As the state prepares to award three highly sought-after downstate casino licenses, these impressive sports betting figures underscore the enormous potential of New York’s gaming market.

Notably, five of the eight casino bidders also operate mobile sportsbook platforms, giving them a unique advantage in both market familiarity and customer reach. Despite facing one of the highest tax rates in the country, New York remains a magnet for operators eager to tap into its massive betting base.

But how are these operators performing — and could their success in online sports betting give them a critical edge in the fierce race for these coveted casino licenses?

June 2025 Sports Betting Revenue

New York’s sports betting market generated $1.65 billion in handle in June, the lowest figure in over a year. However, despite the handle dip, operators maintained a record 12.5% hold rate.

As a result, the state generated gross gaming revenue of $206.5 million, a 54% year-over-year increase. As the state collects 51%, tax receipts were $105 million.

June marked the second consecutive month surpassing $200 million in gross revenue, and the fifth in the past year. In that period, mobile sportsbooks have contributed over $1.1 billion in tax revenue.

As expected, FanDuel and DraftKings dominated the market, together capturing 78% of the market. For the trailing 12 months, the market leader FanDuel alone has surpassed $1 billion in gross gaming revenue.

How the Casino Bid Hopefuls Fared

MGM Empire City

Among the casino bidders, BetMGM, co-owned by MGM Resorts and Entain, reported approximately $116.6 million in handle (about 7% market share) and $11.9 million in gross gaming revenue in June. That represented a 16% increase year-over-year in handle and an impressive 74% increase in revenue.

MGM Resorts plans to transform its Empire City Casino in Yonkers into a full-scale casino. At $2.3 billion, the transformation is the lowest-valued. Still, it is among the front runners due to the lower resources needed to convert. Additionally, the project already contributes tax revenue and has little opposition.

Caesars Times Square

While the New York Gaming Commission did not post Caesars Entertainment’s Caesars Sportsbook monthly revenue figures on its website, it did load the weekly ones. They show that Caesars Sportsbook closely trailed BetMGM.

While Caesars’ handle remained mostly flat compared to June 2024 (about 5 or 6% market share), its gross gaming revenue grew significantly, thanks to improved hold rates and marketing. (As the weeks did not coincide with the whole month, full figures cannot be given.)

Caesars’ casino proposal, Caesars Times Square, developed in partnership with SL Green and Jay-Z’s Roc Nation, aims to transform Times Square. While its “elevated entertainment” concept promises an economic boost for the neighborhood, it faces strong opposition, especially from the theater industry.

The Avenir

Rush Street Interactive, which operates the BetRivers platform, is a partner in The Avenir bid in Manhattan. For June, the mobile platform brought in $40.4 million in handle (about 2.5% market share) and $3.7 million in revenue.

These figures represented a 41% decrease in handle, but a 48% increase in revenue.

The Avenir, a $5 billion Manhattan project which includes a 1,000-room Hyatt Destination hotel, is being developed by Silverstein Properties, which is behind One World Trade. The developer is among the most politically connected companies in New York, which could help its cause.

Still, it faces various West Side community organizations and local politicians’ opposition.

Bally’s Bronx

Bally’s Corporation’s Bally Bet sports betting platform is among the smaller players in the New York market. In June, it generated $9.9 million in handle (approximately 0.6% market share) and $791,201 in revenue. Still, that represented a 44% yearly increase in handle and a 20% rise in revenue.

Bally’s bid is relying on job creation and an economic boost for the Bronx. As a result, it has received support from most Democratic leaders in the Bronx. The Trump Organization also stands to benefit financially if Bally’s receives a license from the land-purchase deal.

The company faced concerns about whether it could finance the $4 billion project. However, it recently announced a $3.2 billion sale of its International Interactive Division to Intralot, which will give it a much-needed financial injection.

Resorts World New York City

June was Resorts World Bet’s last month, as it announced it would shut down on June 30. That reflected in the platform’s performance, which ranks last in the state in terms of market share. In June, it generated only $2.75 million in handle (about 0.17% market share) and $229,357 in revenue.

These figures represented a 63% year-over-year decline in handle and a 60% decline in revenue.

The exit of its sportsbook has not steered its parent company, Genting Group, to pursue a full casino license for its Queens racino.

Like MGM’s Empire City, many consider Resorts World New York City a frontrunner as it’s an operational racino. It has minimal opposition and strong support among local politicians and organizations.

Could Knowledge of NY Consumers Help with Casino Applications?

While the five operators trail FanDuel and DraftKings in sports betting revenue, their sports betting experience could give them an advantage: deep knowledge of New York bettors.

Their existing data covers wagering patterns, peak betting seasons, promotional effectiveness, and player demographics.

They can leverage this information to cross-promote between the digital platform and physical property, creating tailored experiences to resonate with local players. For example, through their loyalty programs, they can offer targeted bonuses or invite top online bettors to exclusive in-person events.

Additionally, familiarity with the brands could enhance consumer engagement, which in turn could help satisfy community advisory committees (CACs) that may seek operators committed to regional economic growth and responsible gaming.

What Lies Ahead

New York expects to announce the three casino license winners by the end of the year. Before that, the license hopefuls must get approval from their CACs, which were recently formed.

These committees must hold at least two public hearings to gather community input. During this stage, committees can also request that applicants modify or adjust their proposals to better address community concerns.

After the hearings, the CACs will vote on the licensees, with a two-thirds approval requirement. The applications approved by CACs will then move to the Gaming Facility Location Board for final recommendation.

The post New York Sportsbooks See a 54% YoY Revenue Increase in June: How Do the Casino Bid Hopefuls Fare? appeared first on CasinoBeats.

In doing so, it has put an end to Rhode Island’s long-standing stance on the exemption for retail casinos and in-person gambling venues.

Senate Bill 0188, which still requires sign-off by Governor Dan McKee, comes after years of pressure from casino employees and public health campaigners.

The bill, pushed through by Democratic Sen. V. Susan Sosnowski, did include an amendment to permit enclosed, ventilated smoking lounges in casinos to accommodate patrons who smoke. 

It also pushed back the legislative implementation until July 1, 2027, in a considered compromise to minimize revenue losses as casino operators make the necessary modifications.

“Everyone deserves to breathe clean air in the workplace,” Sosnowski said, reinforcing the state’s duty to protect Rhode Island casino employees’ working conditions. 

Notably, Sosnowski’s original bill set about banning all indoor smoking outright, nevertheless, revisions were made following pushback from Bally’s Corporation.

Bally’s – which operates Twin River Lincoln Resort and Tiverton Casino & Sportsbook in Rhode Island – argued that a total smoking ban would deter clientele who smoke from visiting, which could dramatically impact its state revenues.

Does Rhode Island Reflect a Broader Shift In Consumer Preference?

Last week’s development in Rhode Island could open the door to other jurisdictions following suit as other states face similar dilemmas trying to balance casino health policies with revenue sustainability.

New Jersey has gone back-and-forth on a smoking ban, with two labor unions representing casino workers taking opposing stances. One believes that it’s important for workers health to have a smoke-free place of work, whereas the other fears job losses due to revenue decreases. 

Some analysts say there is a growing demand for smoke-free environments, which might actively encourage new patrons into casinos. 

This is a concept Royal Caribbean Cruises has already deployed, recently unveiling a new non-smoking casino floor, citing passenger feedback and a shift in consumer preferences.

Bally’s itself had already anticipated this trend, having announced an expansion to its non-smoking casino section at Twin River Lincoln early last year. 

However, the company stopped short of enforcing a full ban on smoking for fear of alienating its existing and new clientele base who smoked.

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Escalante wants to buy the remaining 30% share he doesn’t own in a transaction that would value the company at A$3.2 billion ($2.08 billion). The proposed acquisition reflects a strategic maneuver in response to increasing regulatory security and evolving market conditions in the US.

