |
| Significant short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 19.73 |
| Key risksBALY key risks include [1] a crippling debt burden threatening its financial stability, Show more. |
Qualitative Assessment
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Ballys (BALY) stock has lost about 30% since 1/31/2026 because of the following key factors:
1. Persistent Net Losses and High Leverage Weigh on Financial Stability.
Bally's Corporation reported a significant net loss attributable to the company of $161.9 million, or $(2.69) per share, for the first quarter of 2026. This substantial loss was primarily driven by a net interest expense of $109.9 million and other non-operating expenses, including a $104.3 million negative fair value adjustment on investment assets. As of March 31, 2026, the company's long-term debt stood at approximately $4.4 billion. Analysts have noted concerns regarding Bally's financial strength, with Stifel indicating the company carries $6.46 billion in total debt against $344 million in EBITDA over the last twelve months.
2. Extensive Capital Commitments and Project Delays Fuel Uncertainty.
Bally's is undertaking several large-scale development projects that require substantial capital, contributing to investor apprehension. These include the $4.0 billion Bally's Bronx integrated resort, which incurred a $500 million statutory New York license fee and a $115 million contingent consideration for golf course concessions in Q1 2026. Additionally, the $1.7 billion permanent casino in Chicago, initially slated for a Q4 2026 opening, faces potential delays, with Bally's seeking an extension for its temporary casino license until September 2027. Stifel highlighted that Bally's has over $5 billion in planned development project spending remaining.
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1. Persistent Net Losses and High Leverage Weigh on Financial Stability.
Bally's Corporation reported a significant net loss attributable to the company of $161.9 million, or $(2.69) per share, for the first quarter of 2026. This substantial loss was primarily driven by a net interest expense of $109.9 million and other non-operating expenses, including a $104.3 million negative fair value adjustment on investment assets. As of March 31, 2026, the company's long-term debt stood at approximately $4.4 billion. Analysts have noted concerns regarding Bally's financial strength, with Stifel indicating the company carries $6.46 billion in total debt against $344 million in EBITDA over the last twelve months.
2. Extensive Capital Commitments and Project Delays Fuel Uncertainty.
Bally's is undertaking several large-scale development projects that require substantial capital, contributing to investor apprehension. These include the $4.0 billion Bally's Bronx integrated resort, which incurred a $500 million statutory New York license fee and a $115 million contingent consideration for golf course concessions in Q1 2026. Additionally, the $1.7 billion permanent casino in Chicago, initially slated for a Q4 2026 opening, faces potential delays, with Bally's seeking an extension for its temporary casino license until September 2027. Stifel highlighted that Bally's has over $5 billion in planned development project spending remaining.
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Stock Movement Drivers
Fundamental Drivers
The -29.3% change in BALY stock from 1/31/2026 to 5/20/2026 was primarily driven by a -33.0% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.28 | 10.81 | -29.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,532 | 2,657 | 5.0% |
| P/S Multiple | 0.4 | 0.2 | -33.0% |
| Shares Outstanding (Mil) | 61 | 60 | 0.6% |
| Cumulative Contribution | -29.3% |
Market Drivers
1/31/2026 to 5/20/2026| Return | Correlation | |
|---|---|---|
| BALY | -29.3% | |
| Market (SPY) | 7.4% | 42.8% |
| Sector (XLY) | -2.5% | 47.8% |
Fundamental Drivers
The -40.6% change in BALY stock from 10/31/2025 to 5/20/2026 was primarily driven by a -44.8% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.21 | 10.81 | -40.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,490 | 2,657 | 6.7% |
| P/S Multiple | 0.4 | 0.2 | -44.8% |
| Shares Outstanding (Mil) | 61 | 60 | 0.7% |
| Cumulative Contribution | -40.6% |
Market Drivers
10/31/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| BALY | -40.6% | |
| Market (SPY) | 9.3% | 38.4% |
| Sector (XLY) | -1.3% | 44.7% |
