What changed in this filing

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Item 1. Financial Statements

2026-08-14 compared with 2026-05-18 · 493 added, 602 removed, 872 unchanged (56% of the section changed)

41 unchanged sentences

Accumulated deficit ( 958,057 ) ( 650,074 )

Accumulated other comprehensive income (loss) 53,887 69,421

Accumulated other comprehensive income 62,260 69,421

Total Bally’s Corporation stockholders’ equity 644,779 994,658

7 unchanged sentences

Successor Predecessor

Three Months Ended March 31, 2026 Period from February 8, 2025 to March 31, 2025 Period from January 1, 2025 to February 7, 2025

Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Six Months Ended June 30, 2026 Period from February 8, 2025 to June 30, 2025 Period from January 1, 2025 to February 7, 2025

Gaming $ 608,014 $ 557,631 $ 1,198,869 $ 871,410 $ 185,767

8 unchanged sentences

Total operating costs and expenses 826,253 659,971 1,490,364 1,030,475 241,264

Income (loss) from operations 91,611 ( 1,810 ) ( 20,766 )

(Loss) income from operations ( 34,019 ) ( 2,437 ) 57,592 ( 4,247 ) ( 20,766 )

Other expense:

Interest expense, net ( 118,970 ) ( 97,522 ) ( 228,875 ) ( 149,259 ) ( 27,229 )

Other non-operating expense, net ( 145,812 ) ( 9,030 ) ( 2,365 )

Other non-operating (expense) income, net ( 24,566 ) 56,964 ( 170,378 ) 47,934 ( 2,365 )

Total other expense, net ( 143,536 ) ( 40,558 ) ( 399,253 ) ( 101,325 ) ( 29,594 )

1 unchanged sentence

(Benefit) provision for income taxes ( 13,573 ) 185,441 ( 16,822 ) 88,348 664

Net (loss) income ( 160,857 ) 34,516 ( 51,024 )

Net income attributable to non-controlling interest 1,057 — —

Net loss (income) attributable to Bally’s Corporation $ ( 161,914 ) $ 34,516 $ ( 51,024 )

Basic (loss) income per share $ ( 2.69 ) $ 0.57 $ ( 1.05 )

Net loss ( 163,982 ) ( 228,436 ) ( 324,839 ) ( 193,920 ) ( 51,024 )

Net loss attributable to non-controlling interest ( 17,913 ) — ( 16,856 ) — —

Net loss attributable to Bally’s Corporation $ ( 146,069 ) $ ( 228,436 ) $ ( 307,983 ) $ ( 193,920 ) $ ( 51,024 )

Basic loss per share $ ( 2.41 ) $ ( 3.76 ) $ ( 5.10 ) $ ( 3.20 ) $ ( 1.05 )

Weighted average common shares outstanding, basic and diluted 60,588 60,686 60,419 60,554 48,743

Diluted (loss) income per share $ ( 2.69 ) $ 0.57 $ ( 1.05 )

Diluted loss per share $ ( 2.41 ) $ ( 3.76 ) $ ( 5.10 ) $ ( 3.20 ) $ ( 1.05 )

Weighted average common shares outstanding - diluted 60,588 60,686 60,419 60,554 48,743

4 unchanged sentences

Successor Predecessor

Three Months Ended March 31, 2026 Period from February 8, 2025 to March 31, 2025 Period from January 1, 2025 to February 7, 2025

Net (loss) income $ ( 160,857 ) $ 34,516 $ ( 51,024 )

Other comprehensive (loss) income:

Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Six Months Ended June 30, 2026 Period from February 8, 2025 to June 30, 2025 Period from January 1, 2025 to February 7, 2025

Net loss $ ( 163,982 ) $ ( 228,436 ) $ ( 324,839 ) $ ( 193,920 ) $ ( 51,024 )

Other comprehensive income (loss):

Foreign currency translation adjustments, net of tax 9,134 102,442 ( 14,947 ) 145,482 ( 13,097 )

1 unchanged sentence

Net unrealized derivative gain (loss) on net investment hedges, net of tax 60 ( 34,826 ) 60 ( 52,275 ) 2,686

Other comprehensive (loss) income ( 22,474 ) 12,163 ( 9,443 )

Total comprehensive (loss) income ( 183,331 ) 46,679 ( 60,467 )

Comprehensive income attributable to non-controlling interest 6,940 — —

Comprehensive (loss) income attributable to Bally’s Corporation $ ( 190,271 ) $ 46,679 $ ( 60,467 )

Other comprehensive income (loss) 10,817 61,216 ( 11,657 ) 73,379 ( 9,443 )

Total comprehensive loss ( 153,165 ) ( 167,220 ) ( 336,496 ) ( 120,541 ) ( 60,467 )

Comprehensive (loss) income attributable to non-controlling interest ( 2,444 ) — 4,496 — —

Comprehensive loss attributable to Bally’s Corporation $ ( 150,721 ) $ ( 167,220 ) $ ( 340,992 ) $ ( 120,541 ) $ ( 60,467 )

See accompanying notes to condensed consolidated financial statements.

11 unchanged sentences

Bally’s Thunder Plains Park acquisition issuance — — — — — — 1,900 1,900

Dividends paid to minority shareholders of Bally’s Intralot — — — — — — ( 6,183 ) ( 6,183 )

Bally’s Intralot shareholder dividend — — — — — — ( 6,183 ) ( 6,183 )

Other comprehensive loss — — — — — ( 15,534 ) ( 6,940 ) ( 22,474 )

1 unchanged sentence

Balance as of March 31, 2026 (Successor) 48,947,327 $ 488 $ 1,548,954 $ — $ ( 811,988 ) $ 53,887 $ 1,551,245 $ 2,342,586

Issuance of restricted stock and other stock awards 40,713 — ( 77 ) — — — — ( 77 )

Share-based compensation — — 1,805 — — — — 1,805

Purchase of Incremental Intralot Shares — — ( 10,594 ) — — — 7,096 ( 3,498 )

Bally’s Intralot shareholder dividend — — — — — — ( 17,644 ) ( 17,644 )

Other comprehensive income — — — — — 8,373 2,444 10,817

Net loss — — — — ( 146,069 ) — ( 17,913 ) ( 163,982 )

Balance as of June 30, 2026 (Successor) 48,988,040 $ 488 $ 1,540,088 $ — $ ( 958,057 ) $ 62,260 $ 1,525,228 $ 2,170,007

BALLY’S CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) (unaudited)

(In thousands, except share data)

Common Stock Additional

13 unchanged sentences

Balance as of February 8, 2025 (Successor) 71,258,763 $ 712 $ 1,171,824 $ — $ — $ — $ — $ 1,172,536

Share repurchases ( 22,804,384 ) ( 228 ) ( 420,114 ) — — — — ( 420,342 )

Release of restricted units 557,417 5 ( 5,132 ) — — — — ( 5,127 )

1 unchanged sentence

Bally’s Chicago Issuance — — — — — — 12,361 12,361

Share repurchases ( 22,804,384 ) ( 228 ) ( 420,114 ) — — — — ( 420,342 )

Other comprehensive income — — — — — 12,163 — 12,163

1 unchanged sentence

Balance as of March 31, 2025 (Successor) 49,011,796 $ 489 $ 749,318 $ — $ 34,516 $ 12,163 $ 12,361 $ 808,847

Release of restricted units 108,301 1 ( 225 ) — — — — ( 224 )

Share-based compensation - equity awards — — 2,350 — — — — 2,350

Other — — ( 1,314 ) — — — — ( 1,314 )

Other comprehensive income — — — — — 61,216 — 61,216

Net loss — — — — ( 228,436 ) — — ( 228,436 )

Balance as of June 30, 2025 (Successor) 49,120,097 $ 490 $ 750,129 $ — $ ( 193,920 ) $ 73,379 $ 12,361 $ 642,439

See accompanying notes to condensed consolidated financial statements.

2 unchanged sentences

Successor Predecessor

(in thousands) Three Months Ended March 31, 2026 Period from February 8, 2025 to March 31, 2025 Period from January 1, 2025 to February 7, 2025

(in thousands) Six Months Ended June 30, 2026 Period from February 8, 2025 to June 30, 2025 Period from January 1, 2025 to February 7, 2025

Cash flows from operating activities:

Net (loss) income $ ( 160,857 ) $ 34,516 $ ( 51,024 )

Net loss $ ( 324,839 ) $ ( 193,920 ) $ ( 51,024 )

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

5 unchanged sentences

Loss on extinguishment of debt 63,420 17,372 —

Payment for up front licensing contracts ( 98,906 ) — —

Deferred income taxes ( 22,679 ) 31,902 ( 3,010 )

1 unchanged sentence

(Income) loss from equity method investments ( 4,386 ) ( 1,464 ) 594

Change in value of performance warrants — — 1,180

Change in contingent consideration payable — ( 867 ) 786

Foreign exchange gain ( 21,088 ) ( 1,591 ) ( 194 )

Foreign exchange (gain) loss ( 10,524 ) 4,947 ( 194 )

Other operating activities ( 27,973 ) ( 8,070 ) 3,511

4 unchanged sentences

Proceeds from sale-leaseback 685,000 — —

Proceeds from net investment hedges — — —

Cash paid for asset acquisitions ( 16,212 ) — —

Cash paid for The Star Investment — ( 83,720 ) —

Capital expenditures ( 73,954 ) ( 79,422 ) ( 16,424 )

7 unchanged sentences

Deferred payables, net ( 17,996 ) 4,682 11,064

Share repurchases — ( 416,180 ) —

Bally’s Corporation share repurchases — ( 416,180 ) —

Payment of financing fees ( 19,875 ) ( 21,326 ) —

12 unchanged sentences

Successor Predecessor

(in thousands) Three Months Ended March 31, 2026 Period from February 8, 2025 to March 31, 2025 Period from January 1, 2025 to February 7, 2025

(in thousands) Six Months Ended June 30, 2026 Period from February 8, 2025 to June 30, 2025 Period from January 1, 2025 to February 7, 2025

Supplemental disclosure of cash flow information:

6 unchanged sentences

Consideration issued for the Queen Merger — 555,751 —

Intralot shares received as settlement of loan receivable

Unpaid equity method investment — 6,001 —

Liability for NY land asset acquisition ( 185,428 ) — —

2 unchanged sentences

NCI issued for asset acquisition ( 1,900 ) — —

Paid-in-kind interest capitalized to long-term debt 9,518 — —

Successor Predecessor

Reconciliation of cash and cash equivalents and restricted cash:

March 31, 2026 December 31, 2025 February 7, 2025

June 30, 2026 December 31, 2025 February 7, 2025

Cash and cash equivalents $ 390,184 $ 798,423 $ 173,549

54 unchanged sentences

The site of the Chicago Permanent Facility is leased from GLPI.

