BALLY'S CHICAGO, INC., 10-Q filed on 9/26/2025
Quarterly Report
v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Aug. 31, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 333-283772  
Registrant Name Bally’s Chicago, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 88-2870098  
Entity Address, Address Line One 100 Westminster Street  
Entity Address, City or Town Providence,  
Entity Address, State or Province RI  
Entity Address, Postal Zip Code 02903  
City Area Code 401  
Local Phone Number 475-8474  
Entity Current Reporting Status No  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Entity Ex Transition Period true  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Central Index Key 0001935799  
Current Fiscal Year End Date --12-31  
Common Class A-1    
Document Information [Line Items]    
Title of 12(b) Security Class A-1 common stock, par value $0.001 per share  
No Trading Symbol Flag true  
Entity Common Stock, Shares Outstanding   2,426
Common Class A-2    
Document Information [Line Items]    
Title of 12(b) Security Class A-2 common stock, par value $0.001 per share  
No Trading Symbol Flag true  
Entity Common Stock, Shares Outstanding   489
Common Class A-3    
Document Information [Line Items]    
Title of 12(b) Security Class A-3 common stock, par value $0.001 per share  
No Trading Symbol Flag true  
Entity Common Stock, Shares Outstanding   322
Common Class A-4    
Document Information [Line Items]    
Title of 12(b) Security Class A-4 common stock, par value $0.001 per share  
No Trading Symbol Flag true  
Entity Common Stock, Shares Outstanding   3,774
Class B    
Document Information [Line Items]    
Title of 12(b) Security Class B common stock, par value $0.001 per share  
No Trading Symbol Flag true  
Entity Common Stock, Shares Outstanding   30,000
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Cash $ 13,427 $ 14,519
Accounts receivable, net 2,261 1,470
Inventory 2,104 2,748
Prepaid expenses and other current assets 2,075 4,323
Due from related party (Bally’s Corporation) 974 974
Total current assets 20,841 24,034
Property and equipment, net 272,217 172,747
Right of use assets, net 266,217 209,977
Goodwill 105,551 0
Intangible assets, net 311,653 186,221
Other assets 11,149 6,926
Total assets 987,628 599,905
Liabilities, Redeemable Non-controlling Interest, and Stockholders’ Deficit    
Current portion of lease liabilities 4,667 4,323
Accounts payable 35,489 11,397
Accrued and other current liabilities 33,922 12,563
Promissory notes to related party (Bally’s Corporation) (Note 3) 702,341 675,528
Due to related party (Bally's Corporation) (Note 3) 1,048 416
Total current liabilities 777,467 704,227
Long-term portion of lease liabilities 263,012 206,297
Subordinated loans due to related party (Bally’s Corporation) (Note 3) 16,475 0
Deferred tax liability 5,924 0
Total liabilities 1,062,878 910,524
Commitments and contingencies (Note 12)
Redeemable non-controlling interest 718,443 0
Stockholders’ deficit:    
Additional paid-in-capital 66,861 974
Accumulated deficit (860,554) (311,593)
Total stockholders’ deficit (793,693) (310,619)
Total liabilities, redeemable non-controlling interest, and stockholders’ deficit 987,628 599,905
Common Stock    
Stockholders’ deficit:    
Common stock value 0 0
Common Class A and B    
Stockholders’ deficit:    
Common stock value $ 0 $ 0
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Class A    
Common stock par value (in dollars per share) $ 0.001  
Common stock authorized (in shares) 4,300  
Common stock issued (in shares) 3,326  
Common stock outstanding (in shares) 3,326  
Class B    
Common stock par value (in dollars per share) $ 0.001  
Common stock authorized (in shares) 30,000  
Common stock issued (in shares) 30,000  
Common stock outstanding (in shares) 30,000  
Common Stock    
Common stock par value (in dollars per share) $ 0.01 $ 0.01
Common stock authorized (in shares) 0 100
Common stock issued (in shares) 0 100
Common stock outstanding (in shares) 0 100
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue          
Total revenue $ 11,487 $ 34,361 $ 32,644 $ 52,157 $ 64,166
Operating costs and expenses:          
General and administrative 8,946 19,717 14,682 29,913 29,923
Management fees to Bally's Corporation 6,129 15,000 15,000 23,871 30,000
Depreciation and amortization 1,985 8,497 4,793 13,339 9,070
Total operating costs and expenses 24,359 64,313 51,102 97,841 102,033
Loss from operations (12,872) (29,952) (18,458) (45,684) (37,867)
Other income (expense):          
Interest income 0 0 702 0 1,395
Interest expense, net of amounts capitalized 0 248 (2,508) 0 (5,341)
Total other income (expense), net 0 248 (1,806) 0 (3,946)
Loss before income taxes (12,872) (29,704) (20,264) (45,684) (41,813)
Benefit for income taxes 0 0 0 0 0
Net loss (12,872) (29,704) (20,264) (45,684) (41,813)
Net loss attributable to redeemable non-controlling interest 0 (25,944) 0 (31,557) 0
Net loss $ (12,872) $ (3,760) $ (20,264) $ (14,127) $ (41,813)
Basic loss per share (in dollars per share) $ (128,720) $ (1,426) $ (202,640) $ (6,772) $ (418,130)
Weighted average common shares outstanding, basic (in shares) 100 2,636 100 2,086 100
Diluted loss per share (in dollars per share) $ (128,720) $ (1,426) $ (202,640) $ (6,772) $ (418,130)
Weighted average common shares outstanding, diluted (in shares) 100 2,636 100 2,086 100
Gaming          
Revenue          
Total revenue $ 10,353 $ 31,083 $ 29,425 $ 47,018 $ 57,616
Operating costs and expenses:          
Cost of goods and service, excluding depreciation, depletion, and amortization 6,039 17,646 14,772 25,803 29,244
Non-gaming          
Revenue          
Total revenue 1,134 3,278 3,219 5,139 6,550
Operating costs and expenses:          
Cost of goods and service, excluding depreciation, depletion, and amortization $ 1,260 $ 3,453 $ 1,855 $ 4,915 $ 3,796
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT (unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Class A
Class B
Common Stock
Common Stock
Common Stock
Common Stock
Class A
Common Stock
Class B
Additional Paid-in-Capital
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023         100          
Beginning balance at Dec. 31, 2023 $ (72,489)       $ 0       $ 974 $ (73,463)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (21,549)                 (21,549)
Ending balance (in shares) at Mar. 31, 2024         100          
Ending balance at Mar. 31, 2024 (94,038)       $ 0       974 (95,012)
Beginning balance (in shares) at Dec. 31, 2023         100          
Beginning balance at Dec. 31, 2023 (72,489)       $ 0       974 (73,463)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (41,813)                  
Ending balance (in shares) at Jun. 30, 2024         100          
Ending balance at Jun. 30, 2024 (114,302)       $ 0       974 (115,276)
Redeemable Non-controlling Interest                    
Net loss attributable to redeemable non-controlling interest 0                  
Beginning balance (in shares) at Mar. 31, 2024         100          
Beginning balance at Mar. 31, 2024 (94,038)       $ 0       974 (95,012)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (20,264)                 (20,264)
Ending balance (in shares) at Jun. 30, 2024         100          
Ending balance at Jun. 30, 2024 (114,302)       $ 0       974 (115,276)
Redeemable Non-controlling Interest                    
Net loss attributable to redeemable non-controlling interest 0                  
Beginning balance (in shares) at Dec. 31, 2024   100     100          
Beginning balance at Dec. 31, 2024 (310,619)       $ 0       974 (311,593)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (12,872)                 (12,872)
Ending balance (in shares) at Feb. 07, 2025         100          
Ending balance at Feb. 07, 2025 (323,491)       $ 0       974 (324,465)
Beginning balance at Dec. 31, 2024 0                  
Redeemable Non-controlling Interest                    
Net loss attributable to redeemable non-controlling interest 0                  
Reorganization and private placement (in shares)   (100)                
Issuance of subordinated loans (in shares)     (659)              
Ending balance (in shares) at Mar. 31, 2025           0 3,326 30,000    
Ending balance at Mar. 31, 2025 (785,188)       $ 0   $ 0 $ 0 66,861 (852,049)
Ending balance at Mar. 31, 2025 744,387                  
Beginning balance (in shares) at Feb. 07, 2025         100          
Beginning balance at Feb. 07, 2025 (323,491)       $ 0       974 (324,465)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net loss (14,127)                  
Ending balance (in shares) at Jun. 30, 2025   0 3,326 30,000   0 3,326 30,000    
Ending balance at Jun. 30, 2025 (793,693)       0   $ 0 $ 0 66,861 (860,554)
Redeemable Non-controlling Interest                    
Net loss attributable to redeemable non-controlling interest (31,557)                  
Ending balance at Jun. 30, 2025 718,443                  
Beginning balance (in shares) at Feb. 08, 2025           100 0 0    
Beginning balance at Feb. 08, 2025 (90,708)       0   $ 0 $ 0 974 (91,682)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Reorganization and private placement (in shares)           (100) 3,985 30,000    
Reorganization and Private Placement (667,638)               82,362 (750,000)
Issuance of subordinated loans (in shares)             (659)      
Issuance of subordinated loans (16,475)               (16,475)  
Net loss (10,367)                 (10,367)
Ending balance (in shares) at Mar. 31, 2025           0 3,326 30,000    
Ending balance at Mar. 31, 2025 (785,188)       0   $ 0 $ 0 66,861 (852,049)
Beginning balance at Feb. 08, 2025 0                  
Redeemable Non-controlling Interest                    
Reorganization and Private Placement 750,000                  
Net loss attributable to redeemable non-controlling interest (5,613)                  
Ending balance at Mar. 31, 2025 744,387                  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Pushdown accounting adjustment (4,745)                 (4,745)
Net loss (3,760)                 (3,760)
Ending balance (in shares) at Jun. 30, 2025   0 3,326 30,000   0 3,326 30,000    
Ending balance at Jun. 30, 2025 (793,693)       $ 0   $ 0 $ 0 $ 66,861 $ (860,554)
Redeemable Non-controlling Interest                    
Net loss attributable to redeemable non-controlling interest (25,944)                  
Ending balance at Jun. 30, 2025 $ 718,443                  
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:            
Net loss $ (12,872) $ (29,704) $ (20,264) $ (45,684)   $ (41,813)
Adjustments to reconcile net loss to net cash used in operating activities            
Depreciation and amortization 1,985 8,497 4,793 13,339   9,070
Non-cash amortization of right of use assets 415     1,308   1,890
Bad debt expense 21     47   0
Change in operating assets and liabilities:            
Accounts receivable 177     (1,036)   (137)
Inventory 281     363   (1,134)
Prepaid expenses and other current assets 68     2,180   5,015
Accounts payable 261     4,235   (560)
Current portion of lease liabilities (1,986)     154   (1,863)
Accrued and other current liabilities 5,514     (6,518)   2,786
Net cash used in operating activities (6,136)     (31,612)   (26,746)
Cash flows from investing activities:            
Capital expenditures (10,969)     (57,457)   (38,640)
Net cash used in investing activities (10,969)     (57,457)   (38,640)
Cash flows from financing activities:            
Financing from Bally's Corporation 22,622     94,974   63,993
Repayment of promissory notes to Bally’s Corporation 0     (83,776)   0
Stock issuance costs (1,452)     (4,062)   (7)
Net cash provided by financing activities 21,170     83,912   63,986
Net change in cash and restricted cash 4,065     (5,157)   (1,400)
Cash and restricted cash, beginning of period 14,519     18,584 $ 14,519 71,305
Cash and restricted cash, end of period 18,584 $ 13,427 $ 69,905 13,427 13,427 69,905
Supplemental disclosure of cash flow information:            
Cash paid for interest, net of amounts capitalized 0     0   5,341
Non-cash investing and financing activities:            
Unpaid property and equipment 11,403     53,639   13,918
Unpaid issuance costs 485     1,064   0
Issuance of subordinated loans to Bally’s Corporation 0     16,475   0
Issuance of redeemable non-controlling interest 0     750,000   0
Issuance of shares to Bally’s Corporation in lieu of promissory note repayment 0     6,325 $ 6,300 0
Nonrelated Party            
Cash flows from financing activities:            
Proceeds from Private Placement 0     13,151   0
Related Party            
Cash flows from financing activities:            
Proceeds from Private Placement $ 0     $ 63,625   $ 0
v3.25.2
GENERAL INFORMATION
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
GENERAL INFORMATION GENERAL INFORMATION
Description of Business
Bally’s Chicago, Inc. (the “Company”, “Bally’s Chicago”) was formed on May 24, 2022 and is a majority owned subsidiary of Bally’s Chicago Holding Company, LLC (the “Holding Company”), a wholly owned subsidiary of Bally’s Corporation. Bally’s Chicago is a gaming, hospitality and entertainment company with the singular focus of building and operating a world-class entertainment destination resort in Chicago, Illinois. The Company intends to provide both Chicago residents and business and leisure travelers visiting Chicago with physical and interactive entertainment and gaming experiences.
On June 9, 2022, a wholly-owned subsidiary of the Company, Bally’s Chicago Operating Company, LLC (the “Operating Company”), signed a host community agreement with the City of Chicago to develop a destination casino resort, to be named Bally’s Chicago, in downtown Chicago, Illinois that will include approximately 3,400 slot machines, 170 table games, 10 food and beverage venues, 500 hotel rooms, a 65,000 square foot entertainment and event center, a 20,000 square foot exhibition, outdoor music venue, 3,300 parking spaces and an outdoor green space. The project also provided the Company with the exclusive right to operate a temporary casino for up to three years while the permanent casino resort is constructed.
During construction of the permanent facility, the City of Chicago gave the Company the ability to build a temporary casino in downtown Chicago (the “Temporary Facility”). The Company opened the Temporary Facility situated in the location of the current Medinah Temple on September 9, 2023, which includes approximately 900 gaming positions and five food and beverage venues. The Company incurred approximately $70.0 million in costs in connection with the design and development of the temporary casino. The Company currently estimates the permanent casino (the “Permanent Facility”) construction to be materially completed by the third quarter of 2026 (Successor). However, there can be no assurances that the Company will be successful in so doing. Any increased construction costs could materially and adversely affect the return on the Company’s investments.
Bally’s Corporation
The Company’s public company parent, Bally’s Corporation (“Bally’s” or the “Parent”), is a global gaming, hospitality and entertainment company with a portfolio of casinos and resorts and online gaming businesses. Bally’s Corporation provides its customers with physical and interactive entertainment and gaming experiences, including traditional casino offerings, iCasino, online bingo games, sportsbook and free-to-play.
The Merger
On February 7, 2025 (the “Closing Date”), Bally’s Corporation completed a merger pursuant to which The Casino Queen & Entertainment Inc. (“Casino Queen”) and SG Parent LLC, which was majority-owned by funds managed by Standard General L.P. (“SG Parent”), Bally’s Corporation’s largest common stockholder, merged with Bally’s Corporation (the “Merger”). The Bally’s Corporation Merger with Casino Queen was accounted for as a transaction between entities under common control. The Merger resulted in a change in control of Bally’s Corporation due to SG Parent gaining control of Bally’s Corporation in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”). Bally’s Corporation elected to push down SG Parent’s basis in its net assets into its financial statements.
To better align the accounting and presentation with our public company parent, the Company has also determined that it will elect to apply pushdown accounting in these standalone financial statements. As a result of the application of pushdown accounting, these financial statements reflect the Company’s basis in the assets and liabilities of Bally’s Corporation, which were remeasured to fair value as of the Closing Date.
The financial information for the periods ended June 30, 2024, and the period from January 1 to February 7, 2025, reflect the historical cost basis of accounting for Bally’s Chicago, Inc., prior to the pushdown of the Merger. These are referred to as the “Predecessor periods.”
The three months ended June 30, 2025, and the period from February 8 to June 30, 2025, are each termed the "Successor period." These periods reflects the costs, activities, and recognition of the Company’s assets and liabilities at their fair values due to pushdown accounting applied at the time of the Merger. The differences in accounting due to the acquisition method and the application of pushdown accounting mean the results of operations, cash flows, and financial information for the Successor period are not comparable to those of the Predecessor periods. A black line between the Successor and Predecessor periods has been placed in the condensed consolidated financial statements and in the tables to the notes to the condensed consolidated financial statements to highlight the lack of comparability between these two periods. Refer to Note 2 “Summary of Significant Accounting Policies” for further information on the Company’s basis of presentation and consolidation as a result of Bally’s transactions under the Merger.
Going Concern
The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and the ability of the Company to continue as a going concern for a reasonable period of time.
In accordance with ASC 205-40, Going Concern, (“ASC 205-40”) the Company evaluated the severity of the following adverse conditions that raise substantial doubt about its ability to continue as a going concern as of the date the accompanying financial statements were issued (the “issuance date”).
•The Company has incurred significant losses and negative cash flows from operations since its inception and expects to continue to incur such losses and negative cash flows for the foreseeable future. In this regard, the Company incurred a net loss and used net cash in its operations of approximately $45.7 million and $31.6 million, respectively for the period from February 8 to June 30, 2025 (Successor) and $12.9 million and $6.1 million, respectively, for the period from January 1 to February 7, 2025 (Predecessor). In addition, the Company has an accumulated deficit of $860.6 million and approximately $13.4 million of cash on hand as of June 30, 2025 (Successor). As a result, the Company has been dependent of Bally’s Corporation since its inception to fund substantially all of the Company’s obligations as they become due and expects to continue to remain dependent on such funding for the foreseeable future.
•As disclosed in Note 12 “Commitments and Contingencies”, the Company is subject to a number of contractual obligations and commitments associated with the operation of the Temporary Facility and construction of the Permanent Facility, which includes the total committed costs that are expected to be incurred to construct the Permanent Facility of approximately $0.9 billion over the next two years. Refer to Note 11 “Leases” for further information on the funding of the Permanent Facility construction.
•As of the issuance date, the Company did not have sufficient capital or available liquidity to fund the obligations and commitments that are expected to become due over the next twelve months beyond the issuance date. In particular, while the Temporary Facility commenced operations on September 9, 2023 (Predecessor), the Company has not yet generated an ongoing source of net cash inflows from operations that are sufficient to cover the cost of operating the Temporary Facility, as well as construction costs associated with the Permanent Facility that are expected to be incurred over the next twelve months beyond the issuance date.
In response to the foregoing adverse financial conditions, the Company obtained a letter of support whereby Bally’s Corporation has committed to fund all of the Company’s operating, investing, and financing activities through at least December 31, 2026 and has further committed not to make any decision or action that would reasonably be expected to negatively affect the Company’s ability to continue as a going concern through at least December 31, 2026.

The accompanying condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
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 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 (“US 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 financial statements for the year ended December 31, 2024 (Predecessor) included in the Form S-1/A, as filed with the SEC August 5, 2025.
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.
Initial Public Offering and Concurrent Private Placement

On August 14, 2025, the Company’s completed its Initial Public Offering (the “IPO”) and simultaneous private offering (the “Concurrent Private Placement”). Refer to Note 16 “Subsequent Events” for further information.

Changes to Authorized Shares

On March 10, 2025 (Successor), in connection with the Company’s consummation of its private offering (the “Private Placement”) (described below), the Company amended its Certificate of Incorporation to establish Class A and Class B Interests of the Company’s common stock, and authorize the issuance of up to a total of 34,300 shares of all classes in the Company.

The total number of shares of all classes of stock the Company is authorized to issue consists of the following: (i) 300 shares of Class A-1 common stock, with a par value of $0.001 per share (the “Class A-1 Interests”); (ii) 300 shares of Class A-2 common stock, with a par value of $0.001 per share (the “Class A-2 Interests”); (iii) 200 shares of Class A-3 common stock, with a par value of $0.001 per share (the “Class A-3 Interests”); (iv) 3,500 shares of Class A-4 common stock, with a par value of $0.001 per share (the “Class A-4 Interests” and, together with Class A-1 Interest, Class A-2 Interests, and Class A-3 Interests, the “Class A Interests”); and (v) 30,000 shares of Class B common stock, with a par value of $0.001 per share (the “Class B Interests”). Each Class A and Class B Interest entitles its holder to one vote per share, with no economic interest in the Company and shares of Class B Interests may only be held by the Holding Company.

Upon the effectiveness of the amended Certificate of Incorporation, each share of the Company’s 100 common shares outstanding was reclassified into 300 shares of Class B Interests, for a total of 30,000 Class B Interests outstanding.

In connection with the Company’s IPO and Concurrent Private Placement on August 14, 2025, the Company amended its Certificate of Incorporation, authorizing the issuance of additional Class A shares. Refer to Note 16 “Subsequent Events” for further information.

Reorganization and Private Placement

On March 10, 2025 (Successor), as part of the Private Placement, the Company sold a total of 1,185 Class A Interests to certain accredited investors, raising $13.2 million in gross proceeds, consisting of the following share classes and price per share:
Share ClassNumber of SharesPrice Per Share
Class A-1272$250 
Class A-2281$2,500 
Class A-3171$5,000 
Class A-4461$25,000 
The Company also sold an additional 2,800 shares of Class A-4 Interests to the Holding Company at a purchase price of $25,000 per share. Consideration received from the Holding Company included cash of $63.7 million and $6.3 million of shares in lieu of payment on its outstanding promissory notes payable by the Company to the Holding Company.

In connection with the Private Placement, in March 2025 the Company also consummated a reorganization (the “Reorganization”), where it amended and restated its limited liability company agreement with the Operating Company, converting the Operating Company’s existing shares into LLC Interests and appointed the Company as the sole managing member of the Operating Company. As part of the reorganization, the Holding Company was issued 30,000 LLC interests in the Operating Company, valued at $750.0 million, or $25,000 per interest. The Company subsequently purchased 3,326 LLC interests from the Operating Company for a total purchase price of $83.2 million.

In connection with the Private Placement, the Company entered into a subordinated loan agreement with the Holding Company, pursuant to which the Holding Company made subordinated term loans (the “Subordinated Loans”), based on the number of Class A-1, A-2 and A-3 Interests sold in the Private Placement, to the Company totaling $16.5 million, which were funded through the Holding Company’s transfer of 659 Class A-4 shares back to the Company. Refer to Note 3 “Related Party Transactions” for further information.

As a result of the Private Placement and Reorganization, the Holding Company’s combined Class A-4 and Class B Interests give the Holding Company 96.4% of the voting power in the Company, and its LLC Interests give the Holding Company a 90.0% economic interest in the Operating Company. As a result of the Company’s IPO and Concurrent Private Placement on August 14, 2025, the Holding Company’s voting power in the Company and economic interest in the Operating Company were updated. Refer to Note 16 “Subsequent Events” for further information.

The Company as the sole managing member, operating as a holding company with its principal asset being the LLC interests, consolidates the Operating Company in accordance with ASC 810, Consolidation (“ASC 810”), recognizing the Holding Company’s 90% economic interest as a redeemable non-controlling interest in its financial statements. Refer to Note 14 “Redeemable Non-controlling Interest” for further information.

Cash

The Company considers all cash balances and highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), the Company has cash of $13.4 million and $14.5 million, respectively, which was measured at fair value on a recurring basis and is classified within Level 1 of the fair value hierarchy.
Accounts Receivable
Accounts receivable consists of the following:
(in thousands)June 30, 2025 (Successor)December 31, 2024 (Predecessor)
Gaming receivables$1,576 $1,151 
Non-gaming receivables685 337 
Accounts receivable2,261 1,488 
Less: Allowance for doubtful accounts— (18)
Accounts receivable, net$2,261 $1,470 
Advertising Expenses
The Company expenses advertising costs as incurred and is included in “General and administrative” on the condensed consolidated statements of operations. Advertising expense was $1.1 million for both the three months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor). Advertising expense was $1.6 million, $0.2 million and $3.8 million for period from February 8 to June 30, 2025 (Successor), the period from January 1 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor), respectively.
Expansion Expenses

The Company expenses expansion costs as incurred. The Company defines expansion expenses as costs incurred in connection with the opening of a new facility or significant expansion of an existing property. Costs classified as expansion costs consist primarily of marketing, master planning, conceptual design fees and legal and professional fees that are not eligible for capitalization and are included in “General and administrative” on the condensed consolidated statements of operations. Expansion expenses for both the three months ended June 30, 2025 (Successor) and the three months ended June 30, 2024 (Predecessor) were $2.2 million. Expansion expenses for the period from February 8 to June 30, 2025 (Successor), the period from January 1 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor) were $2.7 million, $1.4 million, and $4.1 million, respectively.

Employee Benefit Plans

The Company participates in the Bally’s Corporation operates defined contribution plans covering its non-union employees and certain union employees, as well as multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover certain of its union employees. The defined contribution plans allow for employee deferrals, which are matched at the Company’s discretion. Total employer contribution expense attributable to these plans was $0.4 million for the three months ended June 30, 2025 (Successor), $0.1 million for the period from January 1 to February 7, 2025 (Predecessor) and the three months ended June 30, 2024 (Predecessor). Additionally, the expense was $0.5 million, and $0.3 million for the period from February 8 to June 30, 2025 (Successor) and the six months ended June 30, 2024 (Predecessor), respectively.
Earnings Per Share (EPS)
We have two classes of common stock in the form of Class A Interests and Class B Common Stock. Our Class A Interests are entitled to discretionary dividends, subject to the impact of liquidation and distribution priority of the subordinated loans on the Class A-1, Class A-2 and Class A-3 Interests. While the Class A-1 Interests and Class A-2 Interests are legally outstanding, they are not considered outstanding for accounting purposes, and are treated as equity classified warrants. Each of the respective Class A-3 and Class A-4 Interests represent different classes of common stock for the purposes of the Company’s earnings per share (“EPS”) computation. We apply the two-class method for purposes of calculating earnings per share of common stock for the Class A-3 and Class A-4 Interests. The two-class method determines earnings per share of common stock and participating securities according to dividends or dividend equivalents declared during the period and each security’s respective participation rights in undistributed earnings and losses. The number of Class A-3 Interests included in the denominator of the basic and diluted loss per share computation are the share equivalent number of partially paid Class A-4 share, as Class A-3 Interests are considered partially outstanding based on the proportion of amounts paid relative to the full value of a Class A-4 Interest. The Class B Common Stock do not have rights to participate in dividends or undistributed earnings, as such, have no impact on the Company’s computation of EPS.

Goodwill and Intangible Assets

Goodwill is tested for impairment on an annual basis in the fourth fiscal quarter, or sooner if an indicator of impairment occurs. To determine whether goodwill is impaired, the Company first assesses certain qualitative factors. Based on this assessment, if it is determined more likely than not that the fair value of a reporting unit is less than its carrying value, the Company performs a quantitative analysis of the goodwill impairment test.

The Company’s intangible asset consists of the Chicago gaming license associated with its casino operations. Following the Merger, the Company’s gaming license is classified as finite-lived, and is being amortized over its estimated useful life.

For its finite-lived intangible asset, the Company establishes a useful life upon initial recognition based on the period over which the asset is expected to contribute to the future cash flow of the Company and periodically evaluates the remaining useful life to determine whether events and circumstances warrant a revision to the remaining amortization period. Finite-lived intangible assets are amortized over their remaining useful lives in a pattern in which the economic benefits of the intangible asset are consumed, which is generally on a straight-line basis. The Company reviews the carrying amount of its finite-lived intangible asset for possible impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Should events and circumstances indicate finite-lived intangible assets may not be recoverable, the Company performs a test for recoverability whereby estimated undiscounted cash flows are compared to the carrying values of the assets. Should the estimated undiscounted cash flows exceed the carrying value, no impairments are recorded. If the undiscounted cash flows do not exceed the carrying values, an impairment is recorded based on the fair value of the asset.
v3.25.2
RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
Operations, as well as assets and liabilities, directly associated with the business activity of the Company are included in the condensed consolidated financial statements. The condensed consolidated financial statements include fees paid in accordance with the corporate services agreement, as described in Note 12 “Commitments and Contingencies”, providing the Company with certain administrative and corporate services, beginning in September 2023 with the commencement of operations at the Temporary Facility. Additionally, the condensed consolidated financial statements include allocations of certain general, administrative, sales and marketing expenses from its Parent, which management believes is commensurate with services provided at fair value, of $15.0 million for the for the three months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor), respectively, and $23.9 million, $6.1 million and $30.0 million for the period from February 8 to June 30, 2025 (Successor), the period from January 1 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor), respectively. These fees and allocated expenses are recorded within Management fees to Bally's Corporation on the condensed consolidated statements of operations. As of June 30, 2025 (Successor), there was a $1.0 million balance of Due to related party (Bally's Corporation) related to administrative expenses.