Fundamental Drivers
The -13.5% change in BALY stock from 4/30/2025 to 5/20/2026 was primarily driven by a -19.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.50 | 10.81 | -13.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,450 | 2,657 | 8.4% |
| P/S Multiple | 0.2 | 0.2 | -1.3% |
| Shares Outstanding (Mil) | 49 | 60 | -19.2% |
| Cumulative Contribution | -13.5% |
Market Drivers
4/30/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| BALY | -13.5% | |
| Market (SPY) | 35.2% | 24.8% |
| Sector (XLY) | 20.5% | 27.9% |
Fundamental Drivers
The -37.2% change in BALY stock from 4/30/2023 to 5/20/2026 was primarily driven by a -41.5% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.20 | 10.81 | -37.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,256 | 2,657 | 17.8% |
| P/S Multiple | 0.4 | 0.2 | -41.5% |
| Shares Outstanding (Mil) | 55 | 60 | -8.8% |
| Cumulative Contribution | -37.2% |
Market Drivers
4/30/2023 to 5/20/2026| Return | Correlation | |
|---|---|---|
| BALY | -37.2% | |
| Market (SPY) | 85.2% | 27.9% |
| Sector (XLY) | 63.5% | 26.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BALY Return | -24% | -49% | -28% | 28% | -8% | -35% | -79% |
| Peers Return | -7% | -37% | 51% | -15% | -3% | -4% | -31% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| BALY Win Rate | 42% | 42% | 50% | 50% | 42% | 20% | |
| Peers Win Rate | 47% | 37% | 55% | 43% | 62% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| BALY Max Drawdown | -55% | -52% | -64% | -30% | -53% | -46% | |
| Peers Max Drawdown | -46% | -54% | -33% | -35% | -41% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CZR, PENN, DKNG, MGM, WYNN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/20/2026 (YTD)
How Low Can It Go
| Event | BALY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.9% | -18.8% |
| % Gain to Breakeven | 91.9% | 23.1% |
| Time to Breakeven | 141 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -51.0% | -9.5% |
| % Gain to Breakeven | 104.2% | 10.5% |
| Time to Breakeven | 267 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -74.2% | -33.7% |
| % Gain to Breakeven | 287.0% | 50.9% |
| Time to Breakeven | 241 days | 140 days |
In The Past
Ballys's stock fell -47.9% during the 2025 US Tariff Shock. Such a loss loss requires a 91.9% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | BALY | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -47.9% | -18.8% |
| % Gain to Breakeven | 91.9% | 23.1% |
| Time to Breakeven | 141 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -51.0% | -9.5% |
| % Gain to Breakeven | 104.2% | 10.5% |
| Time to Breakeven | 267 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -74.2% | -33.7% |
| % Gain to Breakeven | 287.0% | 50.9% |
| Time to Breakeven | 241 days | 140 days |
In The Past
Ballys's stock fell -47.9% during the 2025 US Tariff Shock. Such a loss loss requires a 91.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Ballys (BALY)
Bally's Corporation, a gaming, hospitality, and entertainment company, engages in casinos and resorts, and online gaming businesses in the United States. The company operates through three segments: Casinos & Resorts, North America Interactive, and International Interactive. It offers physical and interactive entertainment and gaming experiences, including traditional casino offerings, iCasino, online bingo games, sportsbook, daily fantasy sports, and free-to-play games. The company owns and manages Twin River Hotel in Lincoln, Rhode Island; Tiverton Casino & Hotel in Tiverton, Rhode Island; Dover Casino Resort in Dover, Delaware; Atlantic City Casino Resort in Atlantic City, New Jersey; Evansville Casino & Hotel in Evansville, Indiana; Hard Rock Hotel & Casino in Biloxi, Mississippi; Vicksburg Casino in Vicksburg, Mississippi; Kansas City Casino in Kansas City, Missouri; Black Hawk hotel in Black Hawk, Colorado; Shreveport Casino & Hotel in Shreveport, Louisiana; Lake Tahoe Casino Resort in Lake Tahoe, Nevada; Quad Cities Casino & Hotel in Rock Island, Illinois; and Arapahoe Park in Aurora, Colorado. As of December 31, 2021, it owned and operated 14 casinos that comprise 14,900 slot machines, 500 game tables, and 3,900 hotel rooms, as well as a horse racetrack across ten states. The company was formerly known as Twin River Worldwide Holdings, Inc. and changed its name to Bally's Corporation in November 2020. Bally's Corporation was incorporated in 2004 and is headquartered in Providence, Rhode Island.