The Company’s Bally’s Intralot B2B reportable segment includes Bally’s Intralot S.A.’s (“Intralot”) global business-to-business (“B2B”) operations and licensing revenue generating operations.

Intralot was acquired by the Company in the fourth quarter of 2025.

Refer to “Acquisition of Intralot” subsection below for further information.

The Company’s Bally’s Intralot B2C reportable segment includes the Company’s business-to-consumer (“B2C”) gaming operations in international jurisdictions and one casino property, Bally’s Newcastle, in the UK.

The Company’s Bally’s Intralot B2B reportable segment includes Bally’s Intralot S.A.’s (“Bally’s Intralot”) global business-to-business (“B2B”) operations and licensing revenue generating operations.

Intralot S.A.

was acquired by the Company in the fourth quarter of 2025.

Refer to “Intralot Transaction” subsection below for further information.

The North America Interactive reportable segment includes a portfolio of sports betting and iGaming offerings in the United States and Canada.

2 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Agreement and Plan of Merger

On February 7, 2025, the Company completed the previously announced transactions under the Agreement and Plan of Merger (as amended, the “Merger Agreement”) with SG Parent LLC, a Delaware limited liability company (“Parent”), The Queen Casino & Entertainment, Inc., a Delaware corporation and affiliate of Parent (“Queen”), Epsilon Sub I, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub I”), Epsilon Sub II, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub II”, and together with the Company and Merger Sub I, the “Company Parties”), and, solely for purposes of specified provisions thereof, SG CQ Gaming LLC, a Delaware limited liability company (“SG Gaming” and together with Parent and Queen, the “Buyer Parties”).

On February 7, 2025, as a result of the transactions, Parent and its affiliates beneficially owned 73.8 % of the issued and outstanding Company common stock.

Pursuant to the Merger Agreement, (i) SG Gaming contributed to the Company all shares of common stock of Queen that it owned (the “Queen Share Contribution”) in exchange for 26,909,895 shares of common stock of the Company (“Company Common Stock”) based on a 2.4536890595 share exchange ratio, (ii) the Company issued approximately 3,542,201 shares of Company Common Stock to the other stockholders of Queen, (iii) immediately thereafter, Merger Sub I merged into the Company (the “Company Merger”), with the Company surviving the Company Merger and (iv) immediately thereafter, Merger Sub II merged into Queen (the “Queen Merger,” and together with the Company Merger, the “Merger”), with Queen surviving the Queen Merger as a direct, wholly owned subsidiary of the Company.

At the effective time of the Merger, each share of the Company’s Common Stock issued and outstanding (other than shares of common stock owned by (i) the Company or any of its wholly owned subsidiaries, (ii) Parent or any of Parent’s affiliates, (iii) by holders exercising statutory appraisal rights;

(iv) by SG Gaming following the Queen Share Contribution;

or (v) by holders who have elected to have such shares remain issued and outstanding following the Company Merger (a “Rolling Share Election”)) were converted into the right to receive cash consideration equal to $ 18.25 per share of common stock (the “Per Share Price”).

Each holder of shares of Company Common Stock (other than the Company or its subsidiaries) had the option to make a Rolling Share Election.

Concurrently with the Merger Agreement, the Company and Parent entered into support agreements with Standard RI Ltd.

(“SRL”) (the “SG Support Agreement”), SBG Gaming, LLC, a designated subsidiary of Sinclair (“SBG”) (the “SBG Support Agreement”), and Noel Hayden (the “Hayden Support Agreement”), collectively known as the “Support Agreements”.

The Support Agreements obligated the parties to vote their respective shares in favor of the Merger Agreement and related transactions, and to make a Rolling Share Election for their shares, including those acquired through options or warrants.

Additionally, under the SBG Support Agreement, SBG agreed to waive its right to the options it previously acquired under a Framework Agreement originally entered into in 2020 (the “Framework Agreement”), upon completion of the Merger, and in exchange, the Company issued SBG warrants to purchase 384,536 shares of the Company’s common stock under substantially similar terms to the Penny Warrants issued to SBG under the Framework Agreement.

In connection with the Merger, as of February 7, 2025, all outstanding Performance Warrants became immediately exercisable at a price of $ 0.01 per share.

Acquisition of Intralot

In 2025, following the Queen Merger, the Company held an investment in Intralot, which was accounted for as an equity method investment under the fair value option.

The total initial investment represented approximately 26.86 % of Intralot’s outstanding shares.

As part of this investment structure, the Company held a € 25.0 million delayed draw term loan receivable from a third‑party investment holding company, the repayment of which was contractually tied to the delivery of Intralot shares.

During the three months ended June 30, 2025 (Successor), the Company settled this outstanding delayed draw term loan by receiving 34.3 million shares of Intralot in full satisfaction of the loan, consistent with the fair value model that estimated repayment based on the value of Intralot shares.

In addition, on June 30, 2025, the Company purchased 4.8 million additional Intralot shares for € 1.06 per share.

These transactions collectively triggered a mandatory tender offer for the remaining outstanding shares of Intralot.

During the three months ended September 30, 2025 (Successor), the mandatory tender offer was completed, and the Company’s acquired an additional 6.1 million shares of Intralot, increasing its ownership to 34.35 % of Intralot’s outstanding shares prior to the transaction described below.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

On October 8, 2025 (the “Intralot Closing Date”), the Company completed the previously announced acquisition under the transaction agreement (the “Transaction Agreement”) of Intralot, pursuant to which Intralot agreed to acquire Bally’s International Interactive through a combined cash-and-equity transaction.

Pursuant to the Transaction Agreement, (i) Intralot paid the Company $ 1.8 billion in cash and issued approximately 873.7 million new shares in exchange for all of the issued and outstanding capital stock of Bally’s Holdings Limited which held Bally’s International Interactive, (ii) the Company’s ownership of Intralot increased to a controlling 57.9 % interest through the issuance of equity to the Company’s consolidated subsidiary Premier Entertainment Sub, LLC via PE Sub Holdings LLC, an indirect wholly owned subsidiary of the Company, making the Company the majority shareholder of Intralot (the “Intralot Transaction”).

As a result of obtaining a controlling financial interest in Intralot, the Company retained control of Bally’s International Interactive, via Bally’s Holdings Limited, throughout the transaction.

On the Intralot Closing Date, legal ownership of Bally’s Holdings Limited transferred from Premier Entertainment Sub to Intralot;

however, Bally’s Corporation simultaneously obtained control of Intralot.

Accordingly, Bally’s maintained control of Bally’s International Interactive, and as a result, the transfer of Bally’s International Interactive was accounted for as an equity transaction with the initial recognition of a 42.1 % non-controlling interest, and no gain or loss was recognized in earnings.

On February 7, 2025 (the “Merger Date”), the Company completed its previously disclosed merger transactions (the “Merger”) with SG Parent LLC, (the “Parent”) and The Queen Casino & Entertainment, Inc.

(“Queen”), a Parent affiliate, resulting in Parent and its affiliates beneficially owning 73.8 % of the Company’s issued and outstanding common stock and Queen becoming a direct, wholly owned subsidiary of the Company.

At the effective time of the Merger, the Company’s issued and outstanding common stock was (other than shares of common stock owned by (i) the Company or any of its wholly-owned subsidiaries, (ii) Parent or any of Parent’s affiliates, (iii) by holders exercising statutory appraisal rights, (iv) by SG CQ Gaming LLC, a Delaware limited liability company and (v) by holders who have elected to have such shares remain issued and outstanding following the Merger) converted into the right to receive $ 18.25 per share in cash.

For a full description of the Merger and related transactions, refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Intralot Transaction

In 2025, following the Merger, the Company held an investment in Bally’s Intralot, which was accounted for as an equity method investment under the fair value option.

On October 8, 2025 (the “Intralot Closing Date”), the Company completed its acquisition of Bally’s Intralot under the transaction agreement, dated as of July 18, 2025 (the “Transaction Agreement”), pursuant to which Bally’s Intralot agreed to acquire Bally’s International Interactive through a combined cash-and-equity transaction.

Pursuant to the Transaction Agreement, (i) Bally’s Intralot paid the Company $ 1.8 billion in cash and issued approximately 873.7 million new shares in exchange for all of the issued and outstanding capital stock of Bally’s Holdings Limited which held Bally’s International Interactive, (ii) the Company’s ownership of Bally’s Intralot increased to a controlling 57.9 % interest through the issuance of equity to a consolidated subsidiary of the Company, making the Company the majority shareholder of Bally’s Intralot (the “Intralot Transaction”).

As a result of obtaining a controlling financial interest in Bally’s Intralot, the Company retained control of Bally’s International Interactive, via Bally’s Holdings Limited, throughout the Intralot Transaction, and as a result, the transfer of Bally’s International Interactive was accounted for as an equity transaction with the initial recognition of a 42.1 % non-controlling interest, and no gain or loss was recognized in earnings.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

4 unchanged sentences

The financial statements of our foreign subsidiaries are translated into US Dollars (“USD”) using exchange rates in effect at period-end for assets and liabilities and average exchange rates during each reporting period for results of operations.

Adjustments resulting from financial statement translations are reflected as a separate component of accumulated other comprehensive income (loss).

Adjustments resulting from financial statement translations are reflected as a separate component of Accumulated other comprehensive income.

Foreign currency transaction gains and losses are included in Net loss.

7 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

As described in Note 1 “General Information”, the Company completed the Merger with Queen on February 7, 2025 (the “Closing”), with Queen surviving the Merger as a wholly owned subsidiary of the Company.

The Parent and its affiliates maintained a controlling financial interest, as defined by ASC 810, Consolidation , in Queen before and after the Merger, and in the Company upon consummation of the Merger.

The Merger with Queen was accounted for as a transaction between entities under common control because the Parent and its affiliates contributed a wholly owned subsidiary into the Company, which became a controlled subsidiary of the Parent and its affiliates upon consummation of the merger.

The Company has elected to push down its Parent’s basis in its net assets into its unaudited condensed consolidated financial statements, and as a result, unless the context otherwise requires, the “Company,” for periods prior to the Closing refers to Bally’s (“Predecessor”), and for the periods after the Closing refers to the combined Company of Bally’s and Queen (“Successor” or the “Company”).

As a result of the Merger described in Note 1 “General Information”, the Company elected to push down its Parent’s basis in its net assets into its unaudited condensed consolidated financial statements, and as a result, unless the context otherwise requires, the “Company,” for periods prior to the Merger Date refers to Bally’s (“Predecessor”), and for the periods after the Merger Date refers to the combined Company of Bally’s and Queen (“Successor” or the “Company”).

As a result of the Merger, the results of operations, financial position and cash flows of the Predecessor and the Successor are not directly comparable.

As Bally’s was deemed to be the predecessor entity, the historical financial statements of Bally’s became the historical financial statements of the combined Company, upon the consummation of the Merger.

As a result, the financial statements included in this report reflect (i) the historical operating results of Bally’s prior to the Merger and (ii) the combined results of the Company following the Closing.

The accompanying unaudited condensed consolidated financial statements include a Predecessor period, which includes the period through February 7, 2025 concurrent with the Merger, and a Successor period from February 8, 2025 through March 31, 2026.

The accompanying unaudited condensed consolidated financial statements include a Predecessor period, which includes the period from January 1, 2025 through February 7, 2025 concurrent with the Merger, and a Successor period from February 8, 2025 through June 30, 2026.

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.

Queen is a regional gaming, hospitality and entertainment company that owns and operates four casinos across three states.

The Merger expands the Company’s Casinos & Resorts geographic footprint and enhances the Company’s development pipeline, which aligns with the Company’s broader strategic initiatives.

Certain adjustments have been made to Queen’s historical carrying values to conform accounting policies with the Company, with any such adjustments being recorded to equity.

The preliminary purchase price of Queen is estimated based on the fair value of all existing and outstanding shares of Queen that were exchanged for shares of Company common stock, with the net effect of the transaction being charged to equity.

The preliminary purchase price of Queen and adjustment to equity resulting from the merger consists of the following:

(in thousands, except share and per share data) Amount

Queen common stock outstanding on February 7, 2025 10,967,117

Per share ratio 2.45

Equivalent Bally’s common stock to be issued 26,909,895

Bally’s common stock issued to settle Queen’s outstanding warrant and restricted stock awards 3,542,201

Total Bally’s shares issued for Queen shares outstanding 30,452,096

Share price per Merger Agreement $ 18.25

Total purchase price $ 555,751

Queen net assets assumed 217,027

Equity adjustment associated with the Queen merger $ 338,724

For the three months ended March 31, 2026 (Successor) and the period from February 8, 2025 to March 31, 2025 (Successor), revenue for Queen was $ 68.5 million and $ 34.7 million, respectively, and net income was $ 1.6 million and $ 13.0 million for the same periods, respectively.

Equity Method Investments

The Company holds a 37.7 % equity interest in The Star Entertainment Group Limited (“The Star”), an ASX-listed company, which it accounts for as an equity method investment under the fair value option allowed by ASC 825, Financial Instruments .

Under the fair value option, the investment is remeasured at fair value at each reporting period through earnings.

The Company measures fair value using quoted prices in active markets that are classified within Level 1 of the hierarchy, with changes to fair value included within Other non-operating expense, net of the condensed consolidated statements of operations.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

In 2025, following the Queen Merger, the Company had an investment in Intralot.

The total initial investment represented approximately 26.86 % of the outstanding shares of Intralot.

During the fourth quarter of 2025, the Company acquired a controlling financial interest in Intralot as described in Note 1 “General Information” and will account for the Intralot Transaction as a business combination (refer to Note 7 “Business Combinations” for further information).

Prior to the Intralot Transaction, the Company accounted for its shares as an equity method investment under the fair value option.

The Company also has other investments in unconsolidated subsidiaries, which are accounted for using equity method accounting.

The Company records its share of net income or loss and changes in fair value for equity method investments accounted for under the fair value option within Other non-operating expense, net in the condensed consolidated statements of operations.

Refer to Note 4 “Consolidated Financial Information” for further information.

The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

In May, 2026, the Required Revolving Lenders and Administrative Agent under the Company’s Revolving Credit Facility conditionally waived compliance with the consolidated net leverage ratio covenant for each fiscal quarter ending during the period commencing March 31, 2026 through the earlier of (i) the Company’s election to terminate the waiver upon certifying compliance with the covenant as of the most recently ended fiscal quarter, or (ii) the date immediately preceding the delivery of the compliance certificate for the quarter ending March 31, 2027 (the “Covenant Waiver Period”).

The waiver remains subject to the Company’s ongoing satisfaction of a minimum liquidity maintenance requirement, among other conditions.

Based on the Company’s current forecasts, excluding the financings described below and giving effect to the scheduled reduction in revolving commitments, the Company does not project that it would satisfy the liquidity maintenance requirement or, the consolidated net leverage ratio covenant once reinstated, and may not be in compliance with the Company’s Revolving Credit Facility during the twelve months following the date these financial statements are issued.

As described below, while the Company is actively engaged in discussions on several financing alternatives, the conditions and events raise substantial doubt about the Company’s ability to continue as a going concern.

Any future inability of the Company to stay in compliance with the Company’s Revolving Credit Facility has no implications under any of Bally’s Intralot’s debt documents.

Bally’s Intralot does not guarantee any of Bally’s Corporation’s debt.

Refer to Note 12 “Long-Term Debt” for further information.

In response to these conditions, the Company is pursuing a number of financing alternatives intended to enhance its liquidity, including asset monetization, an equity sale, and debt financings.

In July 2026, the Company executed a term sheet for a loan to fund further development of the Bally’s Bronx project and general corporate purposes.

While the term sheet is non-binding the parties are working towards a binding commitment.

These plans have not been finalized, are subject to market conditions and the actions of third parties, and are not within the Company’s control, and there can be no assurance that the plans will be successfully implemented.

As a result, the Company has concluded that management’s plans do not alleviate substantial doubt about the Company’s ability to continue as a going concern.

The 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 result from the outcome of this uncertainty.

Variable Interest Entities

3 unchanged sentences

The Company consolidates its investment in a VIE when it determines that it is its primary beneficiary.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

In determining whether it is the primary beneficiary of the VIE, the Company considers qualitative and quantitative factors, including, but not limited to which activities most significantly impact the VIE’s economic performance and which party controls such activities and significance of the Company’s investment and other means of participation in the VIE’s expected profits/losses.

2 unchanged sentences

The Company performs this analysis on an ongoing basis.

Refer to Note 3 “Related Party Transactions” for further information.

Related Parties

3 unchanged sentences

Non-controlling interest

As described in Note 1 “General Information,” on October 8, 2025 the Company acquired a controlling financial interest in Intralot.

In connection with the transaction, Bally’s International Interactive, a wholly owned subsidiary, was contributed to Intralot.

As a result, the Company consolidates Intralot and its subsidiaries, including Bally’s International Interactive, and the equity interests in Intralot held by third parties are reflected as a noncontrolling interest in the Company’s Condensed Consolidated Statements of Stockholders’ Equity.

The non-controlling interest recognized at the Intralot Closing Date represents (i) the fair value of the equity interests in Intralot held by third parties, which is based on Intralot’s closing share price as of that date and (ii) the carrying value of the noncontrolling interests attributable to Bally’s International Interactive.

As of March 31, 2026 (Successor), third parties held approximately 40.6 % of the outstanding equity interests in Intralot.

Net income attributable to non-controlling interest was $ 4.0 million for the three months ended March 31, 2026 (Successor).

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

During the first quarter of 2025, Bally’s Chicago, Inc., a consolidated subsidiary of the Company, successfully completed a private placement, whereby shares of Class A-1, A-2, A-3 and A-4 were issued to third parties for total consideration of $ 12.4 million, net of $ 0.8 million of issuance costs.

Additionally, on August 14, 2025 (Successor), Bally’s Chicago, Inc.

completed its public offering and concurrent private placement, whereby additional shares of Class A-1, A-2, A-3 and A-4 were issued for total consideration of $ 5.8 million, net of $ 0.3 million of issuance costs.

As of March 31, 2026 (Successor), the Company’s non-controlling interest in Bally’s Chicago, Inc.

Net loss attributable to non-controlling interest was $ 2.9 million for the three months ended March 31, 2026 (Successor) and de minimis for the period from February 8, 2025 to March 31, 2025 (Successor).

The Company consolidates Bally’s Intralot, Bally’s Chicago, Inc., and Bally’s Wyoming, LLC, in which the Company holds controlling financial interests.

The third-party equity interests in these consolidated entities is presented as a non-controlling interest in the Company’s condensed consolidated statements of stockholders’ equity.

Net loss attributable to non-controlling interest consisted of the following:

(in thousands) Three Months Ended June 30, 2026 Six Months Ended June 30, 2026

Bally’s Intralot (1)

$ ( 14,907 ) $ ( 10,932 )

Bally’s Chicago, Inc.

( 2,993 ) ( 5,911 )

Bally’s Wyoming, LLC (3)

( 13 ) ( 13 )

Net loss attributable to non-controlling interest $ ( 17,913 ) $ ( 16,856 )

__________________________________

There was no net income attributable to non-controlling interest during the period from January 1, 2025 to February 7, 2025 (Predecessor).

(1) Non-controlling equity interests amounted to 40.5 % and 41.2 % as of June 30, 2026 (Successor) and December 31, 2025 (Successor), respectively.

(2) Non-controlling equity interests amounted to 10.5 % as of June 30, 2026 (Successor) and December 31, 2025 (Successor).

(3) Non-controlling equity interests amounted to 20.0 % as of June 30, 2026 (Successor).

On May 28, 2026, the shareholders of Bally’s Intralot approved a cash dividend of € 30.0 million ($ 34.4 million) payable to its shareholders.

As of June 30, 2026 (Successor), approximately € 12.1 million ($ 13.9 million) attributable to minority Bally’s Intralot shareholders was included in Accrued and other current liabilities, with a corresponding reduction to Non-controlling interest within the Company’s condensed consolidated balance sheets.

The dividend was subsequently paid to Bally’s Intralot shareholders on July 27, 2026.

Cash and Cash Equivalents and Restricted Cash

Cash and cash equivalents includes cash balances and highly liquid investments with an original maturity of three months or less.

Restricted cash includes player deposits, payment service provider deposits, and VLT and table games related cash payables to certain states where we operate, which are unavailable for the Company’s use.

Restricted cash includes player deposits, payment service provider deposits, and Video Lottery Terminal (“VLT”) and table games related cash payables to certain states where we operate, which are unavailable for the Company’s use.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Accounts Receivable, Net

Accounts receivable, net consists of the following:

(in thousands) March 31, 2026 (Successor) December 31, 2025 (Successor)

(in thousands) June 30, 2026 (Successor) December 31, 2025 (Successor)

Amounts due from GLPI (1)

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Deferred Payables

In order to execute on its strategy of improving working capital efficiency, the Company will, from time to time, participate in trade finance or deferred payable initiatives, including programs that may securitize or accelerate liquidity realized from receivables, or alternatively extend trade terms with certain suppliers or vendors.

In certain cases, where the Company is not able to extend payment terms directly with suppliers or vendors, the Company will consider deferred payable solutions that simulate such trade term extensions.

These solutions generally involve entering into exchange agreements with intermediary institutions who will make payments to the supplier or vendor within the original terms on behalf of the Company, in exchange for a new bill with terms that conform to the Company’s payment policy of net 90 days.

The Company will then pay the new bill to the intermediary institutions, inclusive of any embedded premium, which the Company records as Interest expense, net, within three months or less.

Amounts outstanding under these deferred payable arrangements were $ 85.3 million and $ 47.0 million as of March 31, 2026 (Successor) and December 31, 2025 (Successor), respectively, and are included in Accrued and other current liabilities on the condensed consolidated balance sheets.

The Company borrowed $ 86.6 million, $ 13.9 million and $ 79.6 million, under these deferred payable arrangements during the three months ended March 31, 2026 (Successor), the period from February 8, 2025 to March 31, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

Additionally, the Company repaid $ 46.9 million, $ 5.0 million and $ 68.5 million, during the three months ended March 31, 2026 (Successor), the period from February 8, 2025 to March 31, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The Company incurred $ 1.4 million, $ 1.6 million and $ 0.5 million of interest expense under these arrangements during the three months ended March 31, 2026 (Successor), the period from February 8, 2025 to March 31, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

Gaming Expenses

Gaming expenses include, among other things, payroll costs and expenses associated with the operation of VLTs, slots and table games, including gaming taxes payable to jurisdictions in which the Company operates outside of Rhode Island and Delaware, and certain marketing costs directly associated with the Company’s iGaming products and services.

Gaming expenses also include racing expenses comprised of payroll costs, off track betting (“OTB”) commissions and other expenses associated with the operation of live racing and simulcasting.

As of June 30, 2026 (Successor) and December 31, 2025 (Successor), there was $ 27.7 million and $ 47.0 million outstanding under the Company’s deferred payable arrangements, respectively, and are included in Accrued and other current liabilities on the condensed consolidated balance sheets.

Advertising Expense

The Company expenses advertising costs as incurred.

Advertising expenses, including production and agency fees of campaigns, for the three months ended March 31, 2026 (Successor) was $ 5.1 million.

Advertising expenses, including production and agency fees of campaign, for the period from February 8, 2025 to March 31, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), was $ 1.4 million and $ 0.9 million, respectively.

Advertising expenses, including production and agency fees of campaigns, for the three months ended June 30, 2026 and 2025 (Successor) was $ 4.9 million and $ 2.7 million, respectively.

Advertising expenses, including production and agency fees of campaign, for the six months ended June 30, 2026 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), was $ 10.0 million, $ 4.1 million and $ 0.9 million, respectively.

The above advertising expenses are included in General and administrative on the condensed consolidated statements of operations.

Additionally, the Company incurred certain advertising and marketing costs directly associated with the Company’s iGaming products and services of $ 38.0 million for the three months ended March 31, 2026 (Successor).

Certain advertising and marketing costs incurred directly associated with the Company’s iGaming products and services of $ 18.1 million and $ 12.6 million during the period from February 8, 2025 to March 31, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

Additionally, the Company incurred certain advertising and marketing costs directly associated with the Company’s iGaming products and services of $ 38.2 million and $ 31.5 million for the three months ended June 30, 2026 and 2025 (Successor), respectively.

Certain advertising and marketing costs incurred directly associated with the Company’s iGaming products and services of $ 76.2 million, $ 49.6 million and $ 12.6 million during the six months ended June 30, 2026 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

These costs are included within Gaming expenses in the condensed consolidated statements of operations.

Share-Based Compensation

The Company recognized total share-based compensation expense of $ 2.6 million for the three months ended March 31, 2026 (Successor).

For the period from February 8, 2025 to March 31, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), total share-based compensation expense was $ 2.7 million and $ 2.0 million, respectively.

The total income tax benefit for share-based compensation arrangements was $ 0.7 million for the three months ended March 31, 2026 (Successor), and $ 0.7 million and $ 0.5 million for the period from February 8, 2025 to March 31, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

Bally’s Chicago Service Agreements

The Company is party to various agreements relating to the operations of certain services at the Company’s Bally’s Chicago Casino facilities (the “Bally’s Chicago Services Agreements”), including a long-term management agreement with a provider to operate and manage certain hospitality services at its permanent casino and resort upon opening.

The Company expects to receive $ 50.0 million towards the construction and build out of certain casino facilities related to such services, payable in installments over 2 years, subject to certain conditions precedent (the “Bally’s Chicago Construction Investments”).

Under the aforementioned hospitality services agreement, the Company received $ 7.8 million of Bally’s Chicago Construction Investments during the three months ended March 31, 2026 (Successor).

As of March 31, 2026 (Successor), the Company has received $ 12.2 million in proceeds under this agreement.

The Bally’s Chicago Construction Investments are recorded in “Other long-term liabilities” and will be amortized as a reduction of Non-gaming operating costs and expenses over the contract term upon commencement of operations at the permanent casino and resort.

Upon commencement of the management services, the Company will pay a management fee and a share of net receipts to the providers, as applicable, which will be recognized as Non-gaming operating costs and expenses as incurred.

Provision for Income Taxes

During the three and six months ended June 30, 2026 (Successor), the Company recorded a benefit for income tax of $ 13.6 million and $ 16.8 million, respectively.

During the three months ended June 30, 2025 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), the Company recorded a provision of $ 185.4 million, $ 88.3 million and $ 0.7 million, respectively.

The effective tax rate for the three months ended June 30, 2026 (Successor) and June 30, 2025 (Successor) was 7.6 % and ( 431.3 )%, respectively.

The effective tax rate for the six months ended June 30, 2026 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor) was 4.9 %, ( 83.7 )% and ( 1.3 )%, respectively.

As of June 30, 2026 (Successor), the Company projects an annual tax benefit relative to its pre-tax loss offset in part by the valuation allowance on interest and a $ 14.3 million discrete provision on the benefit of the Bally’s Twin River sale-leaseback during the three months ended March 31, 2026 (Successor).

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Provision for Income Taxes

During the three months ended March 31, 2026 (Successor) and the period from February 8, 2025 to March 31, 2025 (Successor), the Company recorded a benefit for income tax of $ 3.2 million and $ 97.1 million, respectively.

For the period from January 1, 2025 to February 7, 2025 (Predecessor), the Company recorded a provision of $ 0.7 million.

The effective tax rate for the three months ended March 31, 2026 (Successor), the period from February 8, 2025 to March 31, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor) was 2.0 %, 155.2 % and ( 1.3 )%, respectively.

As of March 31, 2026 (Successor), the Company projects an annual tax benefit relative to its pre-tax loss offset in part by the valuation allowance on interest and a $ 13.3 million discrete provision on the benefit of the Bally’s Twin River sale-leaseback during the three months ended March 31, 2026 (Successor).

RELATED PARTY TRANSACTIONS

Disposition of Carved-Out Business

In 2024, the Company sold portions of its international interactive business in Asia and certain other international markets in its Bally’s Intralot B2C reportable segment (the “Carved-Out Business”) to a company (the “Buyer”) formed by members of management of the Carved-Out Business for total consideration of $ 32.9 million, which consisted of a € 30.0 million seven-year term note, subject to applicable interest.

Additionally in connection with the disposition, the Company acquired penny warrants that represent a 19.99 % fully diluted equity interest in the Carved-Out Business, for approximately $ 1.9 million, which as a result is an unconsolidated entity accounted for under the equity method and is considered to be a related party under ASC 850.

Ownership of certain intellectual property previously owned by Bally’s and used by the Carved-Out Business has been transferred into an independent trust (the “Trust”).

The Trust licenses the use of such intellectual property to the Carved-Out Business under a commercial license arrangement, with licensing fees paid to the Trust by the Buyer for a term of five years (subject to annual automatic extension) based on net gaming revenues of the Carved-Out Business.

Any proceeds generated from the Trust property are distributed to the Company by the Trust and are recognized as licensing revenue and included in Non-gaming revenue in the condensed consolidated statements of operations, as development of iGaming capabilities remains a core part of Bally’s strategy.

Under the fair value option, the investment is remeasured at fair value at each reporting period through earnings.

The Company measures fair value using quoted prices in active markets that are classified within Level 1 of the hierarchy, with changes to fair value included within Other non-operating (expense) income, net of the condensed consolidated statements of operations.

The Company has a service agreement with The Star whereby the Company will be reimbursed for certain administrative costs.

The Company also holds a long-term receivable for accrued paid-in-kind interest, associated with the Company’s previously held investment in The Star’s subordinated debt and convertible notes, which was included in Other assets within the condensed consolidated balance sheets as of June 30, 2026 (Successor).

The accrued paid-in-kind interest is reported at fair value based on Level 2 inputs, with changes to fair value included within Other non-operating (expense) income, net of the condensed consolidated statements of operations.

Refer to Note 4 “Consolidated Financial Information” and Note 11 “Fair Value Measurements” for further information.

Equity Method Investments

The Company has certain other investments in unconsolidated subsidiaries, which are accounted for using equity method accounting.

The Company records its share of net income or loss and changes in fair value for equity method investments accounted for under the fair value option within Other non-operating (expense) income, net in the condensed consolidated statements of operations.

Refer to Note 4 “Consolidated Financial Information” for further information.

Equity Investee

As of June 30, 2026 (Successor) and December 31, 2025 (Successor), the Company held a 19.99 % equity interest in an unconsolidated entity (the “Equity Investee”) accounted for under the equity method and is considered to be a related party under ASC 850.

Certain intellectual property previously owned by Bally’s and used by the Equity Investee is owned by an independent trust (the “Trust”), which is considered a VIE that is consolidated by the Company based on the applicable criterion.

The Trust licenses the use of such intellectual property to the Equity Investee under a commercial license arrangement, with licensing fees paid to the Trust by the Equity Investee based on its net gaming revenues.

Any proceeds generated from the Trust property are distributed to the Company and are recognized as licensing revenue and included in “Non-gaming revenue” in the condensed consolidated statements of operations, as development of iGaming capabilities remains a core part of the Company’s strategy.

As of June 30, 2026 (Successor) and December 31, 2025 (Successor), the Company held a € 30.0 million seven-year term note payable by the Equity Investee.

During the fourth quarter of 2025 (Successor), the Company recorded a provision for credit loss of $ 17.1 million on the aforementioned term note.

The net carrying value of the term note, included in Other assets within the condensed consolidated balance sheets, was $ 16.7 million and $ 17.1 million as of March 31, 2026 (Successor) and December 31, 2025 (Successor), respectively.

The Company recorded interest income on the seven-year term note of $ 0.5 million and $ 0.3 million included within Interest expense, net in the consolidated statements of operations during the period from February 8, 2025 to March 31, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively, and a de minimis amount during the three months ended March 31, 2026 (Successor).

As of March 31, 2026 (Successor), the Company had $ 0.9 million, included within Accounts payable in the condensed consolidated balance sheets, payable to this equity method investee, and $ 6.1 million in receivables from this equity method investee included Accounts receivable, net as of December 31, 2025 (Successor).

As of June 30, 2026 and December 31, 2025 (Successor), the net carrying value of the term note, included in Other assets within the condensed consolidated balance sheets, was $ 16.7 million and $ 17.1 million, respectively.

The Company recorded interest income on the seven-year term note of $ 0.8 million, $ 1.3 million, and $ 0.3 million during the three months ended June 30, 2025 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively, included within Interest expense, net in the condensed consolidated statements of operations.

A de minimis amount of interest income was recorded during the three and six months ended June 30, 2026 (Successor).

The Company had $ 3.4 million and $ 6.1 million in receivables from the Equity Investee included within Accounts receivable, net as of June 30, 2026 (Successor) and December 31, 2025 (Successor), respectively.

Variable Interest Entities

Management has concluded that the Trust established in connection with the aforementioned disposal of the Carved-Out Business, is a VIE that will be consolidated based on the applicable criterion.

Additionally, in connection with the acquisition of a controlling interest in Intralot during the fourth quarter of 2025, the Company evaluated the variable interests held by Intralot and concluded that DC09 LLC and Royal Highgate Ltd.

are VIEs for which the Company is the primary beneficiary.

In addition to the Trust, the Company evaluated variable interests held by Bally’s Intralot and concluded that DC09 LLC and Royal Highgate Ltd.

are VIEs for which Bally’s Intralot is the primary beneficiary.

As a result, these entities are consolidated in the Company’s condensed consolidated financial statements.

As of March 31, 2026 (Successor) and December 31, 2025 (Successor), consolidated VIEs had total assets of $ 59.7 million and $ 60.8 million respectively, and total liabilities of $ 22.6 million and $ 18.6 million, respectively.

Consolidated VIEs had total revenues of $ 2.5 million, $ 4.9 million and $ 3.7 million for the three months ended March 31, 2026 (Successor), the period from February 8, 2025 to March 31, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

As of June 30, 2026 (Successor) and December 31, 2025 (Successor), the Company’s consolidated VIEs had total assets of $ 63.2 million and $ 60.8 million respectively, and total liabilities of $ 9.9 million and $ 18.6 million, respectively.

Consolidated VIEs had total revenues of $ 4.0 million and $ 7.0 million during the three months ended June 30, 2026 and 2025 (Successor), respectively, and $ 6.5 million, $ 11.9 million and $ 3.7 million during the six months ended June 30, 2026 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

CONSOLIDATED FINANCIAL INFORMATION

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Successor Predecessor

(in thousands) Three Months Ended March 31, 2026 Period from February 8, 2025 to March 31, 2025 Period from January 1, 2025 to February 7, 2025

(in thousands) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Six Months Ended June 30, 2026 Period from February 8, 2025 to June 30, 2025 Period from January 1, 2025 to February 7, 2025

Advertising, general and administrative $ 306,712 $ 274,413 $ 607,360 $ 414,829 $ 100,969

Acquisition and integration 13,261 4,100 2,199

Acquisition, integration and development costs 26,834 19,239 40,095 23,339 2,199

Merger costs 634 4,546 2,771 20,421 11,233

1 unchanged sentence

Other Non-Operating (Expense) Income, Net

Amounts included in Other non-operating expense, net were as follows:

Amounts included in Other non-operating (expense) income, net were as follows:

Successor Predecessor

(in thousands) Three Months Ended March 31, 2026 Period from February 8, 2025 to March 31, 2025 Period from January 1, 2025 to February 7, 2025

Change in value of performance warrants $ — $ — $ — $ — $ ( 1,180 )

1 unchanged sentence

(Loss) gain on fair value of fair value option assets ( 35,317 ) 60,723 ( 139,590 ) 66,267 —

Net (loss) income from equity method investments ( 2,913 ) 863 ( 594 )

Foreign exchange gain 21,088 1,591 194

Net income (loss) from equity method investments 7,299 601 4,386 1,464 ( 594 )

Foreign exchange (loss) gain ( 10,564 ) ( 6,538 ) 10,524 ( 4,947 ) 194

Other, net 14,016 2,178 17,722 2,522 ( 785 )

Total other non-operating expense, net ( 145,812 ) $ ( 9,030 ) $ ( 2,365 )

Total other non-operating (expense) income, net $ ( 24,566 ) $ 56,964 $ ( 170,378 ) $ 47,934 $ ( 2,365 )

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Interest Expense, Net

1 unchanged sentence

Successor Predecessor

(in thousands) Three Months Ended March 31, 2026 Period from February 8, 2025 to March 31, 2025 Period from January 1, 2025 to February 7, 2025

Interest income $ 2,258 $ 3,889 $ 4,849 $ 5,339 $ ( 1 )

1 unchanged sentence

Total interest expense, net $ ( 118,970 ) $ ( 97,522 ) $ ( 228,875 ) $ ( 149,259 ) $ ( 27,229 )

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Standards Implemented

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326).

In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (Topic 326).

The amendments clarify guidance related to Topic 326 for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers, and allowing for a practical expedient that assumes that current conditions as of the balance sheet do not change for the remaining life of the asset.

2 unchanged sentences

Standards to Be Implemented

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No.

2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative .

In October 2023, the FASB issued ASU 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 SEC’s regulations.

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The Company is currently evaluating the impact that this guidance will have on its financial statements and related disclosures.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40).

7 unchanged sentences

The Company is currently evaluating the impact that this guidance will have on its financial statements and related disclosures.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270):

6 unchanged sentences

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers , 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.

For a full description of the Company’s revenue policy, refer to Note 6, “Revenue Recognition” in Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The Company generates revenue from six principal sources:

(1) gaming (which includes retail gaming, online gaming, consumer lottery, sports betting and racing), (2) hotel, (3) food and beverage, (4) licensing, (5) technology services and (6) retail, entertainment and 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.

Gaming Revenue

Performance Obligations

Retail gaming service contracts involving our land-based casinos, 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.

Online gaming and sports betting represent a single performance obligation for the Company to operate contests or games and award prizes or payouts to users based on results of the arrangement.

Additionally, the use of incentives across the online gaming products create future customer rights and are a separate performance obligation.

Racing revenue is earned through advance deposit wagering, which consists of patrons wagering through an advance deposit account.

Each wagering contract contains a single performance obligation.

Consumer lottery revenue is earned from jurisdictions where the Company has a license from the applicable government authority to operate games to provide game management services.

Each consumer lottery contract contains a single performance obligation to stand ready to operate games and lotteries in the specific jurisdiction.

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 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, online gaming or sports betting 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 racing operations, inclusive of live racing events conducted at the Company’s racing facilities, is the commission received from the pari-mutuel pool less contractual fees and obligations, primarily consisting of purse funding requirements, simulcasting fees, tote fees and certain pari-mutuel taxes that are directly related to the racing operations.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

For purposes of allocating the transaction price in a wagering contract between the wagering performance obligation and the obligation associated with incentives earned under loyalty programs, the Company allocates an amount to the loyalty program contract liability based on the stand-alone selling price of the incentive earned.

The performance obligation related to loyalty program incentives are deferred and recognized as revenue upon redemption by the customer.

For certain consumer lottery contracts, payments to the applicable government authority for the license to operate are not considered consideration payable to a customer under ASC 606.

Accordingly, such payments are recognized as operating expenses and are not presented as a reduction of revenue.

Revenue Recognition

The allocated revenue for retail gaming wagers is recognized when the wagering occurs as all such wagers settle immediately.

Online gaming revenue is recognized at the point in time when the player completes a gaming session and payout occurs.

Sports betting involves a player wagering money on an outcome or series of outcomes.

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.

Racing revenue includes several of our casinos and resorts’ share of wagering from live racing and the import of simulcast signals, and is recognized upon completion of the wager based upon an established take-out percentage.

Consumer lottery revenue is recognized as tickets are sold and the variability is resolved.

Certain operations within the Company’s Casinos & Resorts and North America Interactive reportable segments act as an agent in operating gaming services on behalf of the state in which they are licensed.

At these respective casino properties, gaming revenue is recognized when the wager is settled, which is when the customer has received the benefits of the Company’s gaming services and the Company has a present right to payment.

The Company recorded revenue from its operations in these states on a net basis, which represents the percentage share entitled to the Company.

Additionally, certain operations within the Company’s Bally’s Intralot B2C reportable segment act as an agent in providing virtual sports betting services on behalf of the applicable government authority.

The Company collects wagers from players, remits net proceeds to the applicable government authority after payment of prizes, and retains a commission.

As the Company does not control the underlying wagering activity, revenue is recognized on a net basis in an amount equal to the commission to which the Company is entitled.

Revenue is recognized over time as wagering activity occurs and the outcome of the underlying bets is resolved.

Non-gaming Revenue

Performance Obligations

Hotel, food and beverage, licensing, and retail, entertainment 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.

Technology services contracts involve the Company using its software to provide services related to customers’ lottery, VLT, and sports betting operations.

The Company will also provide related hardware and support services.

Technology services contracts can contain multiple performance obligations, including a performance obligation to stand ready to provide access to the software throughout the contract term and distinct performance obligations for sales of related hardware and implementation, customization, maintenance, and technical support services.

Transaction Price

The transaction price for hotel, food and beverage, licensing, and retail, entertainment and other, is the net amount collected from the customer for such goods and services or under the license agreement.

The estimated standalone selling price of hotel rooms is determined based on observable prices.

The standalone selling price of these goods and services are determined based upon the actual retail prices charged to customers for those items.

The transaction price for technology services contracts is primarily variable and is generally based on either (i) a monthly fee per enrolled machine, (ii) a percentage of gross revenue, or (iii) a percentage of net drop, which represents total amounts wagered less winnings and payouts to players.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Revenue Recognition

Hotel revenue is recognized when the customer obtains control through occupancy of the room over their stay at the hotel.

Advance deposits for hotel rooms are recorded as liabilities until revenue recognition criteria are met.

Food, beverage and retail revenues are recognized at the time the goods are sold from Company-operated outlets.

Licensing revenue is recognized under the sales-and usage-based royalty exception available in ASC 606 for licenses of intellectual property whereby revenue is recognized in the period that the underlying sale or usage occurs as the fees due to the Company are contingent and based on the customer’s usage of the intellectual property.

Technology services revenues from the use of the Company’s software to provide services to customers are recognized over time as the variability is resolved.

Other revenue includes cancellation fees for hotel and meeting space services, which are recognized upon cancellation by the customer, and golf revenues from the Company’s operations of Bally’s Golf Links, which are recognized at the time of sale.