The Company is dependent on its Parent for a majority of its working capital and financing requirements, and none of its Parent’s cash, cash equivalents or debt has been assigned to Bally’s Chicago in the condensed consolidated financial statements. All expenses paid by Bally’s Corporation on the Company’s behalf are converted into promissory notes and reported within Promissory notes to related party (Bally’s Corporation) on the condensed consolidated balance sheet.
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), promissory notes to related party (Bally’s Corporation) consisted of the following:
($ in thousands)Loan Balance As of June 30, 2025 (Successor)Loan Balance As of December 31, 2024 (Predecessor)Due DateInterest Rate
Promissory notes payable by Bally’s Chicago Operating Company, LLC:
Bally’s Chicago Holding Company, LLC(1)(2)
$695,199 $628,617 December 31, 2025—%
Bally’s Management Group, LLC(1)(2)
— 40,573 December 31, 2025—%
$695,199 $669,190 
Promissory notes payable by Bally’s Chicago Inc.:
Bally’s Chicago Holding Company, LLC(1)(2)
$7,142 $6,338 December 31, 2025—%
Promissory notes payable to related party (Bally’s Corporation)$702,341 $675,528 
__________________________________
(1)    A wholly owned subsidiary of Bally’s Corporation.
(2)    Reclassified $53.9 million of promissory notes due to Bally’s Management Group, LLC to promissory notes due to Bally’s Chicago Holding Company during the period from February 8 to June 30, 2025 (Successor).

The Company’s promissory notes to related party (Bally’s Corporation) transactions consisted of the following:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended
June 30, 2024
Promissory note additions66,942 116,914 — — — 
Promissory note payments(1)
7,000 90,101 — — — 
Average aggregate balance662,380 659,837 675,528 527,230 527,230 
__________________________________
(1)    During the period from February 8 to June 30, 2025 (Successor), the Company used $76.8 million of cash proceeds from the Private Placement to pay down its promissory notes, and $6.3 million of shares were issued in lieu of payment on the promissory notes payable by the Company to the Holding Company.

Subordinated Loan Agreement

In connection with the Private Placement, the Company entered into a subordinated loan agreement with the Holding Company. Under this agreement, the Holding Company, as the lender, provided the Company, the borrower, with subordinated loans in various tranches and amounts. These amounts were determined by the total number of Class A-1, Class A-2 and Class A-3 Interests sold in the Private Placement. None of the investors purchasing Class A Interests in the Private Placement are a party to the subordinated loan agreement, are non-recourse to the holders of our Class A Interests.

In connection with the Company’s IPO and Concurrent Private Placement on August 14, 2025, the Company amended its subordinated loan agreement with the Holding Company. Refer to Note 16 “Subsequent Events” for further information.
The Company incurred the following subordinated loans for the Class A-1, Class A-2 and Class A-3 Interests sold in the Private Placement (in thousands, except per share data):
Share Class
Initial Loan per Share(1)
Total Subordinated Loans(2)
Class A-1$24,750 $6,732 
Class A-2$22,500 6,323 
Class A-3$20,000 3,420 
$16,475 
__________________________________
(1)    Each subordinated loan issued at annual interest rate of 11%, compounded quarterly, with no maturity date.
(2)    As of June 30, 2025 (Successor), total subordinated loans reflects the total original issuance and outstanding principal balance.
In accordance with the Company’s amended and restated certificate of incorporation, any cash available for distribution to the holders of Class A-1, Class A-2 and Class A-3 Interests must first be used to repay the principal and accrued interest on the corresponding subordinated loans. For the three months ended June 30, 2025 (Successor) and the period from February 8 to June 30, 2025, the Company incurred $0.3 million and $0.5 million, respectively, of interest expense related to the subordinated loans, which was recognized within Interest expense, net of amounts capitalized on the Company’s unaudited condensed consolidated statements of operations and capitalized as part of the development of the Permanent Facility (refer to Note 8 “Property and Equipment” for further information).
v3.25.2
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
 6 Months Ended
Jun. 30, 2025
Accounting Changes and Error Corrections [Abstract]  
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Standards Implemented
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 was applied retrospectively and 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 adopted this ASU as of December 31, 2024. Refer to Note 13 “Segment Reporting” for further information.
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 Securities and Exchange Commission’s (“SEC”) 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 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.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. This update will be effective for fiscal years beginning after December 15, 2026, and interim reporting periods in fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its financial statement disclosures.
v3.25.2
REVENUE RECOGNITION
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, (“ASC 606”) 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 three principal sources: (1) gaming, (2) food and beverage, and (3) 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.
Performance Obligations

Retail gaming service contracts involving our casino, 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.

Food and beverage 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 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 condensed 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 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 food and beverage and other, is the net amount collected from the customer for such goods and services. The standalone selling price of these goods and services are determined based upon the actual retail prices charged to customers for those items.

Revenue Recognition

The allocated revenue for gaming wagers is recognized when the wagering occurs as all such wagers settle immediately. 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. Food and beverage and other revenues are recognized at the time the goods are sold from Company-operated outlets.
The estimated retail value related to goods and services provided to guests without charge or upon redemption under the Company’s player loyalty programs included in departmental revenues, and therefore reducing gaming revenues, are as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended
June 30, 2024
Food and beverage$1,257 1,956 443 $1,261 $2,450 

The following table provides a disaggregation of total revenue:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Gaming$31,083 $47,018 $10,353 $29,425 $57,616 
Non-gaming:
Food and beverage2,570 4,010 868 2,514 5,114 
Other708 1,129 266 705 1,436 
Total non-gaming revenue3,278 5,139 1,134 3,219 6,550 
Total revenue$34,361 $52,157 $11,487 $32,644 $64,166 

Contract Assets and Contract Related Liabilities
The Company’s receivables related to contracts with customers are primarily comprised of marker balances and other amounts due from gaming activities. The Company’s receivables related to contracts with customers were $40.0 thousand and $0.1 million as of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), 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 sheet.
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.
Unpaid wagers include the Company’s outstanding chip liability and unpaid slot tickets.
Liabilities related to contracts with customers as of June 30, 2025 (Successor) and December 31, 2024 (Predecessor) were as follows:
(in thousands)June 30, 2025 (Successor)December 31, 2024 (Predecessor)
Unpaid wagers$2,217 $1,541 
Loyalty programs259 51 
Advanced deposits from customers45 1 
Total$2,521 $1,593 
The Company recognized revenue from loyalty program redemptions amounting to $0.2 million and $0.3 million for the three months ended June 30, 2025 (Successor) and the period from February 8 to June 30, 2025 (Successor), respectively. Additionally, the Company recognized $0.1 million for each of the following: the period from January 1 to February 7, 2025 (Predecessor), the three months ended June 30, 2024 (Predecessor) and the six months ended June 30, 2024 (Predecessor).
v3.25.2
BUSINESS COMBINATIONS
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATIONS BUSINESS COMBINATIONS
The Merger & Pushdown Accounting
As described in Note 1 “General Information”, Bally’s elected to apply pushdown accounting at the time of the Merger, which resulted in the following assets and liabilities of the Company being measured and recognized at their fair values as of the Closing Date.
(in thousands)February 7, 2025Year to Date AdjustmentsPreliminary as of June 30, 2025
Property and equipment, net$183,121 $(4,745)$178,376 
Right of use assets, net268,014 — 268,014 
Goodwill105,506 45 105,551 
Intangible assets318,600 — 318,600 
Lease liabilities(271,080)3,066 (268,014)
Deferred tax liability(5,924)— (5,924)
The purchase consideration in the Merger has been allocated to the Company’s tangible and identifiable intangible assets and liabilities based upon their estimated fair values as of the Closing Date, with the excess of the purchase consideration over the aggregate net fair values recorded as goodwill, which is not deductible for 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 a management team experienced in the gaming industry.
Accounts receivable, inventory, other assets, and current liabilities were stated at their historical carrying value, which approximates fair value given the short-term nature of these assets and liabilities. The estimate of fair value for property and equipment was based on an assessment of the assets' condition, as well as an evaluation of the current market value of such assets. The fair value of leasehold interests was estimated based on evaluating contractual rent payments relative to market rent giving consideration to the Company’s capitalization rates and rent coverage ratios, under the income method or by estimating the fee simple value and estimated rate of return, depending on the nature of the underlying leasehold interest.
The valuation of the gaming license intangible asset was determined using the Greenfield Method under the income approach. This method estimates isolated income that is properly attributable to a license based on modeling a hypothetical start-up company going into business without any other assets than the gaming license being valued and building a new casino with similar utility to the existing casino. Using this method, the valuation of the gaming license was dependent upon significant estimates such as projected revenues and cash flows, estimated construction costs, duration of that construction, expansion costs and appropriate discounting. Level 3 inputs used in estimating future cash flows included a terminal growth rate of 3% and a discount rate of 14.5%. Following the Merger, the gaming license was determined to be finite-lived, with an estimated useful life of 18 years.
The estimated fair values were based on assumptions that the Company believes are reasonable. As of June 30, 2025 (Successor), Bally’s Corporation is in the process of completing its valuation of tangible and intangible assets and the allocation of the purchase price to the assets acquired and liabilities assumed, including the goodwill allocation to reporting units, which will be completed once the valuation process has been finalized.
v3.25.2
PREPAID EXPENSES AND OTHER CURRENT ASSETS
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
PREPAID EXPENSES AND OTHER CURRENT ASSETS PREPAID EXPENSES AND OTHER CURRENT ASSETS
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), prepaid expenses and other current assets was comprised of the following:
(in thousands)June 30, 2025 (Successor)December 31, 2024 (Predecessor)
Prepaid marketing$780 $468 
Annual host community impact fees
670 2,667 
Services and license agreements561 743 
Gaming taxes62 390 
Other2 55 
Total prepaid expenses and other current assets$2,075 $4,323 
v3.25.2
PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), property and equipment was comprised of the following:
(in thousands)June 30, 2025 (Successor)December 31, 2024 (Predecessor)
Leasehold improvements$24,682 $42,513 
Equipment21,166 28,096 
Furniture and fixtures2,513 469 
Construction in process230,249 125,638 
Total property and equipment278,610 196,716 
Less: Accumulated deprecation(6,393)(23,969)
Total property and equipment, net$272,217 $172,747 
Depreciation expense related to property and equipment was $4.1 million and $4.8 million for the three months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor), respectively. Depreciation expense related to property and equipment was $6.4 million, $2.0 million and $9.1 million for the period from February 8 to June 30, 2025 (Successor), the period from January 1 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor), respectively.

As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), the vast majority of the Company’s Construction in process was attributable to the development of the Permanent Facility. During the three and six months ended June 30, 2024 (Predecessor), the Company capitalized $2.1 million and $3.9 million of interest, respectively. There was $0.5 million interest capitalized during the three months ended June 30, 2025 (Successor) and the period from February 8 to June 30, 2025 (Successor). There was no interest capitalized during the period from January 1 to February 7, 2025 (Predecessor).
v3.25.2
GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
In connection with the Merger, the Company recorded $105.6 million of Goodwill within its Permanent Casino reportable segment. Additionally, the Company recorded an increase of $132.4 million to Intangible assets, net related to the Company’s gaming license in Chicago in connection with the Merger. Refer to Note 6 “Business Combinations” for further information.

