Bally's Corporation (BALY) | Investment Case

1. Company Snapshot

1.a. Company Description

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.

Show Full description

1.b. Last Insights on BALY

Bally's Corporation's recent performance was negatively driven by a 5.1% year-over-year decrease in company-wide revenue to $580.4 million in Q4 2024. The decline in Casinos & Resorts revenue, down 5.2% year-over-year, was a significant contributor to the weak results. Additionally, the company's International Interactive revenue declined 9.1% year-over-year to $214.5 million, with only U.K. online revenue showing growth of 11.3%. The completion of transactions with Standard General and The Queen Casino & Entertainment, while potentially positive in the long term, may have created uncertainty and contributed to the recent weakness.

1.c. Company Highlights

Last Price	17.19
Change Percentage	-2.36%
Open	17.65
Previous Close	17.61
Market Cap ( Millions)	711
Volume	55367
Year High	22.41
Year Low	8.46
M A 50	15.79
M A 200	12.78

FCF Yield	1.28%
Dividend Yield	0.00%
ROE	-17.34%
Debt / Equity	343.89%
Net Debt / EBIDTA	378.35%
Price To Book	2.0
Price Earnings Ratio	-12.16
Price To FCF	78.33
Price To sales	0.24
EV / EBITDA	5.17

2. Transcript Summary

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3. NewsRoom

First Look: Versace deal, crypto slump, WBD bids and Airbus woes

Dec -02

Source: gurufocus.com

Market Today: Crypto Rout, Omnicom Cuts, Nvidia--Synopsys Deal

Dec -01

Source: gurufocus.com

New York City Getting 3 Casinos: Billionaire Steve Cohen, Trump Organization Could Be Big Winners

Dec -01

Source: feeds.benzinga.com

Bally's Stock Falls on New York City Casino Proposal OK. It Will Owe Trump $115 Million.

Dec -01

Source: barrons.com

Bally’s (NYSE:BALY) Stock Price Up 8% on Analyst Upgrade

Nov -15

Source: defenseworld.net

Bally's Corporation Reports Third Quarter 2025 Results

Nov -10

Source: businesswire.com

Unlocking Q3 Potential of Bally's (BALY): Exploring Wall Street Estimates for Key Metrics

Nov -06

Source: zacks.com

Bally's Corporation to Report 2025 Third Quarter Results After Market Close on November 10

Nov -03

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.07%)

6. Segments

Casinos & Resorts

Expected Growth: 4.5%

Bally's Corporation's 4.5% growth in Casinos & Resorts is driven by increasing demand for entertainment and leisure activities, strategic expansion into new markets, and investments in digital transformation and online gaming platforms. Additionally, the company's focus on enhancing customer experience, improving operational efficiency, and diversifying its revenue streams also contribute to its growth momentum.

International Interactive

Expected Growth: 6.0%

International Interactive from Bally's Corporation growth driven by increasing online gaming adoption, strategic partnerships, and expansion into new markets. Strong brand recognition, innovative products, and effective marketing strategies also contribute to the 6.0% growth rate.

North America Interactive

Expected Growth: 4.0%

North America Interactive from Bally's Corporation's 4.0% growth is driven by increasing online gaming adoption, strategic partnerships, and expansion into new jurisdictions. Additionally, investments in digital marketing and user experience enhancements are attracting new customers and increasing average revenue per user (ARPU). Further, the segment benefits from a strong brand portfolio and growing demand for online sports betting.

7. Detailed Products

Casinos

Bally's Corporation operates a chain of casinos across the United States, offering a range of gaming options, including slots, table games, and poker.

Sports Betting

Bally's Corporation offers sports betting services, allowing customers to place wagers on various sports and events.

Online Gaming

Bally's Corporation provides online gaming platforms, offering a range of games and betting options to customers.

Hotels and Resorts

Bally's Corporation operates hotels and resorts, offering accommodations, dining, and entertainment options to customers.

Food and Beverage

Bally's Corporation offers a range of dining options, including restaurants, bars, and lounges, within its casinos and hotels.

Entertainment

Bally's Corporation offers entertainment options, including live shows, concerts, and events, within its casinos and hotels.

8. Bally's Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Bally's Corporation faces moderate threat from substitutes, as customers have various alternatives for entertainment and leisure activities.

Bargaining Power Of Customers

Bally's Corporation has a diverse customer base, which reduces the bargaining power of individual customers, giving the company an upper hand in negotiations.

Bargaining Power Of Suppliers

Bally's Corporation has a moderate level of dependence on suppliers, particularly for gaming equipment and technology, which gives suppliers some bargaining power.

Threat Of New Entrants

The gaming and hospitality industry has high barriers to entry, including regulatory hurdles and significant capital requirements, which reduces the threat of new entrants.

Intensity Of Rivalry

The gaming and hospitality industry is highly competitive, with many established players, which increases the intensity of rivalry and competition for market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	85.40%
Debt Cost	5.43%
Equity Weight	14.60%
Equity Cost	14.26%
WACC	6.72%
Leverage	585.04%

11. Quality Control: Bally's Corporation passed 2 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Inspired Entertainment

A-Score: 5.4/10

Value: 9.1

Growth: 6.9

Quality: 6.0

Yield: 0.0

Momentum: 5.5

Volatility: 5.0

1-Year Total Return ->

PlayAGS

A-Score: 5.3/10

Value: 5.1

Growth: 6.7

Quality: 5.7

Yield: 0.0

Momentum: 6.0

Volatility: 8.3

1-Year Total Return ->

Everi

A-Score: 4.8/10

Value: 5.1

Growth: 4.7

Quality: 4.8

Yield: 0.0

Momentum: 6.0

Volatility: 8.3

1-Year Total Return ->

Century Casinos

A-Score: 3.6/10

Value: 8.8

Growth: 2.9

Quality: 3.8

Yield: 0.0

Momentum: 4.5

Volatility: 2.0

1-Year Total Return ->

Full House Resorts

A-Score: 3.5/10

Value: 9.6

Growth: 2.9

Quality: 3.9

Yield: 0.0

Momentum: 1.5

Volatility: 3.0

1-Year Total Return ->

Ballys

A-Score: 2.1/10

Value: 5.2

Growth: 4.4

Quality: 1.4

Yield: 0.0

Momentum: 0.5

Volatility: 1.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

25.47%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.72%

Bally's Corporation - US05875B1061

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on BALY

1.c. Company Highlights

Lower Quality

Medium Volatility

Fairly Valued

Earnings Miss

Revenues Miss

Stable Momentum

Average Yield

Earnings Beats

Strong Momentum

Revenues Beats

More Volatile

Cheaper

Weak Momentum

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.07%)

6. Segments

Casinos & Resorts

Expected Growth: 4.5%

International Interactive

Expected Growth: 6.0%

North America Interactive

Expected Growth: 4.0%

7. Detailed Products

Casinos

Sports Betting

Online Gaming

Hotels and Resorts

Food and Beverage

Entertainment

8. Bally's Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Bally's Corporation passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

17.19$

Current Price

17.19$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA