Bally’s Q3 revenue rises 21% to $807.6 million as Intralot lifts group results and Star faces A$260 million AML fine

Bally’s is still operating with one eye on the clock: the company has not yet filed its full Q3 report and says it will submit an extension with the Securities and Exchange Commission. The preliminary numbers, though, show where the group is making money and where the regulatory baggage is still piling up.

1. Group revenue in Q3 reached $807.6 million, up 21% year-over-year, while group adjusted EBITDAR increased 2% to $179.6 million. Casino revenue rose 3% to $408.6 million, with Bally’s pointing to landside moves at its Baton Rouge and Marquette riverboats; casino segment EBITDAR was flat at $107 million.
2. The main growth engine was Intralot. Combined B2B and B2C revenue jumped 55% year-over-year to $333.9 million, but combined EBITDAR from those two units slipped 3% to $89.1 million. In other words: the top line did the heavy lifting, while profitability did not keep pace.
3. Bally’s North American interactive revenue increased 25% to $62.6 million, and segment EBITDAR losses narrowed from $6 million last year to $3.1 million this year. The market did not exactly throw a parade for that: Bally’s stock fell about 4% on Tuesday and closed at $11.47, leaving the year-to-date move at -31%.
4. CEO Robeson Reeves said development projects remain on track, execution is improving across segments, and market conditions remain stable as the company heads into the fourth quarter and 2027. That is the operating line; the regulatory line is messier.
5. In Australia, Bally’s investment in Star Entertainment is now tied to a A$260 million (US$178.5 million) federal government penalty for historic anti-money laundering violations. Bally’s bought a controlling stake in Star for $138 million in late 2025 while the federal AML case was still pending. Star has since exited its Brisbane joint venture and now operates only Star Sydney and Star Gold Coast.

There is also a licensing angle worth watching. New South Wales regulators said in September that Star Sydney’s licence will remain suspended until 30 June 2027, nearly five years after it was first suspended in 2022 over the conduct that led to the federal fine. For PSPs and banks looking at high-risk exposure, this is the part that matters: revenue growth is one thing, but license status, AML enforcement, and ownership changes can move the actual risk profile much faster than quarterly results do.