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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-38850
blys_lg_rgb_pos_210420.jpg
Bally’s Corporation
(Exact name of registrant as specified in its charter)

Delaware20-0904604
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
100 Westminster Street
Providence,RI02903
(Address of principal executive offices)(Zip Code)
(401) 475-8474
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common stock, $0.01 par valueBALYNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒     No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ☒     No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer☐Accelerated filer☒
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐   No  ☒
As of July 25, 2024, the number of shares of the registrant’s $0.01 par value common stock outstanding was 40,632,047.
For additional information regarding the Company’s shares outstanding, refer to Note 16 “Stockholders’ Equity.”


BALLY’S CORPORATION


2

PART I.    FINANCIAL INFORMATION
ITEM 1.    Financial Statements
BALLY’S CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(In thousands, except share data)
June 30,
2024		December 31,
2023
Assets 
Cash and cash equivalents$154,733 $163,194 
Restricted cash169,616 152,068 
Accounts receivable, net65,823 70,328 
Inventory18,082 14,629 
Tax receivable29,315 62,215 
Prepaid expenses and other current assets118,030 108,096 
Assets held for sale— 1,815 
Total current assets555,599 572,345 
Property and equipment, net1,124,546 1,174,888 
Right of use assets, net1,131,211 1,160,288 
Goodwill1,910,316 1,935,803 
Intangible assets, net1,760,490 1,871,428 
Deferred tax asset2,848 36,034 
Other assets105,208 110,317 
Total assets$6,590,218 $6,861,103 
Liabilities and Stockholders’ Equity
Current portion of long-term debt$19,450 $19,450 
Current portion of lease liabilities56,389 54,842 
Accounts payable94,116 69,161 
Accrued income taxes35,482 78,301 
Accrued and other current liabilities717,811 651,719 
Liabilities related to assets held for sale— 1,307 
Total current liabilities923,248 874,780 
Long-term debt, net 3,653,681 3,643,185 
Long-term portion of financing obligation200,000 200,000 
Long-term portion of lease liabilities1,126,826 1,148,407 
Deferred tax liability147,375 125,590 
Commercial rights liabilities55,521 113,626 
Other long-term liabilities90,016 119,661 
Total liabilities6,196,667 6,225,249 
Commitments and contingencies (Note 17)
Stockholders’ equity:
Common stock ($0.01 par value, 200,000,000 shares authorized; 40,619,356 and 39,973,202 shares issued; 40,619,356 and 39,973,202 shares outstanding)
406 400 
Preferred stock ($0.01 par value; 10,000,000 shares authorized; no shares outstanding)
— — 
Additional paid-in-capital1,407,118 1,400,479 
Treasury stock, at cost, no shares outstanding as of June 30, 2024 and December 31, 2023
— — 
Accumulated deficit(790,005)(555,895)
Accumulated other comprehensive loss(224,396)(209,558)
Total Bally’s Corporation stockholders’ equity393,123 635,426 
Non-controlling interest428 428 
Total stockholders’ equity393,551 635,854 
Total liabilities and stockholders’ equity$6,590,218 $6,861,103 

See accompanying notes to condensed consolidated financial statements.
3

BALLY’S CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(In thousands, except per share data)


Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Revenue:  
Gaming$524,751 $493,296 $1,040,808 $980,191 
Non-gaming96,906 112,910 199,331 224,735 
Total revenue621,657 606,206 1,240,139 1,204,926 
Operating (income) costs and expenses:
Gaming236,170 218,939 472,314 436,600 
Non-gaming48,713 52,276 96,824 104,620 
General and administrative252,419 249,957 500,855 501,565 
Gain from sale-leaseback, net— (135)— (374,321)
Depreciation and amortization78,782 79,187 238,528 153,748 
Total operating costs and expenses616,084 600,224 1,308,521 822,212 
Income (loss) from operations5,573 5,982 (68,382)382,714 
Other (expense) income:
Interest expense, net(74,200)(67,093)(147,331)(130,357)
Other non-operating income, net6,930 6,811 11,484 9,421 
Total other expense, net(67,270)(60,282)(135,847)(120,936)
(Loss) income before income taxes(61,697)(54,300)(204,229)261,778 
(Benefit) provision for income taxes(1,501)(28,649)29,881 109,093 
Net (loss) income$(60,196)$(25,651)$(234,110)$152,685 
Basic (loss) earnings per share$(1.24)$(0.48)$(4.85)$2.82 
Weighted average common shares outstanding - basic48,498 53,942 48,308 54,173 
Diluted (loss) earnings per share$(1.24)$(0.48)$(4.85)$2.80 
Weighted average common shares outstanding - diluted48,498 53,942 48,308 54,582 

See accompanying notes to condensed consolidated financial statements.
4
BALLY’S CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (unaudited)
(In thousands)


Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Net (loss) income$(60,196)$(25,651)$(234,110)$152,685 
Other comprehensive (loss) income:
Foreign currency translation adjustments(8,885)38,625 (46,679)90,698 
Net unrealized derivative gain on cash flow hedges, net of tax2,304 — 14,587 — 
Net unrealized derivative gain on net investment hedges, net of tax5,788 — 17,254 — 
Other comprehensive (loss) income(793)38,625 (14,838)90,698 
Total comprehensive (loss) income$(60,989)$12,974 $(248,948)$243,383 

See accompanying notes to condensed consolidated financial statements.

