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Barclays kept its underweight rating, which is a view that the stock will likely perform worse than others in its sector. The firm lowered its price target from $8 to $7. Truist also lowered its target to $10, while Macquarie kept its target at $11. These moves reflect the pressure on the company as it tries to manage a heavy debt load while spending on major new casino projects. The average analyst target now sits at $10.
Source: Macquarie
Revenue rose to about $792 million last quarter, helped by growth at its temporary Chicago casino and international digital business. However, the company lost significantly more money than expected. This gap between rising sales and deeper losses highlights the high cost of the company's current expansion phase.
Management is betting heavily on large urban projects to transform the business. While the revenue growth shows these assets can attract customers, the widening losses add pressure to a company already carrying a large debt load. For long-term owners, the focus remains on whether this growth can eventually turn into enough cash to cover interest and construction costs.
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Source: 8-K filing
On July 29, the company entered an amendment to its credit agreement with Deutsche Bank. This change aligns certain rules about what the company can and cannot do, known as negative covenants, with the terms of a different loan agreement signed in February. This is a technical adjustment rather than a new loan or a change in the amount owed. It ensures the company's various debt agreements have consistent rules as it manages its $4.5 billion debt load.
Source: 8-K filing
The company has officially closed its deal to buy Sam's Town Shreveport. This adds another established casino to its regional portfolio and expands its presence in the Louisiana market.
While the company is focused on massive new developments in cities like Chicago, these smaller regional acquisitions help provide the steady revenue needed to support those larger bets. It shows the company is still actively building its core casino business even while navigating a difficult financial period.
Source: Business Wire
Management has missed expectations in six of the last eight quarters, often by wide margins. This pattern suggests the business is becoming harder to forecast as heavy debt costs and construction spending outpace the money coming in.
| Expectation | |
|---|---|
| EPS | $-1.31 |
| Revenue | $805M |