As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), the Company’s identifiable intangible assets consisted of the following:
(in thousands, except years)Weighted Average Remaining life (in years)Gross Carrying AmountAccumulated
Amortization		Net
June 30, 2025 (Successor)
Gaming license 17.6$318,600 $(6,947)$311,653 
Total intangible assets, net$318,600 $(6,947)$311,653 
December 31, 2024 (Predecessor)
Gaming licenses1.9$250 $(29)$221 
Gaming licenses Indefinite186,000 — 186,000 
Total intangible assets, net$186,250 $(29)$186,221 
Amortization of intangible assets was approximately $4.4 million and $6.9 million for the three months ended June 30, 2025 (Successor) and the period from February 8 to June 30, 2025 (Successor), respectively. Amortization expense for the period from January 1 to February 7, 2025 (Predecessor) and the three and six months ended June 30, 2024 (Predecessor) was de minimus.
The following table reflects the remaining amortization expense associated with the finite-lived intangible assets as of June 30, 2025 (Successor):
(in thousands)
Remaining 2025
$8,850 
202617,700 
202717,700 
202817,700 
202917,700 
Thereafter232,003 
Total$311,653 
v3.25.2
ACCRUED AND OTHER CURRENT LIABILITIES
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
ACCRUED AND OTHER CURRENT LIABILITIES ACCRUED AND OTHER CURRENT LIABILITIES
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), accrued liabilities consisted of the following:
(in thousands)June 30, 2025 (Successor)December 31, 2024 (Predecessor)
Construction$20,177 $2,089 
Gaming liabilities6,140 2,037 
Compensation2,318 2,369 
Property taxes2,146 2,246 
Professional service fees1,146 2,699 
Legal852 439 
Other1,143 684 
Total accrued and other current liabilities$33,922 $12,563 
v3.25.2
LEASES
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
LEASES LEASES
Operating Leases
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), the Company had total operating lease liabilities of $267.7 million and $210.6 million, respectively, and right of use assets of $266.2 million and $210.0 million, respectively.
Components of lease expense included within “General and administrative” for operating leases during the three months ended June 30, 2025 (Successor), the three months ended June 30, 2024 (Predecessor), the period from February 8 to June 30, 2025 (Successor), the period from January 1 to February 7, 2025 (Predecessor) and the three months ended June 30, 2024 (Predecessor) are as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Operating lease cost$6,187 $9,796 $2,560 $1,144 $2,289 
Variable lease cost41 61 14 6 23 
Operating lease expense6,228 9,857 2,574 1,150 2,312 
Short-term lease expense700 1,352 466 855 1,688 
Total operating lease expense$6,928 $11,209 $3,040 $2,005 $4,000 
Supplemental cash flow and other information related to operating leases is as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Cash paid for amounts included in the lease liability - operating cash flows from operating leases$6,269 $9,919 $2,548 $1,166 $2,261 
June 30, 2025 (Successor)December 31, 2024 (Predecessor)
Weighted average remaining lease term94.0 years92.9 years
Weighted average discount rate7.9 %9.9 %
As of June 30, 2025 (Successor), future minimum lease payments under noncancellable operating leases are as follows:
(in thousands)
Remaining 2025$12,322 
202624,714 
202720,094 
202820,000 
202920,000 
Thereafter1,837,667 
Total lease payments1,934,797 
Less: present value discount(1,667,118)
Lease obligations$267,679 
Pending Lease Transactions
On July 11, 2024 (Predecessor), the Company entered into a Binding Term Sheet to form a strategic construction and financing arrangement with GLP Capital, L.P. (“GLP”) which includes the funding to complete the construction of the Permanent Facility. GLP will amend the existing land lease through a new master lease agreement with the Company (“Chicago MLA”). The Chicago MLA includes annual rent of $20.0 million, subject to customary escalation provisions. The Chicago MLA also provides up to $940.0 million in construction financing, subject to conditions and approvals. The Company will pay additional rent under the Chicago MLA based on a 8.5% capitalization rate on funded amounts. The initial lease term for the Chicago MLA is 15 years and includes four, five year options to renew and is subject to annual escalation. On July 17, 2025, the Company signed the Chicago MLA with GLP. Refer to Note 16 “Subsequent Events” for further information.
LEASES LEASES
Operating Leases
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), the Company had total operating lease liabilities of $267.7 million and $210.6 million, respectively, and right of use assets of $266.2 million and $210.0 million, respectively.
Components of lease expense included within “General and administrative” for operating leases during the three months ended June 30, 2025 (Successor), the three months ended June 30, 2024 (Predecessor), the period from February 8 to June 30, 2025 (Successor), the period from January 1 to February 7, 2025 (Predecessor) and the three months ended June 30, 2024 (Predecessor) are as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Operating lease cost$6,187 $9,796 $2,560 $1,144 $2,289 
Variable lease cost41 61 14 6 23 
Operating lease expense6,228 9,857 2,574 1,150 2,312 
Short-term lease expense700 1,352 466 855 1,688 
Total operating lease expense$6,928 $11,209 $3,040 $2,005 $4,000 
Supplemental cash flow and other information related to operating leases is as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Cash paid for amounts included in the lease liability - operating cash flows from operating leases$6,269 $9,919 $2,548 $1,166 $2,261 
June 30, 2025 (Successor)December 31, 2024 (Predecessor)
Weighted average remaining lease term94.0 years92.9 years
Weighted average discount rate7.9 %9.9 %
As of June 30, 2025 (Successor), future minimum lease payments under noncancellable operating leases are as follows:
(in thousands)
Remaining 2025$12,322 
202624,714 
202720,094 
202820,000 
202920,000 
Thereafter1,837,667 
Total lease payments1,934,797 
Less: present value discount(1,667,118)
Lease obligations$267,679 
Pending Lease Transactions
On July 11, 2024 (Predecessor), the Company entered into a Binding Term Sheet to form a strategic construction and financing arrangement with GLP Capital, L.P. (“GLP”) which includes the funding to complete the construction of the Permanent Facility. GLP will amend the existing land lease through a new master lease agreement with the Company (“Chicago MLA”). The Chicago MLA includes annual rent of $20.0 million, subject to customary escalation provisions. The Chicago MLA also provides up to $940.0 million in construction financing, subject to conditions and approvals. The Company will pay additional rent under the Chicago MLA based on a 8.5% capitalization rate on funded amounts. The initial lease term for the Chicago MLA is 15 years and includes four, five year options to renew and is subject to annual escalation. On July 17, 2025, the Company signed the Chicago MLA with GLP. Refer to Note 16 “Subsequent Events” for further information.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Community Host Agreement
As mentioned in Note 1 “General Information”, the Company signed a host community agreement with the City of Chicago to develop a Permanent Facility, Bally’s Chicago, for $1.34 billion. No assurance can be made that this estimate will not materially change during the development of the facility. As of June 30, 2025 (Successor), approximately $936.6 million of this commitment remains.

In connection with the entry into the host community agreement with the City of Chicago, the Company will is required to pay annual fixed host community impact fees of $4.0 million. Additionally, Bally’s Corporation provided the City of Chicago with a performance guaranty whereby Bally’s Corporation agreed to have and maintain available financial resources in an amount reasonably sufficient to allow the Company to complete its obligations under the host community agreement. Upon notice from the City of Chicago that the Company has failed to perform various obligations under the host community agreement, Bally’s Corporation has indemnified the City of Chicago against any and all liability, claim or reasonable and documented expense the City of Chicago may suffer or incur by reason of any nonperformance of any of the Company’s obligations. The guaranty will terminate two years after the later of (i) the date on which the Permanent Facility commences operations or (ii) the date on which Bally’s Chicago achieves final completion as defined in the host community agreement.

Casino Fees

Under the Illinois Gambling Act, the Company will be responsible to pay the Illinois Gaming Board a reconciliation fee payment three years after the date operations commenced (in a temporary or permanent facility) in an amount equal to 75% of the adjusted gross receipt (“AGR”) for the most lucrative 12-month period of operations, minus the amount equal to the initial payment per gaming position paid.
Corporate Services Agreement
The Company has a Corporate Services Agreement with Bally’s Corporation requiring a fixed monthly payment of $5.0 million, beginning with the commencement of operations at the Temporary Facility. The Corporate Services Agreement provides the Company with certain administrative and corporate services from Bally’s Management Group, LLC. These fixed payments are in addition to certain expenses such as personnel and administrative costs allocated to the Company, based on an estimated percentages of time spent on the Company’s activities by corporate employees. In accordance with the corporate services agreement, the Company recorded $15.0 million, $15.0 million, $23.9 million, $6.1 million and $30.0 million during the three months ended June 30, 2025 (Successor), the three months ended June 30, 2024 (Predecessor), the period from February 8 to June 30, 2025 (Successor), the period from January 1 to February 7, 2025 (Predecessor) and the six months ended June 30, 2024 (Predecessor), respectively, within Management fees to Bally's Corporation in the condensed consolidated statements of operations.
v3.25.2
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
During the third quarter of 2024, the Company updated its operating and reportable segments to align with how the business is being managed. A change in the way the Company’s chief operating decision maker makes operating decisions, assesses the performance of the business and allocates resources was driven by the Company taking possession of the land underlying the permanent casino project during the quarter. As a result of this segment re-alignment, the Company determined it had two operating and reportable segments: Temporary Casino and Permanent Casino. The “Other adjustments” include certain unallocated corporate operating expenses and other adjustments to reconcile to the Company’s consolidated results including, among other expenses, compensation for certain executives and other transaction costs. The prior year results presented below were reclassified to conform to the new segment presentation.

For the Temporary Casino operating segment, the Company’s measure of segment performance is Adjusted EBITDAR (defined below). Management believes segment Adjusted EBITDAR is representative of its ongoing business operations including its ability to service debt and to fund capital expenditures and its operations, in addition to it being a commonly used measure of performance in the gaming industry and used by industry analysts to evaluate operations and operating performance. For the Permanent Casino operating segment, the measure of segment performance is operating income (loss).

The Company’s chief operating decision maker (the “CODM”) is its President. Temporary Casino Adjusted EBITDAR and Permanent Casino operating income (loss) are utilized by the CODM to analyze and evaluate period-to-period performance of the business and are used as determining factors for performance-based compensation for members of the Company’s management.

The following table sets forth the measures of segment performance for the Company’s two reportable segments, reconciled to net loss on a consolidated basis. The Other adjustments category is included in the following table in order to reconcile the segment information to the Company’s unaudited condensed consolidated financial statements.
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Revenue
Temporary Casino$34,361 $52,157 $11,487 $32,644 $64,166 
Permanent Casino— — — — — 
Total revenue$34,361 $52,157 $11,487 $32,644 $64,166 
Permanent Casino Loss from Operations
$(11,220)$(17,026)$(3,536)$(1,714)$(3,203)
Temporary Casino Adjusted EBITDAR(1)
$1,615 $3,249 $(917)$3,839 $5,677 
Temporary Casino Operating costs and expenses excluded from Adjusted EBITDAR
Depreciation and amortization(4,045)(6,365)(1,976)(4,793)(9,070)
Expansion costs(2)
— — — (52)(103)
Management fees to Bally's Corporation(15,000)(23,871)(6,129)(15,000)(30,000)
Other expenses
Total other expense, net(3)
248 — — (1,806)(3,946)
Other adjustments(1,302)(1,671)(314)(738)(1,168)
Total Net loss$(29,704)$(45,684)$(12,872)$(20,264)$(41,813)
__________________________________
(1)    Adjusted EBITDAR is defined as earnings, or loss, for the Temporary Casino before interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, expansion costs, management fees to Bally’s Corporation, rent expense from triple net operating leases, and certain other gains or losses.
(2)    The Company defines expansion expenses as costs incurred in connection with the opening of a new facility or significant expansion of an existing property. Costs classified as expansion consist primarily of marketing, master planning, conceptual design fees and legal and professional fees that are not eligible for capitalization and are included in “General and administrative” on the unaudited condensed consolidated statements of operations.
(3)    Total other expense, net includes primarily interest expense.
The following table sets forth significant segment expenses and other segment items by reportable segment (in thousands):
SuccessorPredecessor
Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Temporary Casino
Revenue$34,361 $52,157 $11,487 $32,644 $64,166 
Less: Segment expenses
Marketing costs3,388 4,581 1,390 2,789 4,883 
Gaming tax9,502 14,370 3,271 9,246 18,161 
Compensation12,087 17,435 4,482 8,483 17,596 
Casino property costs3,989 5,738 590 2,608 4,938 
General and administrative2,400 4,391 770 1,862 3,695 
Other segment items (1)
1,380 2,393 1,901 3,817 9,216 
Temporary Casino EBITDAR$1,615 $3,249 $(917)$3,839 $5,677 
Permanent Casino
Revenue$— $— $— $— $— 
Less: segment expenses
Expansion costs1,772 2,237 1,348 1,714 3,203 
Rent expense4,996 7,815 2,179 — — 
Amortization of gaming license4,452 6,974 9 — — 
Other segment items (1)
— — — — — 
Permanent Casino Loss from Operations$(11,220)$(17,026)$(3,536)$(1,714)$(3,203)
__________________________________
(1)    Other segment items includes Gaming and non-gaming expenses and certain other immaterial costs and allocations.

SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Capital Expenditures
Temporary Casino$973 $1,026 $— $116 $139 
Permanent Casino33,543 56,431 10,969 20,930 38,501 
Total$34,516 $57,457 $10,969 $21,046 $38,640 

(in thousands)June 30, 2025 (Successor)December 31, 2024 (Predecessor)
Total assets
Temporary Casino$68,585 $79,208 
Permanent Casino906,726 512,686 
Other(1)
12,317 8,011 
Total$987,628 $599,905 
__________________________________
(1)    Other primarily includes capitalized costs associated with the Company’s proposed initial public offering and certain other unallocated Corporate assets.
v3.25.2
REDEEMABLE NON-CONTROLLING INTEREST
 6 Months Ended
Jun. 30, 2025
Noncontrolling Interest [Abstract]  
REDEEMABLE NON-CONTROLLING INTEREST REDEEMABLE NON-CONTROLLING INTEREST
In conjunction with the Reorganization, the Holding Company acquired 30,000 of the total issued and outstanding 33,326 LLC interests in the Operating Company, representing a 90% economic interest in the Operating Company. Pursuant to its limited liability company agreement with the Operating Company (the “LLC Agreement”), as amended and restated on March 10, 2025, upon a change in control event, the Company, as the sole managing member, may redeem all or a portion of the LLC interests along with an equal number of Class B interests in exchange for either (a) shares of Class A Interests in the Company; or, (b) at the election of the Company, an approximately equivalent amount of cash as determined pursuant to the terms of the LLC Agreement. In connection with such redemption, a corresponding number of shares of Class B interests held by the Holding Company will be cancelled. The cash redemption election is not considered to be within the control of the Company because the holders of Class B interests, the Holding Company, control the Company through direct representation on the Board of Directors.

The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”). The Company presents the non-controlling interests in the Operating Company as redeemable non-controlling interest outside of permanent equity. Upon issuance of the Operating Company’s LLC interests to the Holding Company in March 2025, $750.0 million of redeemable non-controlling interest was recorded in accordance with ASC 480-10-S99. The consideration for the LLC interests issued by the Operating Company is in the form of a capital commitment, which is contingent on the occurrence of the Company’s equity issuance through public offering. As a result, concurrent with any future public offering, the Company will recognize a receivable as contra-mezzanine equity within its Redeemable non-controlling interest. As a result of the Company’s IPO and Concurrent Private Placement on August 14, 2025, the Holding Company’s voting power in the Company and economic interest in the Operating Company were updated. Refer to Note 16 “Subsequent Events” for further information.

The redemption of the non-controlling interest is tied to the occurrence of a contingent event, which is not considered probable as of June 30, 2025 (Successor), and as such, the redeemable non-controlling interests have not been subsequently remeasured.

Net loss attributable to redeemable non-controlling interest was $25.9 million and $31.6 million for the three months ended June 30, 2025 (Successor) and period from February 8 to June 30, 2025 (Successor), respectively. There was no net loss attributable to redeemable non-controlling interest for the period from January 1 to February 7, 2025 (Predecessor) or the three and six months ended June 30, 2024 (Predecessor).