5
BALLY’S CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited)
(In thousands, except share data)


 Common StockAdditional
Paid-in Capital		Treasury
Stock		Accumulated DeficitAccumulated Other Comprehensive LossNon-controlling InterestTotal Stockholders’
Equity
 Shares OutstandingAmount
Balance as of December 31, 202339,973,202 $400 $1,400,479 $— $(555,895)$(209,558)$428 $635,854 
Issuance of restricted stock and other stock awards423,805 4 (2,778)— — — — (2,774)
Share-based compensation— — 3,058 — — — — 3,058 
Settlement of consideration86,368 1 (125)— — — — (124)
Other — — 1,750 — — — — 1,750 
Other comprehensive loss— — — — — (14,045)— (14,045)
Net loss— — — — (173,914)— — (173,914)
Balance as of March 31, 202440,483,375 $405 $1,402,384 $— $(729,809)$(223,603)$428 $449,805 
Issuance of restricted stock and other stock awards135,981 1 262 — — — — 263 
Share-based compensation— — 4,472 — — — — 4,472 
Other comprehensive loss— — — — — (793)— (793)
Net loss— — — — (60,196)— — (60,196)
Balance as of June 30, 202440,619,356 $406 $1,407,118 $— $(790,005)$(224,396)$428 $393,551 

 Common StockAdditional
Paid-in Capital		Treasury
Stock		Accumulated DeficitAccumulated Other Comprehensive LossNon-controlling InterestTotal Stockholders’
Equity
 Shares OutstandingAmount
Balance as of December 31, 202246,670,057 $466 $1,636,366 $— $(535,373)$(295,640)$428 $806,247 
Issuance of restricted stock and other stock awards124,050 1 (1,332)— — — — (1,331)
Share-based compensation— — 6,040 — — — — 6,040 
Retirement of treasury shares— (10)(35,987)19,753 16,244 — — — 
Share repurchases(1,026,343)— — (19,753)— — — (19,753)
Other comprehensive income— — — — — 52,073 — 52,073 
Net income— — — — 178,336 — — 178,336 
Balance as of March 31, 202345,767,764 $457 $1,605,087 $— $(340,793)$(243,567)$428 $1,021,612 
Issuance of restricted stock and other stock awards125,842 1 (495)529 — — — 35 
Share-based compensation— — 6,290 — — — — 6,290 
Retirement of treasury shares— (7)(25,279)10,176 14,805 — — (305)
Share repurchases(748,502)— — (10,705)— — — (10,705)
Issuance of MKF penny warrants— — 7,371 — — — — 7,371 
Penny warrants exercised377,253 4 — — — — — 4 
Settlement of consideration to SportCaller103,656 1 1,883 — — — — 1,884 
Other comprehensive income— — — — — 38,625 — 38,625 
Net loss— — — — (25,651)— — (25,651)
Balance as of June 30, 202345,626,013 $456 $1,594,857 $— $(351,639)$(204,942)$428 $1,039,160 

See accompanying notes to condensed consolidated financial statements.
6
BALLY’S CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Six Months Ended June 30,
(in thousands)20242023
Cash flows from operating activities:  
Net (loss) income $(234,110)$152,685 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization238,528 153,748 
Non-cash lease expense28,876 28,117 
Share-based compensation7,530 12,330 
Impairment charges12,757 9,653 
Amortization of debt discount and debt issuance costs5,781 5,563 
Gain on sale-leaseback— (374,321)
Gain on extinguishment of debt— (4,044)
Deferred income taxes31,654 48,870 
Net gain on assets and liabilities measured at fair value(6,066)(293)
Gain on equity method investments(789)(3,090)
Change in value of commercial rights liabilities(6,317)(7,291)
Change in contingent consideration payable(795)1,024 
Foreign exchange (gain) loss(3,799)5,947 
Proceeds from interest rate contracts4,399 — 
Other operating activities2,277 1,041 
Changes in operating assets and liabilities(40,227)34,111 
Net cash provided by operating activities39,699 64,050 
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired208 (38,243)
Proceeds from sale-leaseback— 411,000 
Proceeds from net investment hedges2,051 — 
Capital expenditures(63,762)(119,546)
Cash paid for capitalized software(24,209)(14,342)
Acquisition of gaming licenses(1,211)(10,150)
Other investing activities(679)(4,743)
Net cash (used in) provided by investing activities(87,602)223,976 
Cash flows from financing activities:
Issuance of long-term debt230,000 35,000 
Repayments of long-term debt(224,725)(177,345)
Deferred payables60,796 — 
Share repurchases — (30,458)
Other financing activities(6,269)(1,716)
Net cash provided by (used in) financing activities59,802 (174,519)
Effect of foreign currency on cash and cash equivalents(2,812)(4,195)
Change in cash and cash equivalents and restricted cash held for sale— (1,648)
Net change in cash and cash equivalents and restricted cash9,087 107,664 
Cash and cash equivalents and restricted cash, beginning of period315,262 265,184 
Cash and cash equivalents and restricted cash, end of period$324,349 $372,848 
7
BALLY’S CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Six Months Ended June 30,
(in thousands)20242023
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amounts capitalized$158,505 $134,266 
Income taxes paid, net of refunds(13,630)9,722 
Non-cash investing and financing activities:
Unpaid property and equipment$25,746 $26,793 
Bally’s Chicago - land development liability1,931 135,290 
Unpaid internally developed software781 904 
Investment in GLP Capital, L.P.— 14,412 
Investment in RI Joint Venture— 17,832 