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- A mix of **MGM Resorts (MGM)** for its regional casinos and **DraftKings (DKNG)** for its online gaming.
- Think of it as a geographically diverse **Caesars Entertainment (CZR)** with a strong emphasis on building out its online sportsbook and iCasino offerings.
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```html- Casino Gaming: Operation of physical casinos offering slot machines, table games, and other traditional gambling experiences.
- Online Gaming (iGaming): Digital platforms providing online casino games (iCasino), online bingo, sports betting, and daily fantasy sports.
- Hospitality Services: Provision of hotel accommodations, dining, and other amenities at their integrated casino resorts.
- Horse Racing: Management and operation of a horse racing track.
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Bally's Corporation (BALY) primarily sells its services directly to individuals.
Major Customer Categories:
- Casino & Gaming Patrons: Individuals who visit Bally's physical casinos and resorts to engage in traditional casino offerings such as slot machines, table games, and sports betting. This category also includes customers who use Bally's online platforms for iCasino, online bingo, sportsbook, and daily fantasy sports.
- Hotel & Resort Guests: Individuals who book stays at Bally's hotels and resorts across its various locations for leisure, business, or as part of a casino visit, utilizing lodging, dining, and other hospitality amenities.
- Entertainment Seekers: Individuals who visit Bally's properties for entertainment beyond direct gambling, such as attending events, concerts, or utilizing facilities like the horse racetrack at Arapahoe Park, or enjoying dining and other leisure activities offered by the resorts.
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Robeson Reeves - Chief Executive Officer
Appointed CEO on March 31, 2023. He previously served as President of Bally's Interactive and, prior to that, as Chief Operating Officer and Director of Gaming Operations at Gamesys, an online software development and gaming business he joined in 2005. Bally's acquired Gamesys in 2021. He has a BSc in Statistics, Operations Research and Management Studies from University College London. Bally's Corporation's controlling shareholder, Standard General L.P., is a hedge fund that takes a private equity-like approach to investing.
Mira Mircheva - Executive Vice President and Chief Financial Officer
Appointed CFO on March 11, 2025, bringing over 25 years of finance experience in the hospitality and gaming industry. Most recently, she was CFO of The Queen Casino & Entertainment, which merged with Bally's. Her background also includes serving as a Partner & Research Analyst at Standard General, Bally's controlling shareholder, and holding roles at Perella Weinberg Partners Asset Management and Goldman Sachs. She is currently a board member of White Energy and Intralot S.A.
George Papanier - President
Became President of Bally's Corporation on March 31, 2023. His extensive career in the gaming industry spans over 30 years, starting with Bally's as Chief Operating Officer in 2004 before becoming President and CEO from 2011 to 2021. He previously held leadership positions at Peninsula Gaming and Resorts Casino Hotel. He is a Certified Public Accountant and holds a B.A. in Business Administration and Accounting from Rowan University.
Marcus Glover - Executive Vice President, Global Operations Group
Appointed to his current role in March 2025, after serving as Bally's CFO from May 2023 to March 2025. He possesses over 20 years of experience in the hospitality and gaming sectors, including senior executive roles at MGM Resorts (President and COO of Borgata Hotel Casino & Spa and Beau Rivage Resort & Casino) and Caesars Entertainment. He also served as Chief Strategy Officer for QPSI LLC. Mr. Glover earned an MBA from Duke University and a B.A. from Morehouse College.
Soohyung Kim - Chairman
Has served as Chairman of Bally's Corporation since 2019 and was appointed Executive Chair effective January 27, 2026. He is the Founding Partner, Managing Partner, and Chief Investment Officer of Standard General L.P., an investment firm that is the controlling shareholder of Bally's. He has a background in investment and finance, including co-founding Cyrus Capital Partners.
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The key risks to Bally's Corporation (BALY) primarily revolve around its substantial financial leverage, the execution of its major development projects, and intense competition across its gaming and interactive segments.Key Risks to Bally's Corporation (BALY)
- High Debt Burden and Financial Flexibility/Liquidity Concerns: Bally's operates with a substantial debt burden, reported around $5.7 billion, leading to significant financial flexibility and liquidity concerns. The company's lease-adjusted leverage is projected to rise, with Fitch Ratings downgrading Bally's credit rating due to these high debt levels. Analysts have noted Bally's is quickly burning through cash and has a negative free cash flow yield, with a low current ratio indicating potential liquidity challenges. The company's Altman Z-Score further suggests it is in a distress zone, implying a potential risk of bankruptcy. These financial pressures can limit its ability to respond to market changes, increase interest expenses, and restrict access to additional capital for future growth.
- Execution and Market Risks of the Chicago Casino Project: The company's ambitious $1.7 billion Chicago casino project represents a significant capital commitment and is subject to considerable execution and market risks. Fitch's downgrade explicitly cited execution risks tied to this project. The temporary Chicago casino has underperformed, generating less revenue than anticipated, indicating challenges in the market. The Chicago gaming market is characterized by saturation, high gaming tax rates, and stiff competition from established players and numerous video gaming terminals, which could hinder Bally's ability to achieve its revenue targets for the new development. Furthermore, the project faces ongoing funding challenges and legal disputes.
- Intense Market Competition and Challenges in Digital/Interactive Segments: Bally's operates in a highly competitive gaming and entertainment landscape across both its land-based casinos and interactive online platforms. In key markets like Illinois, the company faces strong competition from numerous established casinos and the widespread presence of video gaming terminals. The online gaming and sports betting markets are also intensely competitive, dominated by well-established players, making it challenging and costly for Bally's to gain significant market share. Additionally, the International Interactive segment has experienced declining revenue, indicating ongoing challenges in its digital expansion efforts. General macroeconomic factors, such as inflation and rising interest rates, further impact consumer discretionary spending, intensifying competitive pressures.
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The rise of highly immersive and socially engaging Virtual Reality (VR) and Metaverse-based casino and entertainment platforms. These platforms, leveraging advancements in VR/AR technology, could offer a compelling alternative to physical casinos by replicating and potentially enhancing the social interaction, game variety, and atmospheric elements of traditional resorts from the comfort of a player's home. This shift could significantly erode the demand for Bally's substantial portfolio of land-based casinos and hotels by providing a more convenient, cost-effective, and equally (or more) engaging entertainment option.
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Here are the addressable market sizes for Bally's Corporation's main products and services:
- Casinos & Resorts (Traditional Casino Offerings): The U.S. casino gambling industry is projected to expand from US$75.65 billion in 2024 to US$126.19 billion by 2033. Separately, the U.S. casino hotels market size was approximately USD 53.87 billion in 2024 and is projected to reach around USD 98.48 billion by 2034. Globally, the casino hotels market size was estimated at USD 175.18 billion in 2024 and is predicted to increase to USD 314.31 billion by 2034.
- iCasino (Online Casino): The U.S. online casino market is valued at USD 11.68 billion. The broader U.S. online gambling market size was estimated at USD 12.68 billion in 2024 and is expected to grow to USD 22.8 billion by 2034.