As of June 30, 2025 (Successor), redeemable non-controlling interest was $718.4 million. There was no redeemable non-controlling interest as of December 31, 2024 (Predecessor).
v3.25.2
LOSS PER SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
LOSS PER SHARE LOSS PER SHARE
The reconciliation of the weighted average shares outstanding for basic and diluted loss per share is as follows:
SuccessorPredecessor
(in thousands, except per share data)Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Net loss attributable to Bally's Chicago, Inc.$(3,760)$(14,127)$(12,872)$(20,264)$(41,813)
Weighted average common shares outstanding, basic2,636 2,086 100 100 100 
Weighted average common shares outstanding, diluted2,636 2,086 100 100 100 
Per share data
Basic loss per share$(1,426)$(6,772)$(128,720)$(202,640)$(418,130)
Diluted loss per share$(1,426)$(6,772)$(128,720)$(202,640)$(418,130)
There were 690 Class A Interests that were considered anti-dilutive for the three months ended June 30, 2025 (Successor) and the period from February 8 to June 30, 2025 (Successor). As the unaudited condensed consolidated statements of operations is in a net loss position for this period, the potentially dilutive effects of these shares were excluded from the calculation of diluted loss per share because of the effect of including such potentially dilutive shares would have been anti-dilutive upon conversion under the if-converted method. There were no shares that were considered anti-dilutive for the period from January 1 to February 7, 2025 (Predecessor), or the three and six months ended June 30, 2024 (Predecessor).
v3.25.2
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Changes to Authorized Shares

On August 14, 2025, in connection with the Company’s IPO and Concurrent Private Placement, the Company amended its Certificate of Incorporation to increase Class A Interests of the Company’s common stock, and authorize the issuance of up to an additional 8,200 shares of Class A Interests in the Company.

As of August 14, 2025, the total number of shares of all classes of stock the Company is authorized to issue consists of the following:
Share Class
Shared Authorized(1)
Class A-13,000
Class A-2500
Class A-3500
Class A-48,500
Class B30,000
__________________________________
(1)    All Class A Interests and Class B Interests have a par value of $0.001 per share.

Issuance of Class A Interests

On August 14, 2025, through it’s IPO and Concurrent Private Placement the Company sold a total of 3,685 additional Class A Interests to certain investors for an aggregate purchase price of $31.1 million consisting of the following share classes and price per share:
Share ClassNumber of SharesPrice Per Share
Class A-12,154$250 
Class A-2208$2,500 
Class A-3151$5,000 
Class A-41,172$25,000 

Subordinated Loan Agreement

In connection with the issuance of these shares, the Company amended and restated its subordinated loan agreement with the Holding Company, pursuant to which the Holding Company made additional subordinated term loans to the Company totaling $61.0 million at an annual interest rate of 11%, compounded quarterly, with no maturity date.

LLC Interest Subscription Agreement

On August 14, 2025, the Company entered into an LLC interests subscription agreement with the Operating Company, purchasing 3,685 additional LLC interests of the Operating Company for total purchase price of $92.1 million, reducing the Holding Company’s economic interest in the Operating Company to 81%. The Company will continue to consolidate the Operating Company as the sole managing member in accordance with ASC 810, and consequently, the Holding Company’s ownership interest in Operating Company will continue to be represented as non-controlling interest in the Company’s consolidated financial statements.
One Big Beautiful Bill

On July 4, 2025, President Trump signed the One Big Beautiful Bill (“OBBB”), which resulted in many tax extensions and other rule changes, including the following which will have an effect on our tax provision in 2025 or 2026:

•Full expensing of U.S. research and development costs under Section 174A
•Retroactive expensing of unamortized U.S. research and development costs capitalized between 2022 and 2024; either all in 2025, or over two years in 2025 and 2026.
•Return of the Section 163(j) taxable income base excluding the deductions for depreciation and amortization in 2025 (change from “Tax EBIT” to “Tax EBITDA”).
•Decrease in the Section 250 deduction for Net CFC Tested Income (formerly GILTI) to 40% (from 50%) in 2026, instead of the scheduled decrease to 37.5% prior to the OBBB.
•Decrease in the Section 250 deduction for foreign-derived income to 33.34% (from 37.5%) in 2026, instead of the scheduled decrease to 21.875% prior to the OBBB.
•Increase in the foreign tax credit rate on Net CFC Tested Income (formerly GILTI) to 90% (from 80%), and a 10% disallowance on repatriation, in 2026.
•Removal of the allocation of interest expense and research and development expense to Net CFC Tested Income (formerly GILTI) in calculating the foreign tax credit limitation, effective in 2026.
The Company is currently evaluating the effect of the OBBB on its future interim and annual financial statements. The Company’s deferred tax asset for U.S. research and development costs may be reversed in the subsequent financial statement, decreasing tax payable for a similar amount or increasing other tax attributes; and this research deduction may have an effect on the Section 163(j) limitation; as such, the full effect of the OBBB is not practical to estimate at this time.

Chicago MLA

On July 17, 2025, the Company entered into the Chicago MLA, as described in Note 11 “Leases,” with GLP, that amended the existing ground lease for the property on which the Company plans to develop its Permanent Facility and a development agreement with GLP (the “Chicago Development Agreement”) pursuant to which GLP has committed to advance up to $940 million (the “GLP Development Advances”) for the payment of hard costs used to construct the Permanent Facility in exchange for increasing the amount of rent payable to GLP under the Chicago MLA.

The Chicago MLA has an initial term of 15 years and includes four, five year options to renew and is subject to annual escalation. Annual rent under the Chicago MLA is $20 million, with additional rent equal to 8.5% of the GLP Development Advances that are granted to the Company. The amended and restated ground lease will be accounted for as a lease modification event in the third quarter of 2025. The Company expects to begin drawing on the advance under the Chicago Development Agreement and thus incurring increased rent in the third quarter of 2025.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
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 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 (“US 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 financial statements for the year ended December 31, 2024 (Predecessor) included in the Form S-1/A, as filed with the SEC August 5, 2025.
Use of Estimates
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.
Cash The Company considers all cash balances and highly liquid investments with an original maturity of three months or less to be cash and cash equivalents.
Advertising Expenses The Company expenses advertising costs as incurred and is included in “General and administrative” on the condensed consolidated statements of operations.
Expansion Expense The Company expenses expansion costs as incurred. The Company defines expansion expenses as costs incurred in connection with the opening of a new facility or significant expansion of an existing property. Costs classified as expansion costs consist primarily of marketing, master planning, conceptual design fees and legal and professional fees that are not eligible for capitalization and are included in “General and administrative” on the condensed consolidated statements of operations.
Employee Benefit Plans The Company participates in the Bally’s Corporation operates defined contribution plans covering its non-union employees and certain union employees, as well as multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover certain of its union employees. The defined contribution plans allow for employee deferrals, which are matched at the Company’s discretion.
Earnings Per Share (EPS)
We have two classes of common stock in the form of Class A Interests and Class B Common Stock. Our Class A Interests are entitled to discretionary dividends, subject to the impact of liquidation and distribution priority of the subordinated loans on the Class A-1, Class A-2 and Class A-3 Interests. While the Class A-1 Interests and Class A-2 Interests are legally outstanding, they are not considered outstanding for accounting purposes, and are treated as equity classified warrants. Each of the respective Class A-3 and Class A-4 Interests represent different classes of common stock for the purposes of the Company’s earnings per share (“EPS”) computation. We apply the two-class method for purposes of calculating earnings per share of common stock for the Class A-3 and Class A-4 Interests. The two-class method determines earnings per share of common stock and participating securities according to dividends or dividend equivalents declared during the period and each security’s respective participation rights in undistributed earnings and losses. The number of Class A-3 Interests included in the denominator of the basic and diluted loss per share computation are the share equivalent number of partially paid Class A-4 share, as Class A-3 Interests are considered partially outstanding based on the proportion of amounts paid relative to the full value of a Class A-4 Interest. The Class B Common Stock do not have rights to participate in dividends or undistributed earnings, as such, have no impact on the Company’s computation of EPS.
Goodwill Goodwill is tested for impairment on an annual basis in the fourth fiscal quarter, or sooner if an indicator of impairment occurs. To determine whether goodwill is impaired, the Company first assesses certain qualitative factors. Based on this assessment, if it is determined more likely than not that the fair value of a reporting unit is less than its carrying value, the Company performs a quantitative analysis of the goodwill impairment test.
Finite-Lived Intangible Assets
The Company’s intangible asset consists of the Chicago gaming license associated with its casino operations. Following the Merger, the Company’s gaming license is classified as finite-lived, and is being amortized over its estimated useful life.

For its finite-lived intangible asset, the Company establishes a useful life upon initial recognition based on the period over which the asset is expected to contribute to the future cash flow of the Company and periodically evaluates the remaining useful life to determine whether events and circumstances warrant a revision to the remaining amortization period. Finite-lived intangible assets are amortized over their remaining useful lives in a pattern in which the economic benefits of the intangible asset are consumed, which is generally on a straight-line basis. The Company reviews the carrying amount of its finite-lived intangible asset for possible impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Should events and circumstances indicate finite-lived intangible assets may not be recoverable, the Company performs a test for recoverability whereby estimated undiscounted cash flows are compared to the carrying values of the assets. Should the estimated undiscounted cash flows exceed the carrying value, no impairments are recorded. If the undiscounted cash flows do not exceed the carrying values, an impairment is recorded based on the fair value of the asset.
Standards Implemented and Standards to Be Implemented
Standards Implemented
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 was applied retrospectively and 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 adopted this ASU as of December 31, 2024. Refer to Note 13 “Segment Reporting” for further information.
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 Securities and Exchange Commission’s (“SEC”) 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 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.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. This update will be effective for fiscal years beginning after December 15, 2026, and interim reporting periods in fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its financial statement disclosures.
Revenue Recognition
The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, (“ASC 606”) 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 three principal sources: (1) gaming, (2) food and beverage, and (3) 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.
Performance Obligations

Retail gaming service contracts involving our casino, 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.

Food and beverage 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 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 condensed 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 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 food and beverage and other, is the net amount collected from the customer for such goods and services. The standalone selling price of these goods and services are determined based upon the actual retail prices charged to customers for those items.

Revenue Recognition
The allocated revenue for gaming wagers is recognized when the wagering occurs as all such wagers settle immediately. 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. Food and beverage and other revenues are recognized at the time the goods are sold from Company-operated outlets.
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Stock by Class
On March 10, 2025 (Successor), as part of the Private Placement, the Company sold a total of 1,185 Class A Interests to certain accredited investors, raising $13.2 million in gross proceeds, consisting of the following share classes and price per share:
Share ClassNumber of SharesPrice Per Share
Class A-1272$250 
Class A-2281$2,500 
Class A-3171$5,000 
Class A-4461$25,000 
As of August 14, 2025, the total number of shares of all classes of stock the Company is authorized to issue consists of the following:
Share Class
Shared Authorized(1)
Class A-13,000
Class A-2500
Class A-3500
Class A-48,500
Class B30,000
__________________________________
(1)    All Class A Interests and Class B Interests have a par value of $0.001 per share.
On August 14, 2025, through it’s IPO and Concurrent Private Placement the Company sold a total of 3,685 additional Class A Interests to certain investors for an aggregate purchase price of $31.1 million consisting of the following share classes and price per share:
Share ClassNumber of SharesPrice Per Share
Class A-12,154$250 
Class A-2208$2,500 
Class A-3151$5,000 
Class A-41,172$25,000 
Schedule of Accounts Receivable
Accounts receivable consists of the following:
(in thousands)June 30, 2025 (Successor)December 31, 2024 (Predecessor)
Gaming receivables$1,576 $1,151 
Non-gaming receivables685 337 
Accounts receivable2,261 1,488 
Less: Allowance for doubtful accounts— (18)
Accounts receivable, net$2,261 $1,470 
v3.25.2
RELATED PARTY TRANSACTIONS (Tables)
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), promissory notes to related party (Bally’s Corporation) consisted of the following:
($ in thousands)Loan Balance As of June 30, 2025 (Successor)Loan Balance As of December 31, 2024 (Predecessor)Due DateInterest Rate
Promissory notes payable by Bally’s Chicago Operating Company, LLC:
Bally’s Chicago Holding Company, LLC(1)(2)
$695,199 $628,617 December 31, 2025—%
Bally’s Management Group, LLC(1)(2)
— 40,573 December 31, 2025—%
$695,199 $669,190 
Promissory notes payable by Bally’s Chicago Inc.:
Bally’s Chicago Holding Company, LLC(1)(2)
$7,142 $6,338 December 31, 2025—%
Promissory notes payable to related party (Bally’s Corporation)$702,341 $675,528 
__________________________________
(1)    A wholly owned subsidiary of Bally’s Corporation.
(2)    Reclassified $53.9 million of promissory notes due to Bally’s Management Group, LLC to promissory notes due to Bally’s Chicago Holding Company during the period from February 8 to June 30, 2025 (Successor).