June 30,December 31,
Reconciliation of cash and cash equivalents and restricted cash:20242023
Cash and cash equivalents$154,733 $163,194 
Restricted cash169,616 152,068 
Total cash and cash equivalents and restricted cash$324,349 $315,262 

See accompanying notes to condensed consolidated financial statements.
8
BALLY’S CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)


1.    GENERAL INFORMATION

Description of Business

Bally’s Corporation (the “Company,” or “Bally’s”) is a global gaming, hospitality and entertainment company with casinos and resorts and online gaming (“iGaming”) businesses. The Company owns and manages the following properties within its Casinos & Resorts reportable segment:
Casinos & ResortsLocationTypeBuilt/Acquired
Bally’s Twin River Lincoln Casino Resort (“Bally’s Twin River”)
Lincoln, Rhode IslandCasino and Resort2004
Bally’s Arapahoe Park
Aurora, ColoradoRacetrack/OTB Site2004
Hard Rock Hotel & Casino Biloxi (“Hard Rock Biloxi”)(2)
Biloxi, MississippiCasino and Resort2014
Bally’s Tiverton Casino & Hotel (“Bally’s Tiverton”)(2)
Tiverton, Rhode IslandCasino and Hotel2018
Bally’s Dover Casino Resort (“Bally’s Dover”)(2)
Dover, DelawareCasino, Resort and Raceway2019
Bally’s Black Hawk(1)(2)
Black Hawk, ColoradoThree Casinos2020
Bally’s Kansas City Casino (“Bally’s Kansas City”)
Kansas City, MissouriCasino2020
Bally’s Vicksburg Casino (“Bally’s Vicksburg”)
Vicksburg, MississippiCasino and Hotel2020
Bally’s Atlantic City Casino Resort (“Bally’s Atlantic City”)
Atlantic City, New JerseyCasino and Resort2020
Bally’s Shreveport Casino & Hotel (“Bally’s Shreveport”)
Shreveport, LouisianaCasino and Hotel2020
Bally’s Lake Tahoe Casino Resort (“Bally’s Lake Tahoe”)
Lake Tahoe, NevadaCasino and Resort2021
Bally’s Evansville Casino & Hotel (“Bally’s Evansville”)(2)
Evansville, IndianaCasino and Hotel2021
Bally’s Quad Cities Casino & Hotel (“Bally’s Quad Cities”)(2)
Rock Island, IllinoisCasino and Hotel2021
Tropicana Las Vegas Casino and Resort (“Tropicana Las Vegas”)(2)(4)
Las Vegas, NevadaCasino and Resort2022
Bally’s Chicago Casino (“Bally’s Chicago”)(3)
Chicago, IllinoisCasino2023
Bally’s Golf Links at Ferry Point (“Bally’s Golf Links”)Bronx, New YorkGolf Course2023
__________________________________
(1)    Includes Bally’s Black Hawk North Casino, Bally’s Black Hawk West Casino and Bally’s Black Hawk East Casino.
(2)    Properties leased from Gaming and Leisure Properties, Inc. (“GLPI”). Refer to Note 15 “Leases” for further information.
(3)    Temporary casino facility as permanent casino resort is constructed.
(4)    This property closed on April 2, 2024 as part of a plan to redevelop the site with a state-of-the-art integrated resort and ballpark.

The Company’s International Interactive reportable segment primarily includes the interactive activities in Europe and Asia of Gamesys Group Ltd. (“Gamesys”), an iCasino and online bingo platform provider and operator.

The North America Interactive reportable segment includes a portfolio of sports betting, iGaming, and free-to-play gaming brands, and the North American operations of Gamesys.

Refer to Note 18 “Segment Reporting” for further information.

2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company, its majority-owned subsidiaries and entities the Company identifies as variable interest entities (“VIEs”), of which the Company is determined to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year’s presentation. The financial statements of our foreign subsidiaries are translated into US Dollars (“USD”) using exchange rates in effect at period-end for assets and liabilities and average exchange rates during each reporting period for results of operations. Adjustments resulting from financial statement translations are reflected as a separate component of accumulated other comprehensive loss. Foreign currency transaction gains and losses are included in net loss.

9
BALLY’S CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”) for interim financial information, including the instructions to Form 10-Q and Rule 10-01 of the SEC’s Regulation S-X. Accordingly, certain information and note disclosures normally required in complete financial statements prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted. In the Company’s opinion, these condensed consolidated financial statements include all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented.

These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

We have made estimates and judgments affecting the amounts reported in our condensed consolidated financial statements and the accompanying notes. The actual results that we experience may differ materially from our estimates.

Equity Method Investments

On January 1, 2023, the Company and International Game Technology PLC (“IGT”) contributed certain tangible assets and leases to Rhode Island VLT Company, LLC (the “RI Joint Venture”) in exchange for equity interests of the RI Joint Venture. The Company contributed video lottery terminals (“VLTs”) and player tracking equipment to the joint venture for a 40% equity interest of the RI Joint Venture. The 40% ownership in the joint venture qualifies for equity method accounting. In addition to this joint venture, the Company also has other investments in unconsolidated subsidiaries, which are accounted for using equity method accounting. The Company records its share of net income or loss within “Other non-operating income, net” in the condensed consolidated statements of operations. For the three months ended June 30, 2024 and 2023, the Company recorded income from equity method investments of $0.2 million and $1.0 million, respectively, and for the six months ended June 30, 2024 and 2023, the Company recorded income from equity method investments of $0.8 million and $3.1 million, respectively.