- Online Bingo Games: The global online bingo games market size was estimated at USD 1.82 billion in 2024 and is projected to grow to USD 3.3 billion by 2032. North America accounted for over 39% of the revenue share in the global online bingo games market in 2024.
- Sportsbook (Sports Betting): The U.S. sports betting market size was estimated at USD 17.94 billion in 2024 and is expected to grow to USD 33.18 billion by 2030. The online segment accounted for the largest revenue share in the U.S. sports betting market in 2024.
- Daily Fantasy Sports (DFS): The North America Daily Fantasy Sports market size is projected to reach USD 5,022.11 million by 2029. The overall North America fantasy sports market, including DFS, was valued at USD 13.09 billion in 2025 and is estimated to grow to USD 27.01 billion by 2031. The U.S. fantasy sports market size was valued at USD 3.45 billion in 2022 and is expected to reach USD 6.86 billion by 2028.
- Free-to-Play Games: Free-to-play games generated around USD 111.37 billion worldwide in 2023, with this figure expected to increase to approximately USD 117.72 billion in 2024.
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Bally's Corporation (BALY) is expected to drive future revenue growth over the next two to three years through several key initiatives across its diverse portfolio:
- Continued Expansion of North America Interactive Segment: Bally's anticipates significant revenue growth from its North America Interactive segment, propelled by the expansion of iGaming operations and the rollout of its online sports betting platform, BallyBet. This growth is already evident in states like New Jersey, Pennsylvania, and Rhode Island, with further opportunities as more states potentially legalize iGaming and online sports betting.
- Development of the Chicago Casino Resort: A major driver of future revenue is the ongoing development of Bally's integrated resort in Chicago. Construction is progressing, and the resort, which will feature a casino, hotel, entertainment, and dining options, is slated to open in late 2026. This project represents a substantial growth opportunity once operational.
- Las Vegas Resort Development at the Tropicana Site: Bally's plans to develop a new resort on the former Tropicana site on the Las Vegas Strip, adjacent to the future Oakland Athletics Major League Baseball stadium. This multi-phase development, expected to begin in the first half of 2026, will include hotel towers, a casino, and extensive entertainment, dining, and retail spaces, aiming to capitalize on both gaming and non-gaming revenues, particularly from sports tourism.
- Integration and Growth of Acquired Regional Gaming Properties: The company's strategy includes enhancing its Casinos & Resorts segment through strategic acquisitions and their successful integration. The acquisition of Queen Casino & Entertainment in early 2025 has already contributed to increased revenue and is expected to continue boosting the segment's profitability and market share.
- Strategic Focus on Regulated International Interactive Markets and Intralot Partnership: Following the divestiture of its Asia-facing interactive business, Bally's is concentrating its International Interactive segment on profitable, regulated markets such as the UK and Spain, which have shown positive growth trends. Furthermore, its partnership with Intralot S.A., which will result in Bally's becoming the majority shareholder, aims to create a global iGaming and lottery entity with expanded reach and cross-market synergies to drive sustained growth.
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Capital Allocation Decisions (Last 3-5 Years)
Share Repurchases
- In October 2021, Bally's Board of Directors increased the Company's existing share repurchase authorization to $350 million.
- The company made significant quarterly share repurchases, including $87.05 million in Q4 2021, $119.27 million in Q3 2022, and $68.61 million in Q4 2023.
Share Issuance
- In February 2025, as part of the merger with The Queen Casino & Entertainment and acquisition by Standard General, approximately 48.4 million shares of common stock became outstanding, along with warrants to purchase up to 11.6 million additional shares.
- The number of outstanding shares increased by 48.66% in 2025, reaching 60.63 million, up from 40.78 million in 2024.
Inbound Investments
- In December 2024, Bally's completed a sale-leaseback transaction for certain real property assets of its Bally's Kansas City and Bally's Shreveport casino properties to GLPI, valued at $395 million.
- In February 2026, Bally's finalized a $700 million sale-leaseback of its Twin River Lincoln Casino Resort to Gaming and Leisure Properties and secured a $1.1 billion term loan.
- In April 2025, Bally's announced a strategic capital investment in Star Entertainment Group, an Australian entertainment and gaming company, initially committing AUD $300 million (approximately USD $187 million), later adjusted to AUD $200 million.
Outbound Investments
- In 2021, Bally's acquired Gamesys Group for approximately $2.7 billion, significantly expanding its online gaming operations.
- Also in 2021, the company acquired SportCaller, Monkey Knife Fight, and Bet.Works to enhance its online gaming and sports betting capabilities.
- In February 2025, Bally's completed its merger with The Queen Casino & Entertainment, adding four regional casino properties to its portfolio.
- In October 2025, Bally's International Interactive business was acquired by Intralot S.A. for €2.7 billion, a transaction that included €1.530 billion in cash and 873.7 million new Intralot shares, resulting in Bally's becoming a 58% majority shareholder in Intralot.
Capital Expenditures
- Bally's maintained its capital expenditure guidance of $160 million for 2023, excluding the investment in the Chicago Temporary Casino development.
- For 2025, projected capital expenditures are $362 million, with an expected increase to $381 million in 2026.
- The company is undertaking significant development projects, including a $1.7 billion permanent casino in Chicago and a planned $4 billion casino resort in the Bronx.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Ballys Stock Drop Looks Sharp, But How Deep Can It Go? | 12/30/2026 | |
| Ballys Earnings Notes | 12/16/2025 | |
| Now Is Not The Time To Buy Ballys Stock | 05/16/2025 | |
| Ballys (BALY) Valuation Ratios Comparison | 05/15/2025 | |
| Ballys Total Shareholder Return (TSR): 28.3% in 2024 and -22.2% 3-yr compounded annual returns (below peer average) | 03/07/2025 |
| Title | |
|---|---|
| ARTICLES |
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| 04302026 | FUN | Six Flags Entertainment | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 0.0% | 0.0% | 0.0% |
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| 04022026 | SKY | Champion Homes | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.1% | 3.1% | -1.2% |
| 11302021 | BALY | Ballys | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | -31.8% | -34.8% | -51.7% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 26.28 |
| Mkt Cap | 7.5 |
| Rev LTM | 7,181 |
| Op Inc LTM | 777 |
| FCF LTM | 569 |
| FCF 3Y Avg | 288 |
| CFO LTM | 1,288 |
| CFO 3Y Avg | 1,337 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.6% |
| Rev Chg 3Y Avg | 7.1% |
| Rev Chg Q | 7.8% |
| QoQ Delta Rev Chg LTM | 1.9% |
| Op Inc Chg LTM | 20.6% |
| Op Inc Chg 3Y Avg | 44.4% |
| Op Mgn LTM | 5.8% |
| Op Mgn 3Y Avg | 6.1% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 11.7% |
| CFO/Rev 3Y Avg | 12.3% |
| FCF/Rev LTM | 8.8% |
| FCF/Rev 3Y Avg | 4.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 7.5 |
| P/S | 0.5 |
| P/Op Inc | 7.9 |
| P/EBIT | 5.7 |
| P/E | 12.9 |
| P/CFO | 4.4 |
| Total Yield | -4.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 4.2% |
| D/E | 3.9 |
| Net D/E | 3.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.8% |
| 3M Rtn | 3.0% |
| 6M Rtn | 1.0% |
| 12M Rtn | 1.9% |
| 3Y Rtn | -21.9% |
| 1M Excs Rtn | -8.7% |
| 3M Excs Rtn | -2.7% |
| 6M Excs Rtn | -9.9% |
| 12M Excs Rtn | -24.4% |
| 3Y Excs Rtn | -102.4% |
Price Behavior
Price Behavior
| Market Price | $10.81 | |
| Market Cap ($ Bil) | 0.7 | |
| First Trading Date | 03/29/2019 | |
| Distance from 52W High | -44.5% | |
| 50 Days | 200 Days | |
| DMA Price | $11.82 | $13.78 |
| DMA Trend | up | down |
| Distance from DMA | -8.6% | -21.6% |
| 3M | 1YR | |
| Volatility | 60.2% | 66.6% |
| Downside Capture | 271.41 | 115.73 |
| Upside Capture | 89.85 | 81.38 |
| Correlation (SPY) | 41.9% | 25.2% |
BALY Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.00 | 1.86 | 1.70 | 1.64 | 1.27 | 1.30 |
| Up Beta | 0.51 | 0.92 | 1.20 | 1.29 | 0.88 | 1.86 |
| Down Beta | -1.04 | 2.40 | 3.02 | 2.09 | 2.74 | 1.04 |
| Up Capture | 241% | 165% | 111% | 110% | 72% | 74% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 12 | 18 | 29 | 58 | 119 | 354 |
| Down Capture | 168% | 248% | 185% | 178% | 109% | 106% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 9 | 24 | 34 | 66 | 128 | 368 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BALY | |
|---|---|---|---|---|
| BALY | -1.9% | 66.6% | 0.23 | - |
| Sector ETF (XLY) | 9.5% | 18.3% | 0.36 | 29.0% |
| Equity (SPY) | 26.2% | 12.1% | 1.62 | 25.3% |
| Gold (GLD) | 40.2% | 26.8% | 1.24 | -2.0% |
| Commodities (DBC) | 46.2% | 18.7% | 1.89 | -10.3% |
| Real Estate (VNQ) | 11.1% | 13.4% | 0.54 | 20.7% |
| Bitcoin (BTCUSD) | -27.4% | 41.8% | -0.65 | 11.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BALY | |
|---|---|---|---|---|
| BALY | -25.1% | 64.7% | -0.19 | - |
| Sector ETF (XLY) | 7.9% | 23.7% | 0.29 | 35.5% |
| Equity (SPY) | 14.1% | 17.0% | 0.65 | 36.1% |
| Gold (GLD) | 19.5% | 18.0% | 0.89 | 3.3% |
| Commodities (DBC) | 11.1% | 19.4% | 0.46 | 9.3% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | 33.2% |
| Bitcoin (BTCUSD) | 9.1% | 55.6% | 0.37 | 14.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BALY | |
|---|---|---|---|---|
| BALY | -8.2% | 68.3% | 0.11 | - |
| Sector ETF (XLY) | 12.8% | 22.0% | 0.53 | 42.6% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 42.6% |
| Gold (GLD) | 13.1% | 16.0% | 0.68 | 5.3% |
| Commodities (DBC) | 7.9% | 17.9% | 0.36 | 16.1% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 42.3% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | 16.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/16/2026 | -0.5% | -5.5% | -9.3% |
| 11/10/2025 | -4.0% | -14.0% | -17.3% |
| 8/11/2025 | 1.6% | -3.3% | -0.3% |
| 3/5/2025 | -3.5% | 40.4% | -4.3% |
| 11/6/2024 | 0.4% | 0.9% | 0.7% |
| 7/31/2024 | -0.5% | -1.3% | -0.5% |
| 5/1/2024 | -1.2% | -2.3% | -7.7% |
| 2/21/2024 | 2.0% | 2.4% | 31.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 4 | 7 | 7 |
| # Negative | 14 | 11 | 11 |
| Median Positive | 1.8% | 9.7% | 7.7% |
| Median Negative | -3.5% | -3.3% | -4.3% |
| Max Positive | 2.0% | 40.4% | 35.3% |
| Max Negative | -14.8% | -24.8% | -17.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/18/2026 | 10-Q |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 12/31/2024 | 03/17/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 08/08/2022 | 10-K |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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