The Company’s promissory notes to related party (Bally’s Corporation) transactions consisted of the following:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended
June 30, 2024
Promissory note additions66,942 116,914 — — — 
Promissory note payments(1)
7,000 90,101 — — — 
Average aggregate balance662,380 659,837 675,528 527,230 527,230 
__________________________________
(1)    During the period from February 8 to June 30, 2025 (Successor), the Company used $76.8 million of cash proceeds from the Private Placement to pay down its promissory notes, and $6.3 million of shares were issued in lieu of payment on the promissory notes payable by the Company to the Holding Company.
Schedule of Subordinated Loans
The Company incurred the following subordinated loans for the Class A-1, Class A-2 and Class A-3 Interests sold in the Private Placement (in thousands, except per share data):
Share Class
Initial Loan per Share(1)
Total Subordinated Loans(2)
Class A-1$24,750 $6,732 
Class A-2$22,500 6,323 
Class A-3$20,000 3,420 
$16,475 
__________________________________
(1)    Each subordinated loan issued at annual interest rate of 11%, compounded quarterly, with no maturity date.
(2)    As of June 30, 2025 (Successor), total subordinated loans reflects the total original issuance and outstanding principal balance.
v3.25.2
REVENUE RECOGNITION (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Net Revenue
The estimated retail value related to goods and services provided to guests without charge or upon redemption under the Company’s player loyalty programs included in departmental revenues, and therefore reducing gaming revenues, are as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended
June 30, 2024
Food and beverage$1,257 1,956 443 $1,261 $2,450 

