Bally’s Corporation posted strong revenue growth in the second quarter of 2026, but the casino operator has warned that additional financing will be necessary as liquidity pressure increases and spending continues on major developments in Chicago, New York and Las Vegas.
Revenue for the three months ended June 30 reached $792.2 million, up 20.5% from $657.5 million a year earlier. Growth was supported by the expanded Bally’s Intralot business, stronger digital operations and improving results across parts of the company’s US casino portfolio.
Despite the higher revenue, Bally’s financial position remains under scrutiny. Its latest regulatory filing indicates that, without completing new financing transactions, the company does not currently expect to satisfy certain liquidity and leverage requirements under its revolving credit facility over the coming 12 months. Bally’s is considering asset sales, new debt and equity financing as potential sources of capital.
Cash position tightens despite revenue growth
Bally’s used $265.9 million of cash in operating activities during the first six months of 2026, compared with $21.4 million in the corresponding period last year. The increase reflected factors including upfront licensing costs, higher losses and changes in working capital.
Cash and restricted cash declined from $906.7 million at the start of the year to $487.8 million at June 30. Bally’s consequently included a going-concern warning in its financial statements, citing uncertainty over its ability to remain within the requirements of its credit agreements unless additional funding is secured.
The company has already used property transactions to strengthen its balance sheet. Bally’s sold its Twin River property to Gaming and Leisure Properties for $700 million in February, generating approximately $685 million in proceeds, much of which was used to reduce debt. The transaction also increased Bally’s annual minimum rental obligations by about $56 million.
Bally’s recorded a second-quarter net loss of $146.1 million, equivalent to $2.41 per share, narrowing from a $228.4 million loss a year earlier. Consolidated adjusted EBITDA declined from $129.2 million to $124 million, while interest expense increased from $97.5 million to $119 million.
Interactive businesses lead expansion
Casinos & Resorts revenue increased 2% to $401 million. Bally’s attributed the improvement partly to the landside openings of Bally’s Baton Rouge and Bally’s Marquette, as well as continued growth from its temporary Chicago casino. Competition in Atlantic City and East Saint Louis offset some of those gains.
North America Interactive revenue climbed 16.9% to $66.1 million, while segment adjusted EBITDAR improved to $3 million from $2.5 million.
Bally’s Intralot B2C division produced revenue of $243.5 million, up 22.3%. UK online revenue rose 11.6% on a constant-currency basis despite the gaming tax increase that took effect in April. Spain revenue also grew 15.1% in constant currency, helped by higher numbers of new players.
Chicago and Bronx projects increase funding needs
Bally’s capital requirements are expected to remain substantial as several large developments progress.
The company still has roughly $400 million to spend under its minimum $1.34 billion investment commitment for the permanent Bally’s Chicago casino, while overall project costs are expected to exceed that threshold. Gaming and Leisure Properties has agreed to provide up to $940 million toward construction-related costs, with those advances eventually increasing Bally’s rental commitments.
In New York, Bally’s has already paid a $500 million licence fee and a $115 million golf-course concession payment for its planned Bronx integrated resort. The $4 billion development is expected to include three million square feet of facilities, a 500-room hotel, an event venue and a golf course, with an opening targeted by 2030.
Bally’s signed a non-binding term sheet for a pre-construction Bronx loan in July and entered a letter of intent with a potential equity investor in August as it looks to secure further funding.
Development planning is also continuing in Las Vegas around the former Tropicana site, where Bally’s intends to build retail, entertainment and dining facilities alongside the Athletics’ new baseball stadium.
The combination of rising revenue and expanding operations therefore comes with a significant financing challenge, leaving Bally’s focused on securing additional capital while keeping its largest development projects moving forward.