Additionally, other revenue includes market access and business-to-business service revenue generated by the Bally’s Intralot B2B and North America Interactive reportable segments, which is recognized at the time the goods are sold or the service is provided, and are included in Non-gaming revenue within our condensed consolidated statements of operations.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The following table provides a disaggregation of total revenue by segment:

(in thousands) Casinos & Resorts Bally’s Intralot B2B Bally’s Intralot B2C North America Interactive Corporate & Other Total

Three Months Ended March 31, 2026 (Successor)

Three Months Ended June 30, 2026 (Successor)

Gaming $ 311,393 $ — $ 242,856 $ 53,765 $ — $ 608,014

6 unchanged sentences

Total revenue $ 401,017 $ 79,488 $ 243,481 $ 66,064 $ 2,184 $ 792,234

Period from February 8, 2025 to March 31, 2025 (Successor)

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

(in thousands) Casinos & Resorts Bally’s Intralot B2B Bally’s Intralot B2C North America Interactive Corporate & Other Total

Three Months Ended June 30, 2025 (Successor)

Gaming $ 305,858 $ — $ 195,860 $ 55,913 $ — $ 557,631

2 unchanged sentences

Licensing — 7,046 — — — 7,046

Retail, entertainment and other 18,933 — 3,160 589 1,633 24,315

Non-gaming 87,475 7,046 3,160 589 1,633 99,903

Total revenue $ 393,333 $ 7,046 $ 199,020 $ 56,502 $ 1,633 $ 657,534

Six Months Ended June 30, 2026 (Successor)

Gaming $ 612,091 $ — $ 481,988 $ 104,790 $ — $ 1,198,869

Hotel 63,220 — — — — 63,220

Food and beverage 70,223 — — — — 70,223

Licensing — 7,541 — — — 7,541

Technology Services — 120,960 — — — 120,960

2 unchanged sentences

Total revenue $ 780,745 $ 153,444 $ 483,419 $ 126,520 $ 3,828 $ 1,547,956

Period from February 8, 2025 to June 30, 2025 (Successor)

Gaming $ 484,392 $ — $ 303,596 $ 83,422 $ — $ 871,410

Hotel 52,427 — — — — 52,427

Food and beverage 55,082 — — — — 55,082

Licensing — 11,929 — — — 11,929

Retail, entertainment and other 28,283 — 3,291 637 3,169 35,380

Non-gaming 135,792 11,929 3,291 637 3,169 154,818

Total revenue $ 620,184 $ 11,929 $ 306,887 $ 84,059 $ 3,169 $ 1,026,228

Period from January 1, 2025 to February 7, 2025 (Predecessor)

3 unchanged sentences

Licensing — 3,720 — — — 3,720

Technology Services — — — — — —

Retail, entertainment and other 6,005 — 416 2,007 273 8,701

1 unchanged sentence

Total revenue $ 124,299 $ 3,720 $ 75,265 $ 16,941 $ 273 $ 220,498

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Contract Assets and Contract Related Liabilities

The Company’s receivables related to contracts with customers are primarily comprised of marker balances, interactive platform business-to-business service receivables, other amounts due from gaming activities, amounts due for hotel stays and amounts due from tracks and OTB locations.

The Company’s receivables related to contracts with customers were $ 52.8 million and $ 57.5 million as of March 31, 2026 (Successor) and December 31, 2025 (Successor), respectively.

The Company’s receivables related to contracts with customers were $ 57.3 million and $ 57.5 million as of June 30, 2026 (Successor) and December 31, 2025 (Successor), 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 Note 13 “Accrued and Other Current Liabilities” in the condensed consolidated balance sheet.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

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 twelve months ;

therefore, the majority of these incentives outstanding at the end of a period will either be redeemed or expire within the next twelve months .

Advance deposits are typically interactive player deposits and customer deposits for future banquet events, hotel room reservations, and gift cards.

The Company holds restricted cash for interactive player deposits and records a corresponding withdrawal liability.

Unpaid wagers include the Company’s outstanding chip liability and unpaid slot, pari-mutuel and sports betting tickets.

All of the contract liabilities are short-term in nature and are included in Accrued and Other Current Liabilities on the condensed consolidated balance sheet.

Liabilities related to contracts with customers were as follows:

(in thousands) March 31, 2026 (Successor) December 31, 2025 (Successor)

(in thousands) June 30, 2026 (Successor) December 31, 2025 (Successor)

Unpaid wagers $ 53,945 $ 60,238

2 unchanged sentences

Total $ 92,646 $ 98,269

The Company recognized $ 5.1 million, $ 3.2 million and $ 2.2 million of revenue related to loyalty program redemptions for the three months ended March 31, 2026 (Successor), the period from February 8, 2025 to March 31, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

The Company recognized $ 5.4 million and $ 5.3 million of revenue related to loyalty program redemptions for the three months ended June 30, 2026 and 2025 (Successor), respectively.

The Company recognized $ 10.9 million, $ 8.5 million and $ 2.2 million of revenue related to loyalty program redemptions for the six months ended June 30, 2026 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

Up Front License Fees

The Company periodically makes long-term investments in contracts to obtain the right to supply products and/or services to its customers.

As consideration, the Company pays up front fees, which are recognized as Other assets in its condensed consolidated balance sheet.

During the second quarter of 2026, the Company paid $ 98.9 million in up front license fees.

These up front license fees will be amortized, on a straight-line basis, as a reduction of technology services revenue, over the estimated economic life of the contract term, reflecting the pattern in which economic benefits are expected to be realized.

As of June 30, 2026 (Successor), the Company had $ 97.1 million of up front license contracts within Other assets.

There were no investments held in up front license contracts as of December 31, 2025 (Successor).

BUSINESS COMBINATIONS

Intralot Transaction

As described in Note 1 “General Information”, the Company completed the Intralot Transaction on October 8, 2025, with the Company obtaining a controlling financial interest in Intralot and retaining control of Bally’s International Interactive.

The transaction with Intralot was accounted for as a business combination in accordance with ASC Topic 805, Business Combinations (“ASC 805”), with the Company as the accounting acquirer.

Intralot is a global gaming technology and services company that provides integrated lottery systems, sports betting solutions and interactive gaming platforms to state-licensed gaming operators worldwide.

The Intralot Transaction expands the Company’s international gaming and technology footprint, enhances its digital and sports betting capabilities, and strengthens its position as a vertically integrated gaming and entertainment operator, which aligns with the Company’s broader strategic initiatives.

The preliminary fair value of the transaction consideration for the Company’s 57.9 % interest in Intralot as of the Intralot Closing Date was approximately $ 1.6 billion, which represents the fair value of Intralot shares issued to the Company plus the Company’s pre-existing investment in Intralot of approximately $ 280.6 million as of the Intralot Closing Date.

As disclosed in Note 2 “Summary of Significant Accounting Policies,” the Company’s previous investment in Intralot was accounted for as an equity method investment under the fair value option and was adjusted to fair value immediately prior to closing of the transaction.

As described in Note 1 “General Information”, the Company completed the Intralot Transaction on October 8, 2025, with the Company obtaining a controlling financial interest in Bally’s Intralot and retaining control of Bally’s International Interactive.

The Intralot Transaction was accounted for as a business combination in accordance with ASC Topic 805, Business Combinations (“ASC 805”), with the Company as the accounting acquirer.

The preliminary fair value of the transaction consideration for the Company’s interest in Bally’s Intralot as of the Intralot Closing Date, was approximately $ 1.6 billion, which represents the fair value of Bally’s Intralot shares issued to the Company plus the fair value of the Company’s pre-existing investment of approximately $ 280.6 million.

BALLY’S CORPORATION

2 unchanged sentences

As of October 8, 2025

(in thousands) Preliminary as of October 8, 2025 Year to Date Adjustments Preliminary as of March 31, 2026

(in thousands) Preliminary as of December 31, 2025 Year to Date Adjustments Preliminary as of June 30, 2026

Cash and cash equivalents $ 2,054,955 $ — $ 2,054,955

13 unchanged sentences

The purchase consideration has been allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based upon their preliminary estimated fair values as of the acquisition 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 an organized workforce and expected synergies from future cost savings and revenue driven by the integration of Bally’s intellectual property into Intralot’s product offerings as well as cross selling product offerings of Intralot and Bally’s International Interactive into existing and new markets.

Goodwill has been assigned to the segments expected to benefit from the transaction on a relative fair value basis, which includes $ 964.5 million and $ 780.4 million to the Bally’s Intralot B2B and Bally’s Intralot B2C segments, respectively.

The Non-controlling interest was initially measured at its fair value based on the trading price of Intralot stock on the date of closing.

Certain adjustments have been made to Intralot’s historical carrying values to conform accounting policies with the Company, including IFRS to GAAP conversion adjustments, with any such adjustments recorded to equity.

Qualitative factors that contribute to the recognition of goodwill include an organized workforce and expected synergies from future cost savings and revenue driven by the integration of Bally’s intellectual property into Bally’s Intralot’s product offerings as well as cross selling product offerings of Bally’s Intralot and Bally’s International Interactive into existing and new markets.

Goodwill of $ 964.5 million and $ 780.4 million has been assigned to the Company’s Bally’s Intralot B2B and Bally’s Intralot B2C reportable segments based on the expected benefit from the transaction on a relative fair value basis, respectively.

The Non-controlling interest was initially measured at its fair value based on the trading price of Bally’s Intralot stock on Euronext Athens as of the Intralot Closing Date.

Certain adjustments have been made to Bally’s Intralot’s historical carrying values to conform accounting policies with the Company, including IFRS to GAAP conversion adjustments, with any such adjustments recorded to equity.

The Company recorded intangible assets based on estimates of fair value which consisted of the following (in thousands):

1 unchanged sentence

Developed technology Relief from royalty method 13 $ 258,568

Intralot trade name Relief from royalty method 13 61,390

Bally’s Intralot trade name Relief from royalty method 13 61,390

Customer relationships Multi-period excess earnings method 25 219,748

2 unchanged sentences

The valuation of intangible assets was determined using an income approach methodology including the multi-period excess earnings method and the relief from royalty method.

Level 3 inputs used in estimating future cash flows included terminal growth rates of 3 %, a royalty rate of 1.5 % for the Intralot trade name and 15.0 % for other acquired intangibles, discount rates between 7.5 % and 8.5 %, and operating cash flows.

Level 3 inputs used in estimating future cash flows included terminal growth rates of 3 %, a royalty rate of 1.5 % for the Bally’s Intralot trade name and 15.0 % for other acquired intangibles, discount rates between 7.5 % and 8.5 %, and operating cash flows.

The projected future cash flows are discounted to present value using an appropriate discount rate.

As of March 31, 2026 (Successor), the Company is in the process of completing its valuation of tangible and intangible assets and the allocation of the purchase price to net assets, including the allocation of goodwill to reporting units, which will be completed once the valuation process has been finalized.

As of June 30, 2026 (Successor), the Company is in the process of completing its valuation of tangible and intangible assets and the allocation of the purchase price to net assets, including the allocation of goodwill to reporting units, which will be completed once the valuation process has been finalized.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The Company incurred $ 6.6 million of transaction-related expenses for the three months ended March 31, 2026 (Successor) in connection with the transaction primarily related to legal and professional fees, which have been included within “General and administrative” in the condensed consolidated statements of operations.