Variable Interest Entities

The Company evaluates entities for which control is achieved through means other than voting rights to determine if it is the primary beneficiary of a VIE. An entity is a VIE if it has any of the following characteristics (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support (ii) equity holders, as a group, lack the characteristics of a controlling financial interest or (iii) the entity is structured with non-substantive voting rights. The primary beneficiary of the VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary.

In determining whether it is the primary beneficiary of the VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities and significance of the Company’s investment and other means of participation in the VIE’s expected profits/losses. Significant judgments related to these determinations include estimates about the current and future fair values and performance of assets held by these VIEs and general market conditions.

Management has analyzed and concluded that Breckenridge Curacao B.V. (“Breckenridge”) is a VIE because it does not have sufficient equity investment at risk. The Company has determined that it is the primary beneficiary and consolidates the VIE because (a) although the Company does not control all decisions of Breckenridge, the Company has the power to direct the activities of Breckenridge that most significantly impact its economic performance through various contracts with the entity and (b) the nature of these agreements between Breckenridge and the Company provides the Company with the obligation to absorb losses and the right to receive benefits based on fees that are based upon off-market rates and commensurate to the level of services provided. The Company receives significant benefits in the form of fees that are not at market and commensurate to the level of services provided. As a result, the Company consolidates all of the assets, liabilities and results of operations of Breckenridge and its subsidiaries in the accompanying condensed consolidated financial statements. As of June 30, 2024 and December 31, 2023, Breckenridge had total assets of $147.2 million and $161.3 million, respectively, and total liabilities of $78.2 million and $87.7 million, respectively. Breckenridge had revenues of $46.5 million and $76.5 million for the three months ended June 30, 2024 and 2023, respectively, and $108.4 million and $160.5 million for the six months ended June 30, 2024 and 2023, respectively.

10
BALLY’S CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The Company may change its original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affect the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. The Company performs this analysis on an ongoing basis.

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents includes cash balances and highly liquid investments with an original maturity of three months or less. Restricted cash includes cash collateral in connection with amounts due to the Chicago Tribune (refer to Note 8 “Property and Equipment”), player deposits, payment service provider deposits, and VLT and table games related cash payables to certain states where we operate, which are unavailable for the Company’s use.

Accounts Receivable, Net

Accounts receivable, net consists of the following:
June 30,December 31,
(in thousands)20242023
Amounts due from Rhode Island and Delaware(1)
$15,563 $13,028 
Gaming receivables23,179 26,127 
Non-gaming receivables33,274 37,221 
Accounts receivable72,016 76,376 
Less: Allowance for credit losses(6,193)(6,048)
Accounts receivable, net$65,823 $70,328 
__________________________________
(1)    Represents the Company’s share of VLT and table games revenue for Bally’s Twin River and Bally’s Tiverton due from the State of Rhode Island and for Bally’s Dover from the State of Delaware.

Deferred Payables

In order to execute on its strategy of improving working capital efficiency, the Company will, from time to time, participate in trade finance or deferred payable initiatives, including programs that may securitize or accelerate liquidity realized from receivables, or alternatively extend trade terms with certain suppliers or vendors. In certain cases, where the Company is not able to extend payment terms directly with suppliers or vendors, the Company will consider deferred payable solutions that simulate such trade term extensions. These solutions generally involve entering into exchange agreements with intermediary institutions who will make payment to the supplier or vendor within the original terms on behalf of the Company, in exchange for a new bill with terms that conforms to the Company’s payment policy of net 90 days. The Company will then pay the new bill to the intermediary institutions, inclusive of any embedded premium, which the Company records as “Interest expense, net,” within three months or less.

During the three and six months ended June 30, 2024, the Company borrowed $60.1 million and $102.3 million, respectively, under these deferred payable arrangements and during the three months ended June 30, 2024 repaid $41.5 million. Amounts outstanding under these deferred payable arrangements were $60.2 million as of June 30, 2024 and are included in “Accrued and other current liabilities” on the condensed consolidated balance sheets. For the three and six months ended June 30, 2024, the Company incurred $1.4 million and $2.2 million of interest expense, respectively, under these arrangements. These arrangements were not utilized by the Company during the three and six months ended June 30, 2023.

Gaming Expenses

Gaming expenses include, among other things, payroll costs and expenses associated with the operation of VLTs, slots and table games, including gaming taxes payable to jurisdictions in which the Company operates outside of Rhode Island and Delaware, and marketing costs directly associated with the Company’s iGaming products and services. These marketing expenses are included within Gaming expenses in the condensed consolidated statements of operations and were $47.0 million and $47.8 million for the three months ended June 30, 2024 and 2023, respectively, and $93.2 million and $93.7 million for the six months ended June 30, 2024 and 2023, respectively. Gaming expenses also include racing expenses comprised of payroll costs, off track betting (“OTB”) commissions and other expenses associated with the operation of live racing and simulcasting.

11
BALLY’S CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Advertising Expense

The Company expenses advertising costs as incurred. For the three months ended June 30, 2024 and 2023, advertising expense was $4.0 million and $3.2 million, respectively, and for the six months ended June 30, 2024 and 2023, advertising expense was $9.6 million and $8.6 million, respectively. Advertising costs are included in “General and administrative” on the condensed consolidated statements of operations.