Lance East Office Proposes Acquisition in Major Buyout

For the acquisition, Lance East Office (LEO), Escalante’s family office, has established Ocean BidCo Limited, a special purpose vehicle registered in the Bailiwick of Guernsey.

Under the proposed Scheme Implementation Deed of purchase terms, VGW would become a subsidiary of Ocean BidCo Limited.
Under the scheme terms, VGW shareholders can receive a A$5.05 ($3.29) per share cash payment, shares in Ocean BidCo, or a combination of the two.

LEO initially approached the VGW board about an acquisition in November 2024. The board then created an Independent Board Committee (IBC). IBC, comprising financial and legal advisors, was tasked with evaluating the potential sale.

IBC rejected LEO’s initial offer of A$3.50 ($2.28) to A$4.00 ($2.58) per share. After further negotiations, IBC deemed that the latest A$5.05 offer accurately reflects the company’s value.

The acquisition is subject to approval from VGW shareholders. If conditions are met, the deal is scheduled to finalize by September 15.

Behind VGW Going Private: Navigating Regulatory and Market Pressures

Escalante’s decision to take the company private follows challenges in the US, one of VGW’s core markets.

Sweepstakes casinos, like VGW’s brands, have faced increased regulatory scrutiny in the US, with several states already moving towards a legislative ban on these platforms.

Last month, Montana officially banned sweepstakes casinos, becoming the first state to do so. Meanwhile, Louisiana, Nevada, and Connecticut are just a governor’s signature away from following Montana.

Additional states, such as New York, New Jersey, and Ohio, are also considering legislative bans. In response, VGW has already announced it will stop sweepstakes play in the Empire State, effectively removing it from its list of eligible jurisdictions.

Due to these challenges, industry sources expect a decline in VGW’s revenue for the remainder of the financial year.

Going private and relocating the company’s domicile to Guernsey from Australia will also benefit VGW. It provides it with tax advantages and a more favorable regulatory environment, which could help VGW in achieving greater operational agility and cost efficiency.

Ending VGW Shareholder Disputes By Going Private

Going private will also help Escalante with his ongoing disputes with shareholders over issues such as valuation, company direction, and regulatory challenges.

As CEO and majority shareholder, Escalante has maintained control of the company; however, these disputes have caused friction, including his recent profanity-laced tirade at investors, in which he told them to sell their shares if they did not trust the leadership.

One of the arguments of minority shareholders is that they believe the company is undervalued. They have pushed for higher valuations and liquidity options. Investors have also questioned VGW’s response to US regulatory pressures, calling for more aggressive expansion and diversification.

Escalante’s move to take VGW private is an attempt to resolve these tensions. By offering a higher price per share than the initial valuation, the CEO is answering those calls for undervaluation.

At the same time, going private gives VGW greater strategic flexibility and Escalante greater autonomy, as the company will no longer be beholden to shareholder expectations.

Being private also allows VGW to keep sensitive business information out of the public eye, which is critical in regulated and competitive businesses like online gambling.

VGW’s Position Compared to Publicly Traded Gaming Giants

Escalante’s ongoing disputes spark comparisons with other high-profile shareholder disputes involving publicly traded gambling giants, such as Penn Entertainment, Bally’s Corporation, and DraftKings.

Ahead of its annual meeting, Penn Entertainment is facing severe pressure from shareholder HG Vora Capital Management. HG Vora claims that the company’s misguided pivot to the digital sector, away from traditional retail casinos, has led to a dramatic decline in shareholder returns.

HG Vora also points the finger at CEO Jay Snowden and the leadership team for a lack of skills aligned with the strategy shift.

Bally’s has faced echoing concerns from shareholders about its focus on its Interactive division. Last year, the company agreed to a merger with its largest shareholder, Standard General, led by Chairman Soo Kim. However, another investor, K&F Growth Capital, opposed the merger.

In an open letter to shareholders, K&F questioned Bally’s shift to digital, which it called “an unmitigated disaster.” It also questioned the mass retail expansion plans for casinos in Chicago, Las Vegas, and New York. The latter faces serious questions as it recently hit a roadblock with the New York City Council.