The following table provides a disaggregation of total revenue:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Gaming$31,083 $47,018 $10,353 $29,425 $57,616 
Non-gaming:
Food and beverage2,570 4,010 868 2,514 5,114 
Other708 1,129 266 705 1,436 
Total non-gaming revenue3,278 5,139 1,134 3,219 6,550 
Total revenue$34,361 $52,157 $11,487 $32,644 $64,166 
Schedule of Contract with Customers, Liabilities
Liabilities related to contracts with customers as of June 30, 2025 (Successor) and December 31, 2024 (Predecessor) were as follows:
(in thousands)June 30, 2025 (Successor)December 31, 2024 (Predecessor)
Unpaid wagers$2,217 $1,541 
Loyalty programs259 51 
Advanced deposits from customers45 1 
Total$2,521 $1,593 
v3.25.2
BUSINESS COMBINATIONS (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Recognized Asset Acquired and Liability Assumed
As described in Note 1 “General Information”, Bally’s elected to apply pushdown accounting at the time of the Merger, which resulted in the following assets and liabilities of the Company being measured and recognized at their fair values as of the Closing Date.
(in thousands)February 7, 2025Year to Date AdjustmentsPreliminary as of June 30, 2025
Property and equipment, net$183,121 $(4,745)$178,376 
Right of use assets, net268,014 — 268,014 
Goodwill105,506 45 105,551 
Intangible assets318,600 — 318,600 
Lease liabilities(271,080)3,066 (268,014)
Deferred tax liability(5,924)— (5,924)
v3.25.2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Assets
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), prepaid expenses and other current assets was comprised of the following:
(in thousands)June 30, 2025 (Successor)December 31, 2024 (Predecessor)
Prepaid marketing$780 $468 
Annual host community impact fees
670 2,667 
Services and license agreements561 743 
Gaming taxes62 390 
Other2 55 
Total prepaid expenses and other current assets$2,075 $4,323 
v3.25.2
PROPERTY AND EQUIPMENT (Tables)
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), property and equipment was comprised of the following:
(in thousands)June 30, 2025 (Successor)December 31, 2024 (Predecessor)
Leasehold improvements$24,682 $42,513 
Equipment21,166 28,096 
Furniture and fixtures2,513 469 
Construction in process230,249 125,638 
Total property and equipment278,610 196,716 
Less: Accumulated deprecation(6,393)(23,969)
Total property and equipment, net$272,217 $172,747 
v3.25.2
GOODWILL AND INTANGIBLE ASSETS (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Indefinite-Lived Intangible Assets
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), the Company’s identifiable intangible assets consisted of the following:
(in thousands, except years)Weighted Average Remaining life (in years)Gross Carrying AmountAccumulated
Amortization		Net
June 30, 2025 (Successor)
Gaming license 17.6$318,600 $(6,947)$311,653 
Total intangible assets, net$318,600 $(6,947)$311,653 
December 31, 2024 (Predecessor)
Gaming licenses1.9$250 $(29)$221 
Gaming licenses Indefinite186,000 — 186,000 
Total intangible assets, net$186,250 $(29)$186,221 
Schedule of Finite-Lived Intangible Assets
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), the Company’s identifiable intangible assets consisted of the following:
(in thousands, except years)Weighted Average Remaining life (in years)Gross Carrying AmountAccumulated
Amortization		Net
June 30, 2025 (Successor)
Gaming license 17.6$318,600 $(6,947)$311,653 
Total intangible assets, net$318,600 $(6,947)$311,653 
December 31, 2024 (Predecessor)
Gaming licenses1.9$250 $(29)$221 
Gaming licenses Indefinite186,000 — 186,000 
Total intangible assets, net$186,250 $(29)$186,221 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table reflects the remaining amortization expense associated with the finite-lived intangible assets as of June 30, 2025 (Successor):
(in thousands)
Remaining 2025
$8,850 
202617,700 
202717,700 
202817,700 
202917,700 
Thereafter232,003 
Total$311,653 
v3.25.2
ACCRUED AND OTHER CURRENT LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
As of June 30, 2025 (Successor) and December 31, 2024 (Predecessor), accrued liabilities consisted of the following:
(in thousands)June 30, 2025 (Successor)December 31, 2024 (Predecessor)
Construction$20,177 $2,089 
Gaming liabilities6,140 2,037 
Compensation2,318 2,369 
Property taxes2,146 2,246 
Professional service fees1,146 2,699 
Legal852 439 
Other1,143 684 
Total accrued and other current liabilities$33,922 $12,563 
v3.25.2
LEASES (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Quantitative Information of Operating Leases
Components of lease expense included within “General and administrative” for operating leases during the three months ended June 30, 2025 (Successor), the three months ended June 30, 2024 (Predecessor), the period from February 8 to June 30, 2025 (Successor), the period from January 1 to February 7, 2025 (Predecessor) and the three months ended June 30, 2024 (Predecessor) are as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Operating lease cost$6,187 $9,796 $2,560 $1,144 $2,289 
Variable lease cost41 61 14 6 23 
Operating lease expense6,228 9,857 2,574 1,150 2,312 
Short-term lease expense700 1,352 466 855 1,688 
Total operating lease expense$6,928 $11,209 $3,040 $2,005 $4,000 
Supplemental cash flow and other information related to operating leases is as follows:
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Cash paid for amounts included in the lease liability - operating cash flows from operating leases$6,269 $9,919 $2,548 $1,166 $2,261 
June 30, 2025 (Successor)December 31, 2024 (Predecessor)
Weighted average remaining lease term94.0 years92.9 years
Weighted average discount rate7.9 %9.9 %
Schedule of Future Minimum Rental Commitments
As of June 30, 2025 (Successor), future minimum lease payments under noncancellable operating leases are as follows:
(in thousands)
Remaining 2025$12,322 
202624,714 
202720,094 
202820,000 
202920,000 
Thereafter1,837,667 
Total lease payments1,934,797 
Less: present value discount(1,667,118)
Lease obligations$267,679 
v3.25.2
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated The Other adjustments category is included in the following table in order to reconcile the segment information to the Company’s unaudited condensed consolidated financial statements.
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Revenue
Temporary Casino$34,361 $52,157 $11,487 $32,644 $64,166 
Permanent Casino— — — — — 
Total revenue$34,361 $52,157 $11,487 $32,644 $64,166 
Permanent Casino Loss from Operations
$(11,220)$(17,026)$(3,536)$(1,714)$(3,203)
Temporary Casino Adjusted EBITDAR(1)
$1,615 $3,249 $(917)$3,839 $5,677 
Temporary Casino Operating costs and expenses excluded from Adjusted EBITDAR
Depreciation and amortization(4,045)(6,365)(1,976)(4,793)(9,070)
Expansion costs(2)
— — — (52)(103)
Management fees to Bally's Corporation(15,000)(23,871)(6,129)(15,000)(30,000)
Other expenses
Total other expense, net(3)
248 — — (1,806)(3,946)
Other adjustments(1,302)(1,671)(314)(738)(1,168)
Total Net loss$(29,704)$(45,684)$(12,872)$(20,264)$(41,813)
__________________________________
(1)    Adjusted EBITDAR is defined as earnings, or loss, for the Temporary Casino before interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, expansion costs, management fees to Bally’s Corporation, rent expense from triple net operating leases, and certain other gains or losses.
(2)    The Company defines expansion expenses as costs incurred in connection with the opening of a new facility or significant expansion of an existing property. Costs classified as expansion consist primarily of marketing, master planning, conceptual design fees and legal and professional fees that are not eligible for capitalization and are included in “General and administrative” on the unaudited condensed consolidated statements of operations.
(3)    Total other expense, net includes primarily interest expense.
The following table sets forth significant segment expenses and other segment items by reportable segment (in thousands):
SuccessorPredecessor
Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Temporary Casino
Revenue$34,361 $52,157 $11,487 $32,644 $64,166 
Less: Segment expenses
Marketing costs3,388 4,581 1,390 2,789 4,883 
Gaming tax9,502 14,370 3,271 9,246 18,161 
Compensation12,087 17,435 4,482 8,483 17,596 
Casino property costs3,989 5,738 590 2,608 4,938 
General and administrative2,400 4,391 770 1,862 3,695 
Other segment items (1)
1,380 2,393 1,901 3,817 9,216 
Temporary Casino EBITDAR$1,615 $3,249 $(917)$3,839 $5,677 
Permanent Casino
Revenue$— $— $— $— $— 
Less: segment expenses
Expansion costs1,772 2,237 1,348 1,714 3,203 
Rent expense4,996 7,815 2,179 — — 
Amortization of gaming license4,452 6,974 9 — — 
Other segment items (1)
— — — — — 
Permanent Casino Loss from Operations$(11,220)$(17,026)$(3,536)$(1,714)$(3,203)
__________________________________
(1)    Other segment items includes Gaming and non-gaming expenses and certain other immaterial costs and allocations.
Schedule of Reportable Segment Information
SuccessorPredecessor
(in thousands)Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Capital Expenditures
Temporary Casino$973 $1,026 $— $116 $139 
Permanent Casino33,543 56,431 10,969 20,930 38,501 
Total$34,516 $57,457 $10,969 $21,046 $38,640 
Schedule of Reconciliation of Assets from Segment to Consolidated
(in thousands)June 30, 2025 (Successor)December 31, 2024 (Predecessor)
Total assets
Temporary Casino$68,585 $79,208 
Permanent Casino906,726 512,686 
Other(1)
12,317 8,011 
Total$987,628 $599,905 
__________________________________
(1)    Other primarily includes capitalized costs associated with the Company’s proposed initial public offering and certain other unallocated Corporate assets.
v3.25.2
LOSS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The reconciliation of the weighted average shares outstanding for basic and diluted loss per share is as follows:
SuccessorPredecessor
(in thousands, except per share data)Three Months Ended June 30, 2025Period from February 8 to June 30, 2025Period from January 1 to February 7, 2025Three Months Ended June 30, 2024Six Months Ended June 30, 2024
Net loss attributable to Bally's Chicago, Inc.$(3,760)$(14,127)$(12,872)$(20,264)$(41,813)
Weighted average common shares outstanding, basic2,636 2,086 100 100 100 
Weighted average common shares outstanding, diluted2,636 2,086 100 100 100 
Per share data
Basic loss per share$(1,426)$(6,772)$(128,720)$(202,640)$(418,130)
Diluted loss per share$(1,426)$(6,772)$(128,720)$(202,640)$(418,130)
v3.25.2
SUBSEQUENT EVENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Schedule of Stock by Class
On March 10, 2025 (Successor), as part of the Private Placement, the Company sold a total of 1,185 Class A Interests to certain accredited investors, raising $13.2 million in gross proceeds, consisting of the following share classes and price per share:
Share ClassNumber of SharesPrice Per Share
Class A-1272$250 
Class A-2281$2,500 
Class A-3171$5,000 
Class A-4461$25,000 
As of August 14, 2025, the total number of shares of all classes of stock the Company is authorized to issue consists of the following:
Share Class
Shared Authorized(1)
Class A-13,000
Class A-2500
Class A-3500
Class A-48,500
Class B30,000
__________________________________
(1)    All Class A Interests and Class B Interests have a par value of $0.001 per share.
On August 14, 2025, through it’s IPO and Concurrent Private Placement the Company sold a total of 3,685 additional Class A Interests to certain investors for an aggregate purchase price of $31.1 million consisting of the following share classes and price per share:
Share ClassNumber of SharesPrice Per Share
Class A-12,154$250 
Class A-2208$2,500 
Class A-3151$5,000 
Class A-41,172$25,000 
v3.25.2
GENERAL INFORMATION (Details)
ft² in Thousands, $ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Sep. 09, 2023
USD ($)
venue
gaming_position
Jun. 09, 2022
ft²
table_game
parking_space
venue
slot_machine
room
Feb. 07, 2025
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]                
Number of slot machines | slot_machine   3,400            
Number of table games | table_game   170            
Number of venues | venue 5 10            
Number of hotel rooms | room   500            
Number of square feet in event center | ft²   65            
Number of square feet in exhibition | ft²   20            
Number of parking spaces | parking_space   3,300            
Contract duration   3 years            
Number of gaming positions | gaming_position 900              
Costs incurred $ 70,000              
Net loss     $ 12,872 $ 29,704 $ 20,264 $ 45,684 $ 41,813  
Net cash used in operating activities     $ 6,136     31,612 $ 26,746  
Accumulated deficit       860,554   860,554   $ 311,593
Cash       13,427   13,427   $ 14,519
Other commitment       $ 936,600   $ 936,600    
Other commitment, term 2 years              
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 4 Months Ended 5 Months Ended 6 Months Ended
Mar. 10, 2025
USD ($)
$ / shares
shares
Feb. 07, 2025
shares
Mar. 31, 2025
USD ($)
Feb. 07, 2025
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2025
shares
Jun. 30, 2025
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
$ / shares
shares
Jun. 30, 2025
USD ($)
$ / shares
shares
Jun. 30, 2025
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
$ / shares
shares
Accounts, Notes, Loans and Financing Receivable [Line Items]                          
Common stock authorized (in shares) 34,300                        
Issuance of shares to Bally’s Corporation in lieu of promissory note repayment | $       $ 0           $ 6,325 $ 6,300 $ 0  
Reorganization and Private Placement | $     $ 750,000   $ 750,000                
Subordinated loans due to related party | $ $ 16,500           $ 16,475   $ 16,475 16,475 16,475   $ 0
Cash | $             13,427   $ 13,427 13,427 13,427   $ 14,519
Advertising expense | $       200     1,100 $ 1,100   1,600   3,800  
Pre-opening costs | $       1,400     2,200 2,200   2,700   4,100  
Employer contribution | $       $ 100     400 $ 100   500   $ 300  
Bally's Chicago Operating Company, LLC                          
Accounts, Notes, Loans and Financing Receivable [Line Items]                          
Number of shares issued in transaction (in shares)                 3,326        
Consideration received from sale of stock | $                 $ 83,200        
Issuance of shares to Bally’s Corporation in lieu of promissory note repayment | $ $ 6,300                        
Bally's Chicago Holding Company, LLC                          
Accounts, Notes, Loans and Financing Receivable [Line Items]                          
Ownership, voting interest 0.964                        
Bally's Chicago Holding Company, LLC | Bally's Chicago Operating Company, LLC                          
Accounts, Notes, Loans and Financing Receivable [Line Items]                          
Ownership percentage 90.00%                        
Bally's Chicago Holding Company, LLC | Bally's Chicago Operating Company, LLC                          
Accounts, Notes, Loans and Financing Receivable [Line Items]                          
Number of shares acquired 30,000                        
Interest acquired, price per share (in dollars per share) | $ / shares $ 25,000                        
Class A-1                          
Accounts, Notes, Loans and Financing Receivable [Line Items]                          
Common stock authorized (in shares) 300                        
Common stock par value (in dollars per share) | $ / shares $ 0.001                        
Subordinated loans due to related party | $             6,732   6,732 6,732 6,732    
Class A-1 | Private Placement                          
Accounts, Notes, Loans and Financing Receivable [Line Items]                          
Number of shares issued in transaction (in shares) 272                        
Sale of stock price per share (in usd per share) | $ / shares $ 250                        
Class A-2                          
Accounts, Notes, Loans and Financing Receivable [Line Items]                          
Common stock authorized (in shares) 300                        
Common stock par value (in dollars per share) | $ / shares $ 0.001                        
Subordinated loans due to related party | $             6,323   6,323 6,323 6,323    
Class A-2 | Private Placement                          
Accounts, Notes, Loans and Financing Receivable [Line Items]                          
Number of shares issued in transaction (in shares) 281                        
Sale of stock price per share (in usd per share) | $ / shares $ 2,500                        
Class A-3                          
Accounts, Notes, Loans and Financing Receivable [Line Items]                          
Common stock authorized (in shares) 200                        
Common stock par value (in dollars per share) | $ / shares $ 0.001                        
Subordinated loans due to related party | $             $ 3,420   $ 3,420 $ 3,420 $ 3,420    
Class A-3 | Private Placement                          
Accounts, Notes, Loans and Financing Receivable [Line Items]                          
Number of shares issued in transaction (in shares) 171                        
Sale of stock price per share (in usd per share) | $ / shares $ 5,000                        
Class A-4                          
Accounts, Notes, Loans and Financing Receivable [Line Items]                          
Common stock authorized (in shares) 3,500                        
Common stock par value (in dollars per share) | $ / shares $ 0.001                        
Class A-4 | Bally's Chicago Operating Company, LLC                          
Accounts, Notes, Loans and Financing Receivable [Line Items]                          
Number of shares issued in transaction (in shares) 2,800                        
Consideration received from sale of stock | $ $ 63,700                        
Sale of stock price per share (in usd per share) | $ / shares $ 25,000                        
Class A-4 | Private Placement                          
Accounts, Notes, Loans and Financing Receivable [Line Items]                          
Number of shares issued in transaction (in shares) 461                        
Sale of stock price per share (in usd per share) | $ / shares $ 25,000                        
Class A                          
Accounts, Notes, Loans and Financing Receivable [Line Items]                          
Common stock authorized (in shares)             4,300   4,300 4,300 4,300    
Common stock par value (in dollars per share) | $ / shares             $ 0.001   $ 0.001 $ 0.001 $ 0.001    
Common stock outstanding (in shares)             3,326   3,326 3,326 3,326    
Issuance of subordinated loans (in shares)           659              
Class A | Private Placement                          
Accounts, Notes, Loans and Financing Receivable [Line Items]                          
Number of shares issued in transaction (in shares) 1,185                        
Consideration received from sale of stock | $ $ 13,200                        
Class B                          
Accounts, Notes, Loans and Financing Receivable [Line Items]                          
Common stock authorized (in shares) 30,000           30,000   30,000 30,000 30,000    
Common stock par value (in dollars per share) | $ / shares $ 0.001           $ 0.001   $ 0.001 $ 0.001 $ 0.001    
Reorganization and Private Placement (in shares)   (300)                      
Common stock outstanding (in shares) 30,000           30,000   30,000 30,000 30,000    
Common Stock                          
Accounts, Notes, Loans and Financing Receivable [Line Items]                          
Common stock authorized (in shares)             0   0 0 0   100
Common stock par value (in dollars per share) | $ / shares             $ 0.01   $ 0.01 $ 0.01 $ 0.01   $ 0.01
Reorganization and Private Placement (in shares)           100              
Common stock outstanding (in shares)             0   0 0 0   100
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Stock Class (Details) - Private Placement
Mar. 10, 2025
$ / shares
shares
Class A-1  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Number of Shares (in shares) | shares 272
Sale of stock price per share (in usd per share) | $ / shares $ 250
Class A-2  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Number of Shares (in shares) | shares 281
Sale of stock price per share (in usd per share) | $ / shares $ 2,500
Class A-3  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Number of Shares (in shares) | shares 171
Sale of stock price per share (in usd per share) | $ / shares $ 5,000
Class A-4  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Number of Shares (in shares) | shares 461
Sale of stock price per share (in usd per share) | $ / shares $ 25,000
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accounts Receivable (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable $ 2,261 $ 1,488
Less: Allowance for doubtful accounts 0 (18)
Accounts receivable, net 2,261 1,470
Gaming receivables    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable 1,576 1,151
Non-gaming receivables    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Accounts receivable $ 685 $ 337
v3.25.2
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Subordinated Debt          