Share-Based Compensation

The Company recognized total share-based compensation expense of $4.5 million and $6.3 million for the three months ended June 30, 2024 and 2023, respectively, and $7.5 million and $12.3 million for the six months ended June 30, 2024 and 2023, respectively. The total income tax benefit for share-based compensation arrangements was $1.2 million and $1.7 million for the three months ended June 30, 2024 and 2023, respectively, and $2.0 million and $3.2 million for the six months ended June 30, 2024 and 2023, respectively.

Strategic Partnership - Sinclair Broadcast Group

In 2020, the Company and Sinclair Broadcast Group, Inc. (“Sinclair”) entered into a Framework Agreement (the “Framework Agreement”), which provides for a long-term strategic relationship between Sinclair and the Company. Under the Framework Agreement, the Company issued warrants and options and agreed to share tax benefits and received naming, integration and other rights, including access to Sinclair’s Tennis Channel, Stadium Sports Network and STIRR streaming service. Under a Commercial Agreement (the “Commercial Agreement”) contemplated by the Framework Agreement, the Company paid annual fees to Diamond Sports Group (“Diamond”), a Sinclair subsidiary, for naming rights over Diamond’s regional sports networks (“RSNs”) and other consideration.

The Company accounted for this relationship as an asset acquisition in accordance with the “Acquisition of Assets Rather Than a Business” subsections of ASC 805-50, Business Combinations—Related Issues, using a cost accumulation model. The total intangible asset (“Commercial rights intangible asset”) represents the present value of the naming rights fees and other consideration, including the fair value of the warrants and options, and an estimate of the tax-sharing payments, each explained below. The Commercial rights intangible asset, net of accumulated amortization, was $210.4 million and $225.9 million as of June 30, 2024 and December 31, 2023, respectively. Amortization was $7.8 million and $7.7 million for the three months ended June 30, 2024 and 2023, respectively, and $15.6 million and $15.5 million for the six months ended June 30, 2024 and 2023, respectively. Refer to Note 9 “Goodwill and Intangible Assets” for further information.

The present value of the naming rights fees was recorded as part of intangible assets, with a corresponding liability, which was accreted through interest expense. As of December 31, 2023, the total value of the liability was $57.7 million, with $8.0 million recorded within “Accrued and other current liabilities” related to the short-term portion of the liability, and $49.7 million related to the long-term portion of the liability reflected as “Commercial rights liability” in the condensed consolidated balance sheets. Accretion expense reported in “Interest expense, net” in our condensed consolidated statements of operations was $1.1 million and $2.2 million for the three and six months ended June 30, 2023, respectively. In the first quarter of 2024, the Company’s obligation to pay Diamond for the naming rights terminated upon the bankruptcy court’s approval of certain settlement terms, which the court approved on March 1, 2024. Refer to Note 17 “Commitments and Contingencies” for further information.

Under the Framework Agreement, the Company issued to SBG Gaming, LLC, a designated subsidiary of Sinclair (“SBG”) (i) an immediately exercisable warrant to purchase up to 4,915,726 shares of the Company at an exercise price of $0.01 per share (“the Penny Warrants”), (ii) a warrant to purchase up to a maximum of 3,279,337 additional shares of the Company at a price of $0.01 per share subject to the achievement of various performance metrics (the “Performance Warrants”), and (iii) an option to purchase up to 1,639,669 additional shares in four tranches with purchase prices ranging from $30.00 to $45.00 per share, exercisable over a seven-year period beginning on the fourth anniversary of the November 18, 2020 closing (the “Options”). The exercise and purchase prices and the number of shares issuable upon exercise of the warrants and options are subject to customary anti-dilution adjustments. Refer to Note 20 “Subsequent Events” for further information.

The Penny Warrants and Options are equity classified instruments under ASC 815. The fair value of the Penny Warrants approximates the fair value of the underlying shares and was $150.4 million on November 18, 2020 at issuance, and was recorded to “Additional paid-in-capital” in the condensed consolidated balance sheets, with an offset to the Commercial rights intangible asset.

12
BALLY’S CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The Performance Warrants are accounted for as a derivative liability because the underlying performance metrics represent an adjustment to the settlement amount that is not indexed to the Company’s own stock and thus equity classification is precluded under ASC 815. Refer to Note 11 “Fair Value Measurements” for further information.

Under the Framework Agreement, the Company agreed to share 60% of the tax benefits it realizes from the Penny Warrants, Options, Performance Warrants and other related payments. Changes in the estimate of the tax benefit to be realized and tax rates in effect at the time, among other changes, are treated as an adjustment to the intangible asset. The liability for these obligations was $17.0 million and $19.1 million as of June 30, 2024 and December 31, 2023, respectively, and is reflected in “Commercial rights liabilities” within our condensed consolidated balance sheets.

Provision for Income Taxes

During the six months ended June 30, 2024 and 2023, the Company recorded a provision for income tax of $29.9 million, at an effective year to date tax rate of (14.6)% and a provision for income tax of $109.1 million, at an effective year to date tax rate of 41.7%, respectively. The 2024 year to date effective tax rate differed from the US federal statutory tax rate of 21%, creating a provision for income tax on the Company’s Loss before income taxes, largely due to an increase in the valuation allowance, coupled with a tax liability for foreign discrete items. The 2023 year to date effective tax rate was higher than the US federal statutory tax rate of 21%, largely due to an increase in the valuation allowance and a tax liability for a discrete item related to the deferred gain on sale leaseback transactions in Mississippi and Rhode Island.