DraftKings is a digital gaming giant that has grown to become the number two sportsbook in the US. Last year was one of its most successful years in terms of financial results, as it reported its first-ever positive Adjusted EBITDA and 30% yearly revenue growth.

However, between 2021 and 2023, the company faced shareholder concerns over its capital allocation strategy. The shareholders raised questions regarding aggressive marketing spending and acquisitions, with concerns about sustainability and the path to profitability.

Investors even brought in a class-action lawsuit regarding the disclosure of information surrounding DraftKings’ merger with its technology provider, SBTech. That suit was eventually dismissed.

Public vs. Private Gaming Companies: Governance, Regulation, and Strategic Flexibility

The key difference between VGW’s potential privatization and the situations at Penn, Bally’s, and DraftKings lies in their governance and regulatory environments.

Unlike VGW, all three are publicly traded companies operating under strict US gaming regulations. They have disclosure requirements to ensure transparency and accountability. This enables shareholders to actively influence corporate decisions, often leading to public disputes when disagreements arise.

In contrast, VGW does not hold US gaming licenses. The company’s plan to go private and relocate to Guernsey further reduces regulatory oversight and disclosure obligations.

That move gives VGW management greater freedom to pursue long-term strategies without the pressure of investor concerns or public market pressures.

VGW’s privatization enables Escalante to consolidate control and lead the company through evolving market challenges with greater agility. That’s something US-regulated, publicly traded companies cannot do.

The post VGW Going Private: A Strategic Move Against US Regulatory Headwinds and Shareholder Disputes appeared first on CasinoBeats.

The Council, led by Speaker and mayoral candidate Adrienne Adams, opted not to bring the measure to the floor for a vote. 

For the casino proposal to move forward in Albany for consideration, the Council must approve a “home rule” message that would enable the state legislature to rezone the parkland for commercial use.

Bally’s purchased the golf course at Ferry Point from the Trump Organization in 2023. The company then renamed it Bally’s Golf Links at Ferry Point. 

It aims to construct a 500,000-square-foot casino on the site. Additionally, a 500-room hotel, an event center, and retail shops will be available.

The Bally’s casino project is one of nearly a dozen hopefuls vying for one of three casino licenses in the New York area. While the license will cost $500 million, the potential economic windfall has attracted interest from major gaming giants. 

Caesars Entertainment, MGM Resorts, Hard Rock International, and Mohegan Gaming are all interested in the license. 

The next Council meeting will be on June 11. However, if it approves the project, Bally’s will have little time as license applications are due June 27.

Bally’s Chairman Blames Political Motives for New York Decision

If Bally’s wins one of the casino licenses, it will pay the Trump Organization an additional $115 million as part of the deal. 

As a result, Bally’s Chairman Soo Kim believes there is a “whisper campaign” by lobbyists from rival bidders to create anti-Trump sentiment among New York lawmakers. 

Kim told the New York Post: “They’re saying, ‘If Bally’s wins, Trump benefits.’ That’s crazy.”

Kim says the project will benefit the Bronx as it will bring $600 million in community benefits and jobs. 

The company has also allowed residents to invest in up to 10% of the casino. Additionally, it has committed to allocating at least 1% of its gross revenue to local programs.

Without the Council’s approval, the project cannot move forward, and the city would lose that money.

Stiff License Competition and High-Profile Exits

Bally’s frustrations come soon after the New York Assembly approved the $8 billion casino project plan by Mets owner Steve Cohen and Hard Rock International.

Meanwhile, a rival bid by Caesars Entertainment for a Times Square Casino has gathered support from union and entertainment industry representatives. However, some point out that a Manhattan casino could be a difficult plan to realize.

Many local leaders and civil organizations have opposed various proposals in the heart of the city. That led a few casino hopefuls to drop out of the race. Most recently, Wynn Resorts ended its pursuit of a $12 billion casino project in the Hudson Yards neighborhood.

