BALYHIGH SIGNALFINANCIAL10-K

BALY's total assets nearly doubled while operating cash flow declined significantly, suggesting a major acquisition or expansion that has yet to generate proportional cash returns.

The dramatic expansion in assets combined with declining operating cash flow indicates BALY made substantial investments or acquisitions that have not yet translated into improved operational performance. The higher interest expense reflects increased borrowing costs on expanded debt levels, which could pressure margins until the new assets generate adequate returns.

Comparing 2026-03-23 vs 2025-03-17View on EDGAR →
FINANCIAL ANALYSIS

BALY's balance sheet expanded dramatically with assets nearly doubling and debt growing meaningfully to $4.5B, while liabilities increased moderately. However, operational performance weakened with operating cash flow declining substantially to $114M and interest expense rising notably to $278M. This suggests significant capital deployment through acquisitions or investments that have yet to generate proportional cash flow returns, creating a timing mismatch between asset growth and operational benefits.

FINANCIAL STATEMENT CHANGES
Total Assets
Balance Sheet
+91.6%
$5.9B$11.2B

Asset base grew 91.6% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+49%
$5.8B$8.7B

Liabilities grew 49% — significant increase in debt or obligations, assess impact on financial flexibility.

Operating Cash Flow
Cash Flow
-39.6%
$188.6M$114.0M

Operating cash flow fell 39.6% — earnings quality concerns; investigate working capital changes and non-cash items.

Capital Expenditure
Cash Flow
-35.8%
$311.5M$199.8M

Capex reduced 35.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Debt
Balance Sheet
+35.6%
$3.3B$4.5B

Debt increased 35.6% — substantial leverage increase; assess whether deployed for growth or covering losses.

Interest Expense
P&L
+33.3%
$208.2M$277.6M

Interest expense surged 33.3% — significant debt increase or rising rates materially impacting earnings.

LANGUAGE CHANGES
NEW — 2026-03-23
PRIOR — 2025-03-17
ADDED
Class Outstanding as of February 28, 2026 Common stock, $0.01 par value 48,535,459 For additional information regarding the Company s shares outstanding, refer to Note 17 Stockholders Equity.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45 ITEM 6.
You should not place undue reliance on our forward-looking statements.
Our common stock is traded on the New York Stock Exchange (the NYSE ) under the symbol BALY .
Our Company We are a global gaming, hospitality, entertainment and technology company with an expanding international footprint across casino, interactive and lottery markets.
We provide our customers and partners with physical and interactive entertainment and gaming experiences worldwide.
Our offerings include traditional casino gaming, iGaming, online bingo, sportsbook, free-to- p lay games and technology driven lottery and gaming solutions.
As of February 28, 2026 , we own and operate 20 casinos globally, including in the United Kingdom ( UK ) and in 11 states across the United States ( US ), along with a golf course in New York and a horse racetrack in Colorad o.
We also own Bally Bet Sportsbook Casino, a premier sports betting and iCasino platform licensed in 14 jurisdictions in North America, and a majority equity interest in Bally s Intralot S.A.
( Intralot ) which is active in 39 jurisdictions worldwide and is comprised of a global lottery, technology, management and services business and also the Bally s Interactive International division, a leading global interactive gaming operator.
REMOVED
Class Outstanding as of February 28, 2025 Common stock, $0.01 par value 48,509,873 For additional information regarding the Company s shares outstanding, refer to Note 20 Stockholders Equity.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 40 ITEM 7.
You should not place undue reliance on our forward-looking statements .
Our common stock is traded on the New York Stock Exchange (the NYSE ) under the symbol BALY.
Our Company We are a global gaming, hospitality and entertainment company with a portfolio of casinos and resorts and a growing omni-channel presence.
We provide our customers with physical and interactive entertainment and gaming experiences, including traditional casino offerings, iGaming, online bingo, sportsbook and free-to-play ( F2P ) games.
As of February 28, 2025, we own and operate 19 casinos in 11 states across the United States ( US ), one golf course in New York, one horse racetrack in Colorado, and Aspers Casino in the United Kingdom ( UK ) ( Bally's Newcastle ), which was added to our portfolio in the fourth quarter of 2024.
In February 2025, we merged with The Queen Casino Entertainment Inc.
We also own Bally Bet Sportsbook Casino, a first-in-class sports betting and iCasino platform, Bally s Interactive International division, a leading global interactive gaming operator concentrated in Europe, and a significant stake in Intralot S.A.
( Intralot ), a global lottery management and services business.
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