3.    CONSOLIDATED FINANCIAL INFORMATION

General and Administrative Expense

Amounts included in General and administrative for the three and six months ended June 30, 2024 and 2023 were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Advertising, general and administrative$233,441 $223,760 $458,412 $444,765 
Acquisition and integration5,845 13,104 10,697 26,885 
Restructuring 376 3,440 18,989 20,262 
Impairment charges(1)
12,757 9,653 12,757 9,653 
Total general and administrative$252,419 $249,957 $500,855 $501,565 
__________________________________
(1)    Includes impairment charges on long-lived assets within the International Interactive segment in the second quarter of 2024 and impairment charges related to assets held-for-sale within the North America Interactive segment in 2023.

Other Non-Operating Income, Net

Amounts included in Other non-operating income, net for the three and six months ended June 30, 2024 and 2023 were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Change in value of commercial rights liabilities$6,317 $7,558 $6,317 $7,291 
Net income from equity method investments234 990 789 3,090 
Gain on extinguishment of debt— — — 4,044 
Foreign exchange gain (loss)983 (1,639)3,799 (5,947)
Other, net(604)(98)579 943 
Total other non-operating income, net$6,930 $6,811 $11,484 $9,421 


13
BALLY’S CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

4.    RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Standards to Be Implemented

In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this update align the requirements in the ASC to the SEC’s regulations. The effective date for each amended topic in the ASC is the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective. Early adoption is prohibited. The Company is currently in the process of evaluating the impact of this amendment on its condensed consolidated financial statements and related disclosures.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The amendments in this update enhance the disclosures required for significant segment expenses on an annual and interim basis. The guidance will apply retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. The Company is currently in the process of evaluating the impact of this amendment on its condensed consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The amendments in this update enhance the transparency and decision usefulness of income tax disclosures. This update will be effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the impact of this amendment on its condensed consolidated financial statements and related disclosures.

In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concepts Statements. This amendment to the Codification removes references to various Concepts Statements. This update will be effective for public business entities for fiscal years beginning after December 15, 2024, with early adoption permitted if adopted as of the beginning of the fiscal year that includes that interim period. The Company is currently in the process of evaluating the impact of this amendment on its condensed consolidated financial statements and related disclosures.

5.    REVENUE RECOGNITION

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, which requires the revenue to be recognized when a performance obligation is satisfied by transferring the control of promised goods or services and is measured at the transaction price or the amount of consideration that the Company expects to receive through satisfaction of the identified performance obligations.

The Company generates revenue from four principal sources: (1) gaming (which includes retail gaming, online gaming, sports betting and racing), (2) hotel, (3) food and beverage and (4) retail, entertainment and other.
Sales tax and other taxes collected on behalf of governmental authorities are accounted for on a net basis and are not included in revenue or operating expenses.

Gaming Revenue

Performance Obligations

Retail gaming service contracts involving our land-based casinos, each have an obligation to honor the outcome of a wager and to pay out an amount equal to the stated odds, including the return of the initial wager, if the customer receives a winning hand. These elements of honoring the outcome of the hand of play and generating a payout are considered one performance obligation, with an additional performance obligation for those customers earning incentives under the Company’s player loyalty program.

Online gaming and sports betting represent a single performance obligation for the Company to operate contests or games and award prizes or payouts to users based on results of the arrangement. Additionally, the use of incentives across the online gaming products create future customer rights and are a separate performance obligation.

14
BALLY’S CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Racing revenue is earned through advance deposit wagering, which consists of patrons wagering through an advance deposit account. Each wagering contract contains a single performance obligation.

Transaction Price

The Company applies a practical expedient to account for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the impact on the consolidated financial statements of applying the revenue recognition guidance to the portfolio would not differ materially from the application of an individual wagering contract. The transaction price for a retail gaming, online gaming or sports betting wagering contract is the difference between wins and losses, not the total amount wagered. In addition, in the event of a multi-stage contest, the Company will allocate transaction price ratably from contest start to the contest’s final stage.

The transaction price for racing operations, inclusive of live racing events conducted at the Company’s racing facilities, is the commission received from the pari-mutuel pool less contractual fees and obligations, primarily consisting of purse funding requirements, simulcasting fees, tote fees and certain pari-mutuel taxes that are directly related to the racing operations.

For purposes of allocating the transaction price in a wagering contract between the wagering performance obligation and the obligation associated with incentives earned under loyalty programs, the Company allocates an amount to the loyalty program contract liability based on the stand-alone selling price of the incentive earned. The performance obligation related to loyalty program incentives are deferred and recognized as revenue upon redemption by the customer.

Revenue Recognition

The allocated revenue for retail gaming wagers is recognized when the wagering occurs as all such wagers settle immediately. Online gaming revenue is recognized at the point in time when the player completes a gaming session and payout occurs. Sports betting involves a player wagering money on an outcome or series of outcomes. If a player wins the wager, the Company pays the player a pre-determined amount known as fixed odds, and its revenue is recognized as total wagers net of payouts made and incentives awarded to players. Racing revenue includes several of our casinos and resorts’ share of wagering from live racing and the import of simulcast signals, and is recognized upon completion of the wager based upon an established take-out percentage.