Earlier this year, plans for a casino above Saks Fifth Avenue were shelved. A plan for a casino near Madison Square Garden and Penn Station was also axed. Outside Manhattan, a surprise dropout was also Sands Las Vegas, which planned a Long Island casino.

The exits still leave several active applicants. Two are considered frontrunners: MGM Resorts International’s Empire City Casino in Yonkers and Genting’s Resorts World New York in Queens. Both are existing racinos that could easily convert to full-scale casinos.

Other proposals include Thor Equities’ bid for Coney Island. There is also the Soloviev Group and Mohegan Gaming and Entertainment’s Freedom Plaza project, situated adjacent to the United Nations headquarters.

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The deal could eventually see Bally’s take control of The Star. The US firm is set to buy around 56.7% of the Australian Securities Exchange-listed operator’s “fully diluted share capital.”

The deal must be approved by the regulatory Foreign Investment Review Board, which could potentially save The Star from administration.

Star: Bally’s Buyout Imminent?

In an official release, the Australian firm wrote that Bally’s would make the first payment – comprising a third of the total amount – “on or before” April 9.

Shareholders will then be asked to approve a second tranche, which will be subject to “regulatory approvals.”

The shareholders’ vote appears to be something of a formality, however. The Sydney-based firm wrote: “The Board of The Star intends to unanimously recommend that […] shareholders vote in favour […], in the absence of a superior proposal and subject to an independent expert concluding [that this] is in the best interests of The Star’s shareholders.”

The company added that “each director of The Star intends to vote all of The Star shares that he or she holds or controls in favour” of the deal.

Based in Rhode Island, Bally’s operates 19 casinos across 11 states. It also controls a horse racing track, a New York golf course, and several online sports betting sites.

The deal will make use of a “multi-tranche convertible note and subordinated debt instrument.”

Bally’s reportedly made an initial move for The Star in March.

Bid From Pub Baron Mathieson Still Possible, Reports Claim

In its own press release, Bally’s suggested that The Star’s major shareholder Bruce Mathieson “may separately subscribe for a portion of the notes.”

The 82-year-old Mathieson, a pub, hotel, and poker machine businessman, is thought to be worth over $1 billion.

Australian media outlets think that Mathieson is mulling a $100 million investment. If accepted, this would reduce the size of Bally’s investment by a third.

The Star runs The Star Sydney, as well as the Queensland-based The Star Brisbane. The firm’s shares are still suspended on the ASX after failing to provide the exchange with its mandatory half-year financial report for H2 of FY2024.

Bally’s: Australia a ‘Fantastic Market’

In its press release, Bally’s quoted its Chairman Soo Kim as stating: “This transaction provides Bally’s the opportunity to infuse The Star with what it needs to regain its position as Australia’s preeminent gaming destination. It allows The Star shareholders to share in what we confidently believe will be a brighter future together.”

Bally’s added that it was excited to “bring its reputation and operating expertise” to “fantastic markets” in Australia.

“We are up for the challenge,” George Papanier, the American firm’s President, concluded.

In February, the Australian Securities and Investments Commission began prosecuting Stars Casino and some of its former executives.

The firm is accused of breaching money laundering protocols at its Sydney, Brisbane, and Gold Coast locations.

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Powered by White Hat Gaming, the Bally Bet Sportsbook & Casino app combines the functionalities of the existing Bally Casino and Bally Bet Sportsbook apps into one platform. 

It allows players in Ontario to place wagers for either product via a single app, account and universal wallet. To assist with the transition, players will receive in-app, email and social media messages to guide them through the app change.

“We are thrilled to introduce the new Bally Bet Sportsbook & Casino app, marking a significant milestone for Bally’s,” commented Robeson Reeves, CEO of Bally’s Corporation. 

“This integrated platform merges the features of our previous apps, providing players in Ontario with a seamless experience for both sports and casino betting. Our commitment to enhancing the player experience remains at the forefront as we strive to personalise the enjoyment of playing Bally Bet.”