Revenue and net loss of Intralot attributable to Bally’s of $ 95.2 million and $ 31.7 million, respectively, have been included within the accompanying condensed consolidated statement of income for the three months ended March 31, 2026 (Successor).

The Company incurred $ 1.6 million and $ 8.2 million of transaction-related expenses during the three and six months ended June 30, 2026 (Successor), respectively, and $ 7.2 million of transaction-related expenses during the three months ended June 30, 2025 and the period from February 8, 2025 to June 30, 2025 (Successor), both in connection with the transaction primarily related to legal and professional fees, which have been included within “General and administrative” in the condensed consolidated statements of operations.

Revenue of Bally’s Intralot attributable to Bally’s of $ 92.8 million and $ 188.1 million and net loss of Bally’s Intralot attributable to Bally’s of $ 43.4 million and $ 75.1 million have been included within the accompanying condensed consolidated statement of income for the three and six months ended June 30, 2026 (Successor), respectively.

Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information is presented to illustrate the estimated effects of the transaction as if the transaction had occurred on January 1, 2024:

(in thousands) Three Months Ended March 31, 2025

The following unaudited pro forma financial information is presented to illustrate the estimated effects of the Intralot Transaction as if the transaction had occurred on January 1, 2024:

(in thousands) Three Months Ended June 30, 2025 Six Months Ended June 30, 2025

Pro forma revenue $ 756,432 $ 1,446,660

Pro forma net loss $ ( 227,225 ) $ ( 269,233 )

The pro forma amounts include the historical operating results of the Company and Intralot prior to the acquisition, with adjustments directly attributable to the transaction including amortization expense of intangible assets, debt amortization expense and interest expenses.

The pro forma amounts include the historical operating results of the Company and Bally’s Intralot prior to the acquisition, with adjustments directly attributable to the Intralot Transaction including amortization expense of intangible assets, debt amortization expense and interest expenses.

The unaudited pro forma financial information is not necessarily indicative of the results of operations that actually would have been achieved had the transaction been consummated as of the dates indicated, nor is it indicative of any future results.

In addition, the unaudited pro forma financial information does not reflect the expected realization of any synergies or cost savings associated with the transaction.

Merger with Queen Casino & Entertainment, Inc.

The Merger between the Company and Queen was accounted for as a transaction between entities under common control in accordance with ASC 805, in which the accounting acquirer (Parent and its affiliates) obtained control of the Company.

The Company has elected to push down its Parent’s basis in its net assets into its financial statements, and as a result, the net assets of the Predecessor were measured and recognized at their fair values as of the acquisition date and were combined with those of Queen at Queen’s historical carrying amounts and are presented on a combined basis.

The following disclosures relate to the Company’s election to apply push down and show the effect of the change in control.

The fair value of the Merger consideration was $ 955.6 million, which represents 52,364,192 total shares outstanding prior to the Merger multiplied by the Merger value of $ 18.25 per share.

Immediately following the transaction, the Company repurchased 22,804,384 shares at a price of $ 18.25 for total a total repurchase price of $ 416.2 million.

The final allocation of the purchase price is as follows:

(in thousands) As of February 7, 2025

Cash and cash equivalents $ 173,550

Restricted cash 57,352

Other current assets 210,447

Property and equipment 1,060,741

Right of use assets 1,709,561

Goodwill 1,611,192

Intangible assets 1,819,421

Other assets 120,887

Total current liabilities ( 567,902 )

Lease liabilities ( 1,840,368 )

Long-term debt ( 2,914,688 )

Other long-term liabilities ( 484,546 )

Net assets acquired $ 955,647

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The purchase consideration has been allocated to the tangible and identifiable intangible assets and liabilities based upon their estimated fair values as of the acquisition date, with the excess of the purchase consideration over the aggregate net fair values recorded as goodwill, which is not deductible for tax purposes.

Accounts receivable, other assets, current liabilities and inventories 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 and owned real property 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 were 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.

In connection with remeasuring the Company’s lease liabilities, unfavorable off-market components of $ 130.8 million were recognized as a decrease to the Company’s right of use assets, and will be amortized as a reduction of lease expense on a straight line basis over the remaining lease term.

The Company recorded intangible assets based on estimates of fair value which consisted of the following:

Valuation Approach Estimated Useful Life

(in years) Estimated Fair Value

Gaming licenses Greenfield/Replacement Cost method 2 - 18

Customer relationships Multi-Period Excess Earnings/

Replacement Cost method 1 - 7

Developed technology Relief from royalty method 5 252,700

Trade names Relief from royalty method 12 74,600

Intellectual property license Relief from royalty method 7 141,000

Other amortizing intangibles Various methods 1 - 22

Indefinite lived trade name Relief from royalty method Indefinite 278,000

Total fair value of intangible assets $ 1,819,421

The valuation of intangible assets was determined using income approach methodologies including the Greenfield method, multi-period excess earnings method, relief from royalty method, and the replacement cost method.

Level 3 inputs used in estimating future cash flows included terminal growth rates of 3 %, royalty rates between 2 % and 19 %, discount rates between 11 % and 15 %, operating cash flows, estimated construction costs, and pre-opening expenses, among others.

The projected future cash flows are discounted to present value using an appropriate discount rate.

As of December 31, 2025 (Successor), the Company has finalized its valuation of tangible and intangible assets and the allocation of the purchase price to the assets acquired and liabilities assumed.

The Company incurred $ 2.1 million, $ 15.9 million and $ 11.2 million of transaction related expenses for the three months ended March 31, 2026 (Successor), the period from February 8, 2025 to March 31, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

Transaction-related expenses were incurred in connection with the Merger and are primarily related to legal and professional fees, which have been included in General and administrative in the condensed consolidated statements of operations.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets was comprised of the following:

(in thousands) March 31, 2026 (Successor) December 31, 2025 (Successor)

Sales tax $ 47,237 $ 44,161

Services and license agreements 35,043 26,732

Prepaid marketing 13,235 13,516

Loan receivable 10,103 8,573

Prepaid insurance 9,647 14,866

Short term derivative assets 4,038 3,975

Short term notes receivable 14,375 14,730

Other 29,605 33,056

Total prepaid expenses and other current assets $ 163,283 $ 159,609

In addition, the unaudited pro forma financial information does not reflect the expected realization of any synergies or cost savings associated with the Intralot Transaction.

PROPERTY AND EQUIPMENT

Property and equipment was comprised of the following:

(in thousands) March 31, 2026 (Successor) December 31, 2025 (Successor)

Property and equipment, net was comprised of the following:

(in thousands) June 30, 2026 (Successor) December 31, 2025 (Successor)

Land and improvements (1)(2)

10 unchanged sentences

__________________________________

(1) Includes $ 191.9 million as of March 31, 2026 (Successor) related to the City of New York conveyance arrangement.

(1) Includes $ 195.5 million as of June 30, 2026 (Successor) related to the City of New York conveyance arrangement.

(2) During the first quarter of 2026, the Company derecognized $ 65.6 million, $ 542.3 million, and $( 13.5 ) million of Land and improvements, Building and improvements, and Accumulated depreciation, respectively, as part of the Bally’s Twin River sale-leaseback transaction with GLPI.

Refer to Note 13 “Leases” for further information.

Depreciation expense relating to property and equipment was $ 28.7 million, $ 14.5 million and $ 7.6 million for the three months ended March 31, 2026 (Successor), the period from February 8, 2025 to March 31, 2025 (Successor), and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

The Company recorded capitalized interest of $ 1.7 million and $ 0.8 million during the period from February 8, 2025 to March 31, 2025 (Successor), and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

There was no recorded capitalized interest during the three months ended March 31, 2026 (Successor).

Depreciation expense relating to property and equipment was $ 22.4 million and $ 13.0 million for the three months ended June 30, 2026 and 2025 (Successor), respectively, and $ 51.1 million, $ 27.5 million and $ 7.6 million for the six months ended June 30, 2026 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor), and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Bally’s New York

1 unchanged sentence

The transaction was accounted for as an asset acquisition.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Upon closing, the Company recognized a $ 190.1 million land asset and a corresponding liability of $ 183.6 million for its obligation to fund specified capital improvements and related infrastructure associated with the conveyance arrangement.

3 unchanged sentences

Refer to Note 15 “Commitments and Contingencies” for additional information regarding the conveyance arrangement and related commitments.

As of March 31, 2026 (Successor), the Company’s current portion of the liability, recorded within Accrued and other current liabilities, was $ 4.7 million.

As of June 30, 2026 (Successor), the Company’s current portion of the liability, recorded within Accrued and other current liabilities, was $ 8.6 million.

The long-term portion of the liability, recorded within Other long-term liabilities was $ 180.1 million.

The Company recorded $ 1.8 million of accretion during the three months ended March 31, 2026 (Successor).

The Company recorded $ 3.6 million and $ 5.4 million of accretion expense during the three and six months ended June 30, 2026 (Successor).

GOODWILL AND INTANGIBLE ASSETS

The change in carrying value of goodwill by reportable segment is as follows:

(In thousands) Casinos & Resorts Bally’s Intralot B2B

Bally’s Intralot B2C North America Interactive Corporate & Other Total

Goodwill as of December 31, 2025 (Successor) (1)

$ 642,055 $ 994,179 $ 1,755,394 $ — $ 41,265 $ 3,432,893

Current year measurement period adjustments — ( 18,390 ) — — — ( 18,390 )

Goodwill measurement period segment re-allocation — 5,513 ( 5,513 ) — — —

Effect of foreign exchange — ( 4,720 ) ( 37,064 ) — — ( 41,784 )

Goodwill as of March 31, 2026 (Successor) (1)

Goodwill by reportable segment is as follows:

(in thousands) June 30, 2026 (Successor) December 31, 2025 (Successor)

Casinos & Resorts $ 638,990 $ 642,055

Bally’s Intralot B2B (1)

976,265 994,179

Bally’s Intralot B2C 1,714,264 1,755,394

Corporate & Other 41,265 41,265

Total $ 3,370,784 $ 3,432,893

__________________________________

(1) Amounts are shown net of accumulated goodwill impairment charges of $ 73.3 million for Bally’s Intralot B2B.

(1) Amounts are shown net of accumulated goodwill impairment charges of $ 73.3 million.