The estimated retail value related to goods and services provided to customers without charge or upon redemption under the Company’s player loyalty programs included in departmental revenues, and therefore reducing gaming revenues, are as follows for the three and six months ended June 30, 2024 and 2023:
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2024202320242023
Hotel$20,435 $24,123 $40,906 $46,558 
Food and beverage20,302 19,823 40,515 39,297 
Retail, entertainment and other2,442 2,420 4,870 5,011 
 $43,179 $46,366 $86,291 $90,866 
Non-gaming Revenue

Performance Obligations

Hotel, food and beverage, and retail, entertainment and other services have been determined to be separate, stand-alone performance obligations and revenue is recognized as the good or service is transferred at the point in time of the transaction.

Transaction Price

The transaction price for hotel, food and beverage, and retail, entertainment and other, is the net amount collected from the customer for such goods and services. The estimated standalone selling price of hotel rooms is determined based on observable prices. The standalone selling price of these goods and services are determined based upon the actual retail prices charged to customers for those items.

15
BALLY’S CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Revenue Recognition

Hotel revenue is recognized when the customer obtains control through occupancy of the room over their stay at the hotel. Advance deposits for hotel rooms are recorded as liabilities until revenue recognition criteria are met. Food, beverage and retail revenues are recognized at the time the goods are sold from Company-operated outlets. Other revenue includes cancellation fees for hotel and meeting space services, which are recognized upon cancellation by the customer, and golf revenues from the Company’s operations of Bally’s Golf Links, which are recognized at the time of sale. Additionally, other revenue includes market access and business-to-business service revenue generated by the International Interactive and North America Interactive reportable segments, which is recognized at the time the goods are sold or the service is provided, and are included in Non-gaming revenue within our condensed consolidated statements of operations.
The following tables provide a disaggregation of revenue by segment (in thousands):
Three Months Ended June 30, 2024Casinos & ResortsInternational InteractiveNorth America InteractiveTotal
Gaming$255,545 $227,149 $42,057 $524,751 
Non-gaming:
Hotel35,264 — — 35,264 
Food and beverage33,123 — — 33,123 
Retail, entertainment and other19,119 2,247 7,153 28,519 
Total non-gaming revenue87,506 2,247 7,153 96,906 
Total revenue$343,051 $229,396 $49,210 $621,657 
Three Months Ended June 30, 2023
Gaming$231,018 $243,167 $19,111 $493,296 
Non-gaming:
Hotel51,391 — — 51,391 
Food and beverage35,224 — — 35,224 
Retail, entertainment and other15,529 4,607 6,159 26,295 
Total non-gaming revenue102,144 4,607 6,159 112,910 
Total revenue$333,162 $247,774 $25,270 $606,206 
Six Months Ended June 30, 2024
Gaming$505,963 $458,416 $76,429 $1,040,808 
Non-gaming:
Hotel76,354 — — 76,354 
Food and beverage68,075 — — 68,075 
Retail, entertainment and other34,988 5,663 14,251 54,902 
Total non-gaming revenue179,417 5,663 14,251 199,331 
Total revenue$685,380 $464,079 $90,680 $1,240,139 
Six Months Ended June 30, 2023
Gaming$464,125 $480,348 $35,718 $980,191 
Non-gaming:
Hotel98,723 — — 98,723 
Food and beverage68,832 — — 68,832 
Retail, entertainment and other30,268 12,998 13,914 57,180 
Total non-gaming revenue197,823 12,998 13,914 224,735 
Total revenue$661,948 $493,346 $49,632 $1,204,926 

16
BALLY’S CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Contract Assets and Contract Related Liabilities

The Company’s receivables related to contracts with customers are primarily comprised of marker balances, interactive platform business-to-business service receivables, other amounts due from gaming activities, amounts due for hotel stays and amounts due from tracks and OTB locations. The Company’s receivables related to contracts with customers were $33.5 million and $38.5 million as of June 30, 2024 and December 31, 2023, respectively.

The Company has the following liabilities related to contracts with customers: liabilities for loyalty programs, advance deposits made for goods and services yet to be provided and unpaid wagers. All of the contract liabilities are short-term in nature and are included in “Accrued and other current liabilities” in the condensed consolidated balance sheets.

Loyalty program incentives earned by customers are typically redeemed within one year from when they are earned and expire if a customer’s account is inactive for more than 12 months; therefore, the majority of these incentives outstanding at the end of a period will either be redeemed or expire within the next 12 months.

Advance deposits are typically interactive player deposits and customer deposits for future banquet events, hotel room reservations, and gift cards. The Company holds restricted cash for interactive player deposits and records a corresponding withdrawal liability. The banquet and hotel reservation deposits are usually received weeks or months in advance of the event or hotel stay.

Unpaid wagers include the Company’s outstanding chip liability and unpaid slot, pari-mutuel and sports betting tickets.

Liabilities related to contracts with customers as of June 30, 2024 and December 31, 2023 were as follows:

June 30,December 31,
(in thousands)20242023
Advanced deposits from customers$28,464 $29,052 
Loyalty programs14,775 16,803 
Unpaid wagers11,704 20,481 
Total$54,943 $66,336 

The Company recognized $7.8 million and $9.9 million of revenue related to loyalty program redemptions for the three months ended June 30, 2024 and 2023, respectively, and $15.5 million and $17.6 million of revenue related to loyalty program redemptions for the six months ended June 30, 2024 and 2023, respectively.

