Is Bally's Corp the "most popular company" in the gaming industry? Apparently not. But this has not stopped the company from continuously breaking expectations and making surprising progress.
In the sports world, there are often underestimated teams that repeatedly cause upsets, ultimately forcing a reassessment of their strength. Consider the Indiana Pacers' amazing sprint in this year's NBA Finals, Leicester City winning the 2015-16 Premier League, or the Boston Red Sox coming from behind 0-3 in the 2004 American League Championship. In the gaming industry, winning and losing is not a simple binary, but if you were to choose a "dark horse" that continues to break through difficulties, Bally's is definitely on the list.
This Rhode Island-based company moves forward with a complex portfolio of assets, its financial situation was once tense, with several quarters without conference calls with analysts, and its business territory covers Las Vegas, Chicago, New York, and Australia, among others, where flaws are frequent, yet it always finds a way to solve problems at critical moments.
By reaching a substantial financing agreement with Gaming and Leisure Properties, Bally's successfully stabilized its assets in Chicago and Las Vegas. The reverse merger with Intralot brought in crucial funds, and the sale of international digital businesses further strengthened its capital. Support from New York Mayor Eric Adams helped it bid for a New York casino project, and in Australia, although its subsidiary faced setbacks, it still actively repurchased assets.
Bally's ability to find "answers" is undeniable, but the question is, how long can this precarious path last?
New York Bronx's High Stakes
Bally's bid for the $4 billion comprehensive resort project at Ferry Point in the Bronx area of New York, showcasing its "phenomenal" momentum. The project is generally considered difficult to realize due to high costs and financial pressure. The operating cost of the Chicago casino is $1.8 billion, less than half of New York's, Bally's had only $209 million in cash in the first quarter, with a net debt of $3.4 billion. The $500 million prepaid license fee for the New York casino also puts a heavy burden on the company.
Furthermore, Bally's purchased a golf course from the Trump Group for $60 million in 2023. If the project is approved, an additional $115 million must be paid, with at least $615 million invested upfront. Despite criticism associated with Trump, the project did not stop progressing.
The project needs approval from the New York City Council and the State Legislature. The City Council vote was once postponed, creating a tense situation in June. Chairman Soo Kim said that the City Council's obstruction was intended to "benefit Trump from Bally's win," stating "this is crazy."
Subsequently, Adams intervened, reducing the two-thirds majority threshold to a simple majority, helping the City Council pass the preliminary approval with 32 votes in favor. Adams emphasized that this move was not in support of the project, but rather to maintain a competitive situation with multiple proposals.
However, on July 15, the crucial municipal zoning vote suffered a severe defeat, with 29 votes against and only 9 in favor, plunging the project into crisis again. On July 30, Adams vetoed the vote and sent it back to the council, leaving the current bill pending.
The relationship between Adams, Bally's, and Trump is under scrutiny. Adams' election lawyer and legal defense fund head is a lobbyist for Bally's, and his campaign chairman is a consultant for the company. There are rumors that the Justice Department under Trump withdrew federal corruption charges against Adams as a concession to the mayor.
City Council members generally have no intention of overturning the veto, preferring to leave the final decision to the state government. A local community consultation meeting is about to be convened, and it is still unclear whether Bally's will appear.
Australia's Financial Maneuvering
Meanwhile, the Australian market is equally complex. Star Entertainment, which has been in trouble for a long time, has been struggling on the brink of bankruptcy since early 2025, facing huge financial and regulatory pressures.
In April this year, Bally's acquired the majority stake in Star for 300 million Australian dollars, a move seen as a miraculous transaction. Bally's also transferred shares to Star's existing shareholder Bruce Mathieson, reducing the investment by 100 million Australian dollars. At the time of acquisition, Star only had properties in Sydney and the Gold Coast.
Originally, Star planned to exit the Brisbane Queen's Wharf joint venture project and transfer shares to reduce debt, but Bally's firmly opposed the exit, intending to retain all assets.
On June 30, due to unmet conditions by the partners, the agreement was withdrawn and extended to July, but ultimately terminated on August 1. The termination of the agreement is not entirely positive, as Star faces additional financial penalties and may face hefty fines due to a federal money laundering investigation.
However, Bally's entry at a low stock price and acquisition of substantial assets demonstrate its cautious and decisive acquisition strategy. Bally's declined to comment on this.
A Man's Strategic Vision
Since being acquired by the New York-based hedge fund Standard General in July 2024, Bally's expansion pace has accelerated. SG founder Kim took the helm, successively lowering the offer from $38 in 2022 to $18.25 per share to complete the acquisition.
In the transaction, Bally's merged with SG's Queen Casino and Entertainment, bringing its number of casinos in the U.S. to 19, spread across 11 states. Although the Bally's brand has always remained unchanged, its rapid development is partly due to natural expansion and partly due to frequent acquisitions.
Kim has become the spokesperson for the company, regularly accepting media interviews, and although his words are sharp, such as stating "will snatch a large market share," it does not hinder his continuous deal-making globally.
Bally's, as a mystery in the gaming industry, continues to weave its "dark horse legend."