Related Party Transaction [Line Items]          
Interest expense debt   $ 0.3   $ 0.5  
Related Party          
Related Party Transaction [Line Items]          
Selling, general and administrative expense $ 6.1 15.0 $ 15.0 23.9 $ 30.0
Other liabilities   $ 1.0   $ 1.0  
v3.25.2
RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Related Party Transaction [Line Items]              
Promissory notes to related party (Bally’s Corporation) (Note 3)   $ 702,341   $ 702,341 $ 702,341   $ 675,528
Repayment of related party debt, cash       76,800      
Issuance of shares to Bally’s Corporation in lieu of promissory note repayment $ 0     6,325 6,300 $ 0  
Related Party              
Related Party Transaction [Line Items]              
Promissory notes to related party (Bally’s Corporation) (Note 3)   702,341   702,341 702,341   675,528
Related Party | Promissory Note 2024              
Related Party Transaction [Line Items]              
Promissory note additions 0 66,942 $ 0 116,914   0  
Promissory note payments 0 7,000 0 90,101   0  
Average amount outstanding $ 675,528 662,380 $ 527,230 659,837   $ 527,230  
Related Party | Bally's Chicago Operating Company, LLC              
Related Party Transaction [Line Items]              
Promissory notes to related party (Bally’s Corporation) (Note 3)   695,199   695,199 $ 695,199   669,190
Bally's Chicago Holding Company, LLC | Related Party              
Related Party Transaction [Line Items]              
Interest Rate         0.00%    
Bally's Chicago Holding Company, LLC | Related Party | Bally's Chicago Operating Company, LLC              
Related Party Transaction [Line Items]              
Promissory notes to related party (Bally’s Corporation) (Note 3)   695,199   695,199 $ 695,199   628,617
Bally's Chicago Holding Company, LLC | Related Party | Bally's Chicago Inc              
Related Party Transaction [Line Items]              
Promissory notes to related party (Bally’s Corporation) (Note 3)   7,142   7,142 $ 7,142   6,338
Bally's Management Group, LLC | Related Party              
Related Party Transaction [Line Items]              
Interest Rate         0.00%    
Bally's Management Group, LLC | Related Party | Bally's Chicago Operating Company, LLC              
Related Party Transaction [Line Items]              
Promissory notes to related party (Bally’s Corporation) (Note 3)   $ 0   0 $ 0   $ 40,573
Notes reclassified       $ 53,900      
v3.25.2
RELATED PARTY TRANSACTIONS - Schedule of Subordinated Loans (Details) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended
Jun. 30, 2025
Mar. 10, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]      
Total Subordinated Loans $ 16,475 $ 16,500 $ 0
Subordinated loan interest rate 11.00%    
Class A-1      
Related Party Transaction [Line Items]      
Initial Loan per Share $ 24,750    
Total Subordinated Loans $ 6,732    
Class A-2      
Related Party Transaction [Line Items]      
Initial Loan per Share $ 22,500    
Total Subordinated Loans $ 6,323    
Class A-3      
Related Party Transaction [Line Items]      
Initial Loan per Share $ 20,000    
Total Subordinated Loans $ 3,420    
v3.25.2
REVENUE RECOGNITION - Loyalty Programs (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Food and beverage          
Disaggregation of Revenue [Line Items]          
Revenue $ 443 $ 1,257 $ 1,261 $ 1,956 $ 2,450
v3.25.2
REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]          
Total revenue $ 11,487 $ 34,361 $ 32,644 $ 52,157 $ 64,166
Gaming          
Disaggregation of Revenue [Line Items]          
Total revenue 10,353 31,083 29,425 47,018 57,616
Non-gaming          
Disaggregation of Revenue [Line Items]          
Total revenue 1,134 3,278 3,219 5,139 6,550
Food and beverage          
Disaggregation of Revenue [Line Items]          
Total revenue 868 2,570 2,514 4,010 5,114
Other          
Disaggregation of Revenue [Line Items]          
Total revenue $ 266 $ 708 $ 705 $ 1,129 $ 1,436
v3.25.2
REVENUE RECOGNITION - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Disaggregation of Revenue [Line Items]            
Receivables related to contracts with customers   $ 40,000.0   $ 40,000.0   $ 100,000
Total revenue $ 11,487,000 34,361,000 $ 32,644,000 52,157,000 $ 64,166,000  
Loyalty programs            
Disaggregation of Revenue [Line Items]            
Total revenue $ 100,000 $ 200,000 $ 100,000 $ 300,000 $ 100,000  
v3.25.2
REVENUE RECOGNITION - Contract Liability (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Disaggregation of Revenue [Line Items]    
Contract liabilities related to loyalty programs $ 2,521 $ 1,593
Unpaid wagers    
Disaggregation of Revenue [Line Items]    
Contract liabilities related to loyalty programs 2,217 1,541
Loyalty programs    
Disaggregation of Revenue [Line Items]    
Contract liabilities related to loyalty programs 259 51
Advanced deposits from customers    
Disaggregation of Revenue [Line Items]    
Contract liabilities related to loyalty programs $ 45 $ 1
v3.25.2
BUSINESS COMBINATIONS (Details) - USD ($)
$ in Thousands
 5 Months Ended
Jun. 30, 2025
Feb. 07, 2025
Dec. 31, 2024
Business Combination [Line Items]      
Goodwill $ 105,551   $ 0
Queen      
Business Combination [Line Items]      
Property and equipment, net 178,376 $ 183,121  
Property and equipment, net, year to date adjustments (4,745)    
Right of use assets, net 268,014 268,014  
Goodwill 105,551 105,506  
Goodwill, year to date adjustments 45    
Intangible assets 318,600 318,600  
Lease liabilities (268,014) (271,080)  
Lease liabilities, year to date adjustments 3,066    
Deferred tax liability (5,924) $ (5,924)  
Deferred tax liability, year to date adjustments $ 0    
v3.25.2
BUSINESS COMBINATIONS - Narrative (Details)
Jun. 30, 2025
Feb. 07, 2025
Dec. 31, 2024
Licensing Agreements      
Business Combination [Line Items]      
Weighted Average Remaining life (in years) 17 years 7 months 6 days 18 years 1 year 10 months 24 days
Queen | Measurement Input, Terminal Growth Rate | Valuation, Income Approach      
Business Combination [Line Items]      
Measurement input   0.03  
Queen | Measurement Input, Discount Rate | Valuation, Income Approach      
Business Combination [Line Items]      
Measurement input   0.145  
v3.25.2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepaid marketing $ 780 $ 468
Annual host community impact fees 670 2,667
Services and license agreements 561 743
Gaming taxes 62 390
Other 2 55
Total prepaid expenses and other current assets $ 2,075 $ 4,323
v3.25.2
PROPERTY AND EQUIPMENT - Schedule of Property Plant and Equipment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 278,610 $ 196,716
Less: Accumulated deprecation (6,393) (23,969)
Total property and equipment, net 272,217 172,747
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment 24,682 42,513
Equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment 21,166 28,096
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Total property and equipment 2,513 469
Construction in process    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 230,249 $ 125,638
v3.25.2
PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Property, Plant and Equipment [Abstract]          
Depreciation and amortization $ 2,000,000.0 $ 4,100,000 $ 4,800,000 $ 6,400,000 $ 9,100,000
Capitalized interest $ 0 $ 500,000 $ 2,100,000 $ 500,000 $ 3,900,000
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2025
Jun. 30, 2024
Goodwill [Line Items]            
Intangible assets acquired         $ 132,400  
Amortization of intangible assets $ 0 $ 4,400 $ 0 $ 6,900   $ 0
Permanent Casino            
Goodwill [Line Items]            
Goodwill, acquired         $ 105,600  
Amortization of intangible assets $ 9 $ 4,452 $ 0 $ 6,974   $ 0
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Schedule of Indefinite-Lived Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Feb. 07, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 318,600    
Accumulated Amortization (6,947)   $ (29)
Total 311,653    
Gross Carrying Amount     186,250
Intangible assets, net $ 311,653   186,221
Licensing Agreements      
Indefinite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount     $ 186,000
Licensing Agreements      
Finite-Lived Intangible Assets [Line Items]      
Weighted Average Remaining life (in years) 17 years 7 months 6 days 18 years 1 year 10 months 24 days
Gross Carrying Amount $ 318,600   $ 250
Accumulated Amortization (6,947)   (29)
Total $ 311,653   $ 221
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Remaining 2025 $ 8,850
2026 17,700
2027 17,700
2028 17,700
2029 17,700
Thereafter 232,003
Total $ 311,653
v3.25.2
ACCRUED AND OTHER CURRENT LIABILITIES (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Construction $ 20,177 $ 2,089
Gaming liabilities 6,140 2,037
Compensation 2,318 2,369
Property taxes 2,146 2,246
Professional service fees 1,146 2,699
Legal 852 439
Other 1,143 684
Accrued and other current liabilities $ 33,922 $ 12,563
v3.25.2
LEASES - Narrative (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Jul. 11, 2024
USD ($)
renewal_option
Leases [Abstract]      
Land development liability $ 267,679 $ 210,600  
Right of use assets $ 266,217 $ 209,977  
Annual payments     $ 20,000
Finance lease, liability     $ 940,000
Discount rate     8.50%
Term of contract     15 years
Number of renewal terms | renewal_option     4
Renewal term (in years)     5 years
v3.25.2
LEASES - Quantitative Information of Operating Leases (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Lease, Cost [Abstract]            
Variable lease cost $ 14 $ 41 $ 6 $ 61 $ 23  
Operating lease expense 2,574 6,228 1,150 9,857 2,312  
Short-term lease expense 466 700 855 1,352 1,688  
Total operating lease expense 3,040 6,928 2,005 11,209 4,000  
Cash paid for amounts included in the lease liability - operating cash flows from operating leases 2,548 $ 6,269 1,166 $ 9,919 2,261  
Weighted average remaining lease term   94 years   94 years   92 years 10 months 24 days
Weighted average discount rate   7.90%   7.90%   9.90%
Operating lease cost $ 2,560 $ 6,187 $ 1,144 $ 9,796 $ 2,289  
v3.25.2
LEASES - Future Minimum Rental Commitments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Leases [Abstract]    
Remaining 2025 $ 12,322  
2026 24,714  
2027 20,094  
2028 20,000  
2029 20,000  
Thereafter 1,837,667  
Total lease payments 1,934,797  
Less: present value discount (1,667,118)  
Lease obligations $ 267,679 $ 210,600
v3.25.2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Sep. 09, 2023
Long-Term Purchase Commitment [Line Items]            
Other commitment   $ 936,600   $ 936,600    
Other commitment, term           2 years
Management fees to Bally's Corporation $ 6,129 15,000 $ 15,000 23,871 $ 30,000  
Community Host Agreement            
Long-Term Purchase Commitment [Line Items]            
Other commitment   1,340,000   1,340,000    
Annual Fixed Host Community Impact Fees            
Long-Term Purchase Commitment [Line Items]            
Other commitment   $ 4,000   $ 4,000    
Other commitment, term   2 years   2 years    
Corporate Services Agreement, Monthly Payment            
Long-Term Purchase Commitment [Line Items]            
Other commitment   $ 5,000   $ 5,000    
Corporate Services Agreement            
Long-Term Purchase Commitment [Line Items]            
Management fees to Bally's Corporation $ 6,100 $ 15,000 $ 15,000 $ 23,900 $ 30,000  
v3.25.2
SEGMENT REPORTING - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
Number of operating segments 2
v3.25.2
SEGMENT REPORTING - Revenue by Segment (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue          
Total revenue $ 11,487 $ 34,361 $ 32,644 $ 52,157 $ 64,166
Permanent Casino Loss from Operations (12,872) (29,952) (18,458) (45,684) (37,867)
Temporary Casino Operating costs and expenses excluded from Adjusted EBITDAR          
Depreciation and amortization (1,985) (8,497) (4,793) (13,339) (9,070)
Management fees to Bally's Corporation (6,129) (15,000) (15,000) (23,871) (30,000)
Total other expense, net 0 248 (1,806) 0 (3,946)
Other adjustments (314) (1,302) (738) (1,671) (1,168)
Net loss (12,872) (29,704) (20,264) (45,684) (41,813)
Temporary Casino          
Revenue          
Total revenue 11,487 34,361 32,644 52,157 64,166
Adjusted EBITDA (917) 1,615 3,839 3,249 5,677
Temporary Casino Operating costs and expenses excluded from Adjusted EBITDAR          
Depreciation and amortization (1,976) (4,045) (4,793) (6,365) (9,070)
Expansion costs 0 0 52 0 103
Management fees to Bally's Corporation (6,129) (15,000) (15,000) (23,871) (30,000)
Permanent Casino          
Revenue          
Total revenue 0 0 0 0 0
Permanent Casino Loss from Operations (3,536) (11,220) (1,714) (17,026) (3,203)
Temporary Casino Operating costs and expenses excluded from Adjusted EBITDAR          
Expansion costs $ 1,348 $ 1,772 $ 1,714 $ 2,237 $ 3,203
v3.25.2
SEGMENT REPORTING - Schedule of Segment EBITDAR (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]          
Total revenue $ 11,487 $ 34,361 $ 32,644 $ 52,157 $ 64,166
Less: Segment expenses          
General and administrative 8,946 19,717 14,682 29,913 29,923
Rent expense 2,574 6,228 1,150 9,857 2,312
Amortization of intangible assets 0 4,400 0 6,900 0
Permanent Casino Loss from Operations (12,872) (29,952) (18,458) (45,684) (37,867)
Temporary Casino          
Segment Reporting Information [Line Items]          
Total revenue 11,487 34,361 32,644 52,157 64,166
Less: Segment expenses          
Marketing costs 1,390 3,388 2,789 4,581 4,883
Gaming tax 3,271 9,502 9,246 14,370 18,161
Compensation 4,482 12,087 8,483 17,435 17,596
Casino property costs 590 3,989 2,608 5,738 4,938
General and administrative 770 2,400 1,862 4,391 3,695
Expansion costs 0 0 52 0 103
Other segment items 1,901 1,380 3,817 2,393 9,216
Adjusted EBITDA (917) 1,615 3,839 3,249 5,677
Permanent Casino          
Segment Reporting Information [Line Items]          
Total revenue 0 0 0 0 0
Less: Segment expenses          
Expansion costs 1,348 1,772 1,714 2,237 3,203
Rent expense 2,179 4,996 0 7,815 0
Amortization of intangible assets 9 4,452 0 6,974 0
Other segment items 0 0 0 0 0
Permanent Casino Loss from Operations $ (3,536) $ (11,220) $ (1,714) $ (17,026) $ (3,203)
v3.25.2
SEGMENT REPORTING - Schedule of Capital Expenditures (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]          
Capital expenditures $ 10,969 $ 34,516 $ 21,046 $ 57,457 $ 38,640
Temporary Casino          
Segment Reporting Information [Line Items]          
Capital expenditures 0 973 116 1,026 139
Permanent Casino          
Segment Reporting Information [Line Items]          
Capital expenditures $ 10,969 $ 33,543 $ 20,930 $ 56,431 $ 38,501
v3.25.2
SEGMENT REPORTING - Schedule of Assets by Segment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Total assets $ 987,628 $ 599,905
Operating Segments | Temporary Casino    
Segment Reporting Information [Line Items]    
Total assets 68,585 79,208
Operating Segments | Permanent Casino    
Segment Reporting Information [Line Items]    
Total assets 906,726 512,686
Corporate And Reconciling Items    
Segment Reporting Information [Line Items]    
Total assets $ 12,317 $ 8,011
v3.25.2
REDEEMABLE NON-CONTROLLING INTEREST (Details) - USD ($)
$ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Mar. 10, 2025
Mar. 31, 2025
Feb. 07, 2025
Mar. 31, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Feb. 08, 2025
Dec. 31, 2024
Redeemable Noncontrolling Interest [Line Items]                    
Reorganization and Private Placement   $ 750,000   $ 750,000            
Net loss attributable to noncontrolling interest     $ 0   $ 25,900 $ 0 $ 31,600 $ 0    
Redeemable non-controlling interest   $ 744,387   $ 744,387 $ 718,443   $ 718,443   $ 0 $ 0
Bally's Chicago Operating Company, LLC                    
Redeemable Noncontrolling Interest [Line Items]                    
Issuance of common stock shares (in shares) 33,326                  
Shares outstanding (in shares) 33,326                  
Bally's Chicago Holding Company, LLC | Bally's Chicago Operating Company, LLC                    
Redeemable Noncontrolling Interest [Line Items]                    
Ownership percentage 90.00%                  
Bally's Chicago Operating Company, LLC | Bally's Chicago Holding Company, LLC                    
Redeemable Noncontrolling Interest [Line Items]                    
Number of shares acquired 30,000                  
v3.25.2
LOSS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 2 Months Ended 3 Months Ended 5 Months Ended 6 Months Ended
Feb. 07, 2025
Mar. 31, 2025
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]              
Net loss attributable to Bally's Chicago, Inc. $ (12,872) $ (10,367) $ (3,760) $ (20,264) $ (21,549) $ (14,127) $ (41,813)
Weighted average common shares outstanding, basic (in shares) 100   2,636 100   2,086 100
Weighted average common shares outstanding, diluted (in shares) 100   2,636 100   2,086 100
Basic loss per share (in dollars per share) $ (128,720)   $ (1,426) $ (202,640)   $ (6,772) $ (418,130)
Diluted loss per share (in dollars per share) $ (128,720)   $ (1,426) $ (202,640)   $ (6,772) $ (418,130)
Anti-dilutive shares (in shares) 0   690 0   690 0
v3.25.2
SUBSEQUENT EVENTS - Narrative (Details)
$ in Thousands
 6 Months Ended
Aug. 14, 2025
USD ($)
shares
Jun. 30, 2025
Jul. 17, 2025
USD ($)
renewal_option
Jul. 11, 2024
USD ($)
renewal_option
Subsequent Event [Line Items]        
Subordinated loan interest rate   11.00%    
Finance lease, liability       $ 940,000
Term of contract       15 years
Number of renewal terms | renewal_option       4
Renewal term (in years)       5 years
Discount rate       8.50%
Subsequent Event        
Subsequent Event [Line Items]        
Finance lease, liability     $ 940,000  
Operating lease, term of contract     15 years  
Number of renewal terms | renewal_option     4  
Renewal term (in years)     5 years  
Annual payments     $ 20,000  
Discount rate     8.50%  
Subsequent Event | Bally's Chicago Operating Company, LLC | Bally's Chicago Inc        
Subsequent Event [Line Items]        
Consideration received from sale of stock $ 92,100      
Ownership after transaction 81.00%      
Subsequent Event | Bally's Chicago Operating Company, LLC | Bally's Chicago Operating Company, LLC | Bally's Chicago Inc        
Subsequent Event [Line Items]        
Number of shares issued in transaction (in shares) | shares 3,685      
Subsequent Event | Line of Credit        
Subsequent Event [Line Items]        
Debt face amount $ 61,000      
Subordinated loan interest rate 11.00%      
Class A | Subsequent Event        
Subsequent Event [Line Items]        
Common stock, additional shares authorized (in shares) | shares 8,200      
Number of shares issued in transaction (in shares) | shares 3,685      
Consideration received from sale of stock $ 31,100      
v3.25.2
SUBSEQUENT EVENTS - Schedule of Change in Shares Authorized to Issue (Details) - $ / shares
Aug. 14, 2025
Jun. 30, 2025
Mar. 10, 2025
Subsequent Event [Line Items]      
Common stock authorized (in shares)     34,300
Class A      
Subsequent Event [Line Items]      
Common stock authorized (in shares)   4,300  
Common stock par value (in dollars per share)   $ 0.001  
Class A | Subsequent Event      
Subsequent Event [Line Items]      
Common stock par value (in dollars per share) $ 0.001    
Class A-1      
Subsequent Event [Line Items]      
Common stock authorized (in shares)     300
Common stock par value (in dollars per share)     $ 0.001
Class A-1 | Subsequent Event      
Subsequent Event [Line Items]      
Common stock authorized (in shares) 3,000    
Class A-2      
Subsequent Event [Line Items]      
Common stock authorized (in shares)     300
Common stock par value (in dollars per share)     $ 0.001
Class A-2 | Subsequent Event      
Subsequent Event [Line Items]      
Common stock authorized (in shares) 500    
Class A-3      
Subsequent Event [Line Items]      
Common stock authorized (in shares)     200
Common stock par value (in dollars per share)     $ 0.001
Class A-3 | Subsequent Event      
Subsequent Event [Line Items]      
Common stock authorized (in shares) 500    
Class A-4      
Subsequent Event [Line Items]      
Common stock authorized (in shares)     3,500
Common stock par value (in dollars per share)     $ 0.001
Class A-4 | Subsequent Event      
Subsequent Event [Line Items]      
Common stock authorized (in shares) 8,500    
Class B      
Subsequent Event [Line Items]      
Common stock authorized (in shares)   30,000 30,000
Common stock par value (in dollars per share)   $ 0.001 $ 0.001
Class B | Subsequent Event      
Subsequent Event [Line Items]      
Common stock authorized (in shares) 30,000    
Common stock par value (in dollars per share) $ 0.001    
v3.25.2
SUBSEQUENT EVENTS - Schedule of Stock by Class (Details) - Subsequent Event
Aug. 14, 2025
$ / shares
shares
Class A-1  
Subsequent Event [Line Items]  
Number of Shares (in shares) | shares 2,154
Price Per Share (in dollars per share) | $ / shares $ 250
Class A-2  
Subsequent Event [Line Items]  
Number of Shares (in shares) | shares 208
Price Per Share (in dollars per share) | $ / shares $ 2,500
Class A-3  
Subsequent Event [Line Items]  
Number of Shares (in shares) | shares 151
Price Per Share (in dollars per share) | $ / shares $ 5,000
Class A-4  
Subsequent Event [Line Items]  
Number of Shares (in shares) | shares 1,172
Price Per Share (in dollars per share) | $ / shares $ 25,000