6.    BUSINESS COMBINATIONS

Casinos & Resorts Acquisitions

Bally’s Golf Links - On September 12, 2023, the Company completed the acquisition of Trump Golf Links at Ferry Point, subsequently renamed Bally’s Golf Links at Ferry Point, which includes the assignment of a license agreement to operate an 18-hole links-style golf course located in the Bronx, New York.

The total purchase consideration included cash paid, net of cash acquired and net working capital adjustments, which amounted to $55.0 million. This acquisition continues the Company’s strategic objective of developing a diversified portfolio within its Casinos & Resorts segment.

Total purchase consideration also includes contingent consideration valued at $58.6 million, which is the fair value, under GAAP, of expected cash payments totaling up to $125 million to the seller, based upon future events, which are uncertain. The contingent consideration was recorded at fair value, using discounted cash flow analyses with level 3 inputs, and is remeasured quarterly, with fair value adjustments recognized in earnings, until the contingencies are resolved. Inputs to this valuation approach include the Company’s estimated probabilities of achieving the conditions for payment, expected terms between 1.5 and 3 Years, and discount rates between 7.2% and 7.8%. The settlement of the contingent consideration liabilities will be due to the seller in the event the license agreement is extended or if the Company is successful in its bid for a casino license.

17
BALLY’S CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The following table summarizes the consideration paid and the fair values of the assets acquired and liabilities assumed in connection with the Casinos & Resorts acquisition as of June 30, 2024:
Bally’s Golf Links
(in thousands)
Preliminary(2)
Total current assets$1,108 
Property and equipment, net505 
Intangible assets, net(1)
6,500 
Other assets2,000 
Goodwill103,824 
Total current liabilities(345)
Total purchase price$113,592 
__________________________________
(1)    Bally’s Golf Links’ intangible assets include a concessionaire license of $6.5 million, which is being amortized over its estimated useful life of approximately 12 years.
(2)    The Company recorded adjustments to the preliminary purchase price allocation during the six months ended June 30, 2024 which decreased Goodwill and the total purchase price by $0.2 million.

Goodwill recognized is deductible for local tax purposes and has been assigned as of the acquisition date to the Company’s Casinos & Resorts reportable segment, which includes the reporting unit expected to benefit from the synergies of the acquisitions. Qualitative factors that contribute to the recognition of goodwill include expected synergies from integrating the business into the Company’s casino portfolio and future development of its omni-channel strategy.

The Company incurred $0.1 million and $0.3 million of acquisition costs related to the above Casinos & Resorts acquisition during the three and six months ended June 30, 2024, respectively. There were no acquisition costs related to the above Casinos & Resorts acquisition during the three and six months ended June 30, 2023. These costs are included within “General and administrative” of the condensed consolidated statements of operations.

International Interactive Acquisition

Casino Secret - On January 5, 2023, the Company completed the acquisition of BACA Limited (“Casino Secret”), a European based online casino that offers slots, tables and live dealer games to Asian markets for total consideration of $50.4 million. Cash paid by the Company, net of $8.3 million cash acquired, was $38.7 million, excluding transaction costs.

The following table summarizes the consideration paid and the fair values of the assets acquired and liabilities assumed in connection with the International Interactive acquisition:
(in thousands)
Casino Secret
Final(2)
Total current assets$8,862 
Property and equipment, net50 
Intangible assets, net(1)
29,471 
Goodwill18,422 
Total current liabilities(6,371)
Total purchase price$50,434 
__________________________________
(1)    Casino Secret intangible assets include player relationships and trade names of $26.0 million and $3.5 million, respectively, which are both being amortized on a straight-line basis over their estimated useful lives of approximately 7 years.
(2)    The Company did not record adjustments to the preliminary purchase price allocation during the six months ended June 30, 2024.

18
BALLY’S CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Total goodwill recorded in connection with the above acquisition was $18.4 million, and is not deductible for local tax purposes. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets that are not recognized as separate identifiable intangible assets apart from goodwill, which consist primarily of benefits from acquiring a talented technology workforce and management team experienced in the online gaming industry, and securing buyer-specific synergies expected to contribute to the Company’s omni-channel strategy which are expected to increase revenue and profits within the Company’s International Interactive reportable segment. The goodwill of the acquisition has been assigned, as of the acquisition date, to the Company’s International Interactive reportable segment.

The Company incurred $1.2 million of acquisition costs related to the above International Interactive acquisition during the six months ended June 30, 2023. There were no acquisition costs related to the International Interactive acquisition during the three months ended June 30, 2023 or three and six months ended June 30, 2024. These costs are included within “General and administrative” of the condensed consolidated statements of operations.

7.    PREPAID EXPENSES AND OTHER CURRENT ASSETS

As of June 30, 2024 and December 31, 2023, prepaid expenses and other current assets was comprised of the following:
June 30,December 31,
(in thousands)20242023
Services and license agreements$45,777 $32,466 
Prepaid marketing12,406 8,685 
Short term derivative assets11,191 9,530 
Gaming taxes and licenses10,518 9,309 
Prepaid insurance10,321 12,181 
Due from payment service providers9,025 12,662 
Sales tax5,429 7,565 
Purse funds4,810 6,404 
Other8,553