In November, Bally’s stockholders approved the company’s definitive merger agreement with The Queen Casino & Entertainment Inc, a portfolio company majority-owned by Standard General LP.

Earlier this year in July, Bally’s entered into a definitive merger agreement with Standard General, its largest stockholder, which will acquire the company’s outstanding shares for $18.25 per share.

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Earlier this year in July, Bally’s entered into a definitive merger agreement with Standard General, its largest stockholder, which will acquire the company’s outstanding shares for $18.25 per share.

In a statement on its website, the company said that its stockholders approved the merger at a special meeting held on 19th November, in addition to “compensation that may or will become payable by Bally’s to its named executive officers in connection with the transactions contemplated by the merger agreement” on a non-binding advisory basis. 

The statement read: “The merger agreement has been adopted by the affirmative vote of the holders of a majority of the outstanding shares of the Company’s common stock as of the October 21, 2024 record date for the Special Meeting and the affirmative vote of the holders of a majority of the holders of the outstanding shares of the Company’s common stock as of such record date, excluding those held by Standard General L.P., Sinclair Broadcast Group, Inc., Noel Hayden and certain executive officers and a director of the company.

“Stockholders who validly elected to have their Company shares remain issued and outstanding following the Company merger (Rolling Share Election) as of 5:00 p.m. ET today (November 19, 2024), will be assigned a new CUSIP number and their shares will continue to be traded on the New York Stock Exchange (NYSE) under the new ticker symbol “BALY.T” (Rolling Company Shares), prior to the effective time of the Company merger (Company Effective Time).”

Bally’s also noted that it has the right to open one or more new Rolling Share Election periods before the Company Effective Time, subject to special committee approval, adding that it will file a form/report with the US Securities and Exchange Commission (SEC) to notify stockholders of any such additional election period and the related deadlines and procedures. 

The statement concluded: “At the Company Effective Time, the Rolling Company Shares will remain outstanding, and it is expected that such shares will revert to the original “BALY” ticker symbol. The Rolling Company Shares will remain registered with the SEC and is expected to continue trading on the NYSE or another securities exchange in the United States, based on applicable listing requirements.

“Closing of the transactions contemplated by the merger agreement is anticipated to occur in the first half of 2025 and remain subject to the receipt of regulatory approvals and the satisfaction of other customary closing conditions.

“A final report on the results of the Special Meeting will be made on a Form 8-K to be filed with the SEC.”

Earlier this month, Bally’s published its Q3 2024 financial results, reporting growth for its UK and North American online operations, but a drop in overall revenue and International Interactive revenue compared to the same period the previous year.

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UK online revenues in Q3 rose by almost 12% compared to the same period the previous year. Still, overall International Interactive revenue fell by over 5% YoY due to non-UK market performances.

Publishing its Q3 results, Bally’s declared company-wide revenue of $630m, down slightly YoY (Q3 2023: $632.5m) as gains seen in the UK and North America online markets were offset by declines in Casino & Resorts and International Interactive segments.

Per vertical, gaming revenue in Q3 rose to $523.9m (2023: $508.9m) while non-gaming revenue decreased to $106.1m (2023: $123.6m).

During the quarter, Bally’s also entered into a definitive merger agreement with Standard General LP, which will acquire the company’s outstanding shares for $18.25 per Bally’s share.

UK online revenue increase

International Interactive revenue dropped by 5.3% YoY to $230.9m (2023: $243.9m), as CEO Robeson Reeves mentioned that the 11.8% YoY growth in the UK was offset “in part by lingering weakness in other non-UK markets, with a particular emphasis on the ongoing logistical challenges impacting business in Asia”.

Reeves noted that UK growth was “driven by all-time high active customer levels and robust Average Revenue per User metrics along with growing traction for our online sports betting offerings which include a newly launched Bally’s-branded product that joins our initial Jackpotjoy offering”.

Recently, Bally’s entered into an agreement to sell its interactive business in Asia and certain other international markets to a company formed by members of the carved-out business management. The identities of the members of the buying company were not revealed.

Adjusted EBITDAR for the segment rose to $90m, up 5.3% in comparison to the same period the previous year (2023: $85.5m). 

Reeves said: “Flow-through in our International Interactive segment remains very healthy as a result of diligent UK marketing spend, management of compensation expenses along with the continued realisation of synergies from our technology platform consolidation.”

Land-based wise, Bally’s highlighted during its Q3 earnings call that it acquired Aspers Casino in Newcastle, noting that while it is a “relatively modest” acquisition in comparison to the rest of its business, it sees it as part of its strategy to grow its UK presence and leverage its online player database. 

Chicago and Las Vegas updates

The operator’s Casino and Resorts revenue was down 1.6% YoY to $353.4m (2023: $359m), with Reeves stating that the quarter reflected the general “stable domestic regional gaming environment” but a “flow-through decline” in comparison to the previous year occurred.

“Results at our Chicago Temporary Casino have moderated to a somewhat consistent monthly level and we are focused on running our Chicago operations with database growth in mind,” said Reeves.

“In Rhode Island, local bridge construction continues to disrupt traffic during peak periods which again impacted visitation and revenues at our flagship Lincoln property. In Atlantic City, previously noted turnover in our relationship marketing team had an adverse impact on results in the quarter which included the second half of the market’s all-important summer season.”

Reeves noted that “primarily reflecting these impacts, and lower-than-expected hold in Kansas City,” adjusted EBITDAR declined by 15% YoY to $100.4m (2023: $118.2m).

During the quarter, Bally’s secured a $940m construction and financing arrangement with Gaming & Leisure Properties (GLPI), allowing the company to begin construction of a permanent casino in downtown Chicago.

In addition, the company completed the controlled demolition of the Tropicana Las Vegas, moving a step closer to the start of construction of a baseball ballpark and entertainment resort in partnership with GLPI and the MLB’s Oakland Athletics, who will be moving into the new stadium.

As for New York, Bally’s mentioned during its earnings call that its current understanding is that the state will be accepting bids in late June 2025 and licences will be awarded in early 2026. The company proposes to develop an integrated resort adjacent to the Bally’s Links at Ferry Point in the Bronx.

“Upon completion, the Chicago and Las Vegas development projects feature unique positioning in their respective markets and represent two attractive additions to our portfolio that we expect will drive positive shareholder returns,” said Reeves.

President George Papanier added: “In Chicago, demolition of the former Tribune buildings continues while we work closely with our partners at GLPI and with the City to gain final approval for our re-imagined permanent Bally’s Chicago Casino master plan ahead of the start of construction next year. 

“Our existing Chicago Temporary Casino is allowing us to build relationships with players in Chicago and establish our long-term presence in a market with favourable adult population and demographics. 

“In Las Vegas, we are moving forward with the planning for a Bally’s casino on the Las Vegas Strip adjacent to the A’s stadium which will begin to rise next year following the recent implosion of the Tropicana hotel towers. Collectively, these growth opportunities leave us very optimistic regarding the long-term prospects of our C&R business.”

North American online growth

Bally’s North America Interactive revenue increased by 54.5% YoY to $45.7m (2023: $29.6m), with Reeves noting that the company is “very pleased” with igaming operations in Rhode Island and Pennsylvania, but this was offset by operational performance in New Jersey. 

Adjusted EBITDAR for the segment improved compared to the previous year, but it was still minus $11m (2023: minus $17.6m).

“Ultimately, our igaming product offering and Bally Bet OSB continue to garner positive player feedback, and we remain excited by the long-term promise embedded in this segment,” the CEO added.

Bally’s net income for the quarter came in at a loss of $247.9m (2023: $61.8m loss). The company’s overall adjusted EBITDA for Q3 declined to $137.7m in comparison to the same period the previous year (2023: $141.6m) with a margin of 21.9% (2023: 22.4%). Overall adjusted EBITDAR for the quarter stood at $166.3m.

CFO Marcus Glover concluded: “Our broad asset portfolio again delivered healthy financial performance in the third quarter of 2024 despite some lingering headwinds. 

“The entire team is working diligently to optimise our cost structure across the board and enhance the efficiency of our operations, particularly in the C&R segment and within International Interactive.

“While this work is in its early stages and will continue for the foreseeable future, we believe we will see tangible results in the near term as we improve profitability and enhance our operating performance.”

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According to an SEC filing on the company’s website, filed on 31 October, Bally’s has entered into an agreement to sell its interactive business in Asia and certain other international markets to a company formed by members of the carved-out business management. The identities of the members of the buying company were not revealed.

Under the terms of the transaction, the ownership of certain intellectual property will be placed in trust and licensed to the buyer for five years, while Bally’s will also provide certain transaction services to the buying company.

Once the transaction is completed, Bally’s will focus its capital and resource allocation on its North American and European business. It will not be involved in the management, operations, or governance of the carved-out business.

The SEC filing states: “On October 31, 2024, Bally’s Corporation (“Bally’s” or the “Company”) entered into an agreement to sell its interactive business in Asia and certain other international markets (the “Carved-Out Business”) to a company (the “Buyer”) formed by members of the management of the Carved-Out Business.

“Ownership of certain intellectual property has been placed in trust and will be licensed to the Buyer for a term of five years (subject to extension). The Company will also provide the Buyer with certain transition services. The Buyer is acquiring the Carved-Out Business in exchange for a note. Bally’s will have no role in the management, operations, or governance of the Carved-Out Business.

“The transaction is intended to allow Bally’s to focus its capital and resource allocation on North American and European business, and this Carved Out Business will benefit from focused management attention and aligned ownership.”

Bally’s also mentioned how it expects the Asia interactive business transaction to affect the financial performance of the overall company going forward.

The company noted that adjusted EBITDA and free cash flow will likely see a “modest decline” due to cost actions related to simplifying its organisational structure and other cost reductions.

“The financial impact of the transaction is not expected to be material to adjusted EBITDA or free cash flow of the Company,” the SEC filing continued.

“Going forward, the financial statements of the Company will only reflect licensing and royalty revenues received from the Buyer, which are expected to be lower than revenues under the current accounting treatment, but the profitability margins associated with those licensing revenues are expected to be higher as is customary in the gaming industry for IP licence business models. 

“The expected modest decline in adjusted EBITDA and free cash flow resulting from the transaction are expected to be mitigated by cost actions to simplify Bally’s organisational structure and other cost reductions.”

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Tropicana’s two 22-story towers were imploded to make way for the construction of a baseball ballpark and entertainment resort, part of a partnership that has been in place since May 2023 between Bally’s, Gaming and Leisure Properties and the MLB’s Oakland Athletics, who will be moving into the stadium.

Several figures connected to the Athletics and Bally’s were in attendance at the event, honouring Tropicana’s history and looking forward to its future. 

This included Bally’s Chairman Soo Kim, Athletics owner John Fisher, Tropicana General Manager Arik Knowles, Las Vegas Convention and Visitors Authority President Steve Hill and Clark County Commissioner Jim Gibson. 

“Bally’s is honoured to have been part of this historic moment, bidding farewell to the iconic Tropicana,” said Kim. 

“As we celebrate its legacy, we look ahead to building a world-class entertainment resort, the future home of the Athletics, and cementing Las Vegas as the ultimate sports and entertainment capital.”

Before the implosion, Fireworks by Grucci produced a fireworks display and a 555-drone show. Controlled Demolition Inc and GGG Demolition then conducted the implosion of the Tropicana, using 22,000 feet of detonating cord and more than 2,000 pounds of explosives strategically placed in over 1,300 cutpoints and boreholes.

Fisher added: “The demolition of the Tropicana represents an important milestone in the process of bringing A’s baseball to the world-renowned Las Vegas Strip and the community of Southern Nevada. 

“We hope that, in time, this site will become a place of unforgettable experiences for fans of the game. We extend our gratitude to Bally’s and GLPI for their partnership as we embark on this project together.”

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