The change in intangible assets, net is as follows (in thousands):

Intangible assets as of December 31, 2025 (Successor) $ 3,000,983

Intangible assets, net as of December 31, 2025 (Successor)

Measurement period adjustments 20,634

Additions in current period 2,000

Effect of foreign exchange ( 40,473 )

1 unchanged sentence

Amortization expense ( 138,035 )

Intangible assets, net as of March 31, 2026 (Successor) $ 2,924,500

Intangible assets, net as of June 30, 2026 (Successor)

BALLY’S CORPORATION

1 unchanged sentence

The Company’s identifiable intangible assets consist of the following:

March 31, 2026 (Successor)

June 30, 2026 (Successor)

(in thousands) Gross Carrying Amount Accumulated

31 unchanged sentences

Total intangible assets, net $ 3,215,510 $ ( 214,527 ) $ 3,000,983

Amortization of intangible assets was approximately $ 68.8 million, $ 32.9 million and $ 14.8 million for the three months ended March 31, 2026 (Successor), the period from February 8, 2025 to March 31, 2025 (Successor), and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

Amortization of intangible assets was approximately $ 69.3 million and $ 58.8 million for the three months ended June 30, 2026 and 2025 (Successor), and $ 138.0 million, $ 91.7 million and $ 14.8 million for the six months ended June 30, 2026 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor), and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The following table reflects the remaining amortization expense associated with the finite-lived intangible assets as of March 31, 2026 (Successor):

The following table reflects the remaining amortization expense associated with the finite-lived intangible assets as of June 30, 2026 (Successor):

(in thousands)

4 unchanged sentences

The Company utilizes derivative instruments in order to mitigate interest rate and currency exchange rate risk in accordance with its financial risk and liability management policy.

During the year ended December 31, 2023, the Company entered into a series of interest rate contracts and cross currency swap derivative transactions with multiple bank counterparties in order to synthetically convert a notional aggregate amount of $ 500.0 million of the Company’s USD denominated variable rate Term Loan Facility, as disclosed in Note 14 “ Long-Term Debt ,” into fixed rate debt over five years and $ 200.0 million of the Term Loan Facility, to an equivalent GBP denominated floating rate instrument over three years .

These contracts mature in October, 2028 and 2026, respectively.

Additionally, during the year ended December 31, 2024 the Company entered into a series of interest rate contracts in a notional aggregate amount of $ 1.00 billion, to further manage the Company’s exposure to interest rate movements associated with the Company’s variable rate Term Loan Facility through its synthetic conversion to fixed rate debt.

The tenor of these contracts were matched with the maturity of the Term Loan Facility tranche maturing on October 1, 2028.

Cross Currency Swaps

Economic Hedges - During the fourth quarter of 2024 (Predecessor), the Company de-designated its EUR-GBP cross currency swaps as net investment hedges and began recording changes in fair value of the derivative and the accrual of foreign currency and USD denominated coupons through earnings reported in Other non-operating income (expense), net in the consolidated statements of operations.

During the fourth quarter of 2025 (Successor), concurrent with the Intralot Transaction, the Company de-designated its USD-GBP cross currency swaps as net investment hedges and began recording changes in fair value of the derivative and the accrual of foreign currency and USD denominated coupons through earnings reported in Other non-operating income (expense), net in the condensed consolidated statements of operations.

Refer to Note 1 “General Information” and Note 7 “Business Combinations” for further information.

The following table summarize the Company’s cross currency swap arrangements as of March 31, 2026 (Successor) and December 31, 2025 (Successor).

Economic Hedges - The Company holds EUR-GBP and USD-GBP cross currency swaps as economic hedges, for which changes in fair value and the accrual of foreign currency and USD denominated coupons are recorded through earnings in Other non-operating (expense) income, net in the condensed consolidated statements of operations.

The following table summarizes the Company’s cross currency swap arrangements as of June 30, 2026 (Successor) and December 31, 2025 (Successor).

(in thousands) Hedge Designation Notional Sold Notional Purchased

1 unchanged sentence

Cross currency swaps Economic Hedge £ 546,759 $ 700,000

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

__________________________________

The notional aggregate amounts of $ 500.0 million and $ 200.0 million associated with these contracts are set to mature in October 2028 and October 2026, respectively.

Cash Flow Hedges

2 unchanged sentences

The Company’s interest rate swaps and collars were designated as cash flow hedges under ASC 815.

Economic Hedges - During the three months ended March 31, 2026 (Successor), as a result of the paydown of the Term Loan Facility and issuance of the 2026 Term Loan Credit Facility, the Company de-designated its Interest Rate Contracts as cash flow hedges and began recording changes in fair value of the derivative and the accrual of interest rate movements through earnings reported in Other non-operating income (expense), net in the condensed consolidated statements of operations.

At the time of de-designation, amounts in Accumulated other comprehensive income (loss) were frozen and will be amortized through Interest expense, net through the maturity date of the Interest Rate Contracts.

In addition, as a result of the lower principal of the 2026 Term Loan Credit Facility compared to the notional amounts of the Interest Rate Contracts, a pro-rata amount of accumulated other comprehensive loss of was recorded in Other non-operating expense, net in the condensed consolidated statements of operations.

As of March 31, 2026 (Successor) and December 31, 2025 (Successor), the notional value of the Company’s interest rate contracts was $ 1.5 billion.

Economic Hedges - During the first quarter of 2026, as a result of the paydown of the Term Loan Facility (as defined below) and issuance of the 2026 Term Loans (as defined below), the Company de-designated its Interest Rate Contracts as cash flow hedges and began recording changes in fair value of the derivative and the accrual of interest rate movements through earnings reported in Other non-operating (expense) income, net in the condensed consolidated statements of operations.

At the time of de-designation, amounts in Accumulated other comprehensive income were frozen and will be amortized through Interest expense, net through the maturity date of the Interest Rate Contracts.

In addition, as a result of the lower principal of the 2026 Term Loan Credit Facility compared to the notional amounts of the Interest Rate Contracts, a pro-rata amount of accumulated other comprehensive loss was recorded in Other non-operating (expense) income, net in the condensed consolidated statements of operations.

As of June 30, 2026 (Successor) and December 31, 2025 (Successor), the notional value of the Company’s Interest Rate Contracts was $ 1.5 billion.

Refer to Note 11 “Fair Value Measurements” for further information.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Total Return Equity Swap

On June 15, 2026, Bally’s Intralot entered into a total return equity swap agreement (the “TRS”) with a financial institution (the “Counterparty”) referencing the ordinary shares of Bally’s Intralot listed on the Euronext Athens exchange.

Over a term of up to 12 months, the Counterparty is expected to purchase up to 62,500,000 ordinary shares of Bally’s Intralot on the open market, subject to a maximum aggregate amount of € 50.0 million and a per-share price collar of € 0.80 to € 1.50 .

The TRS is expected to be settled at maturity by Bally’s Intralot paying cash to the Counterparty, and receiving the Bally’s Intralot shares from those purchased by the Counterparty.

The Company will pay a floating interest rate plus a spread on the notional purchases made through the TRS maturity.

The TRS conditionally obligates the Company to repurchase Bally’s Intralot shares by transferring assets, and as such, the TRS is in the scope of ASC 480, Distinguishing Liabilities from Equity , initially recognized at fair value with subsequent changes in fair value through earnings in Other non-operating (expense) income, net in the condensed consolidated statements of operations.

As of June 30, 2026 (Successor), the fair value of the TRS was not material to the Company’s consolidated financial position .

FAIR VALUE MEASUREMENTS

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Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement:

March 31, 2026 (Successor)

June 30, 2026 (Successor)

(in thousands) Balance Sheet Location Level 1 Level 2 Level 3

1 unchanged sentence

Restricted cash Restricted cash 97,587 — —

Investment in The Star Other assets 197,012 — —

Investment in The Star

Other assets 158,402 — —

Investment in GLPI partnership Other assets — 33,702 —

The Star paid-in-kind interest

Other assets — 4,809 —

Derivative assets not designated as hedging instruments:

1 unchanged sentence

Cross currency swaps Other assets — 2,758 —

Interest rate contracts Prepaid expenses and other current assets — 73 —

Interest rate contracts Other assets — 183 —

Total derivative assets at fair value — 5,803 —

36 unchanged sentences

Payments in period ( 115,000 )

Ending as of March 31, 2026 (Successor) $ 8,885

(in thousands) Sinclair Performance Warrant Liability Contingent Consideration Liability

Ending as of June 30, 2026 (Successor) (1)

__________________________________

(1) There was no change in fair value during the three and six months ended June 30, 2026 (Successor).

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The Star Investment

(in thousands) Sinclair Performance Warrant Liability Contingent Consideration Liability Subordinated Notes Convertible Notes Forward Obligation Asset

Beginning as of December 31, 2024 (Predecessor)

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Beginning as of February 8, 2025 (Successor)

$ — $ 60,709 $ — $ — $ —

Change in fair value — — — — —

Ending as of March 31, 2025 (Successor)

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

— 60,709 — — —

Additions in the period (acquisition fair value) — — 70,291 13,429 —

Change in fair value — 1,675 11,655 2,485 6,728

Effect of foreign exchange — — 3,032 1,239 173

Ending as of June 30, 2025 (Successor)

$ — $ 62,384 $ 84,978 $ 17,153 $ 6,901

The fair value gains (losses) recognized in the condensed consolidated statements of operations for derivative instruments were as follows:

Condensed Consolidated Statements of Operations Location Successor Predecessor

(in thousands) Three Months Ended March 31, 2026 Period from February 8, 2025 to March 31, 2025 Period from January 1, 2025 to February 7, 2025

(in thousands) Three Months Ended June 30, 2026 Three Months Ended

June 30, 2025 Six Months Ended June 30, 2026 Period from February 8, 2025 to June 30, 2025 Period from January 1, 2025 to February 7, 2025

Derivatives not designated as hedging instruments

Sinclair Performance Warrants Other non-operating expense, net $ — $ — $ ( 1,180 )

Cross Currency Swaps Other non-operating expense, net 22,732 221 50

Interest rate contracts Other non-operating expense, net 11,894 — —

Sinclair Performance Warrants Other non-operating (expense) income, net $ — $ — $ — $ — $ ( 1,180 )

Cross Currency Swaps Other non-operating (expense) income, net ( 5,965 ) 6,602 16,767 6,823 50

Interest rate contracts Other non-operating (expense) income, net 12,281 — 24,175 — —

Derivatives designated as hedging instruments

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When designated as hedging instruments, changes in the fair value of these contracts are reported as a component of Other comprehensive income (loss).

When not designated as hedging instruments, changes in fair value of these contracts are reported within Other non-operating income (expense), net in the condensed consolidated statements of operations.

Sinclair Performance Warrants

Sinclair Performance Warrants were accounted for as a derivative instrument classified as a liability within Level 3 of the hierarchy through February 7, 2025 (Predecessor) as the warrants are not traded in active markets and are subject to certain assumptions and estimates made by management related to the probability of meeting performance milestones.

These assumptions and the probability of meeting performance targets may have a significant impact on the value of the warrant.

The Performance Warrants were valued using an option pricing model, considering the Company’s estimated probabilities of achieving the performance milestones for each tranche.

Inputs to this valuation approach include volatility between 40 % and 67 %, risk free rates between 3.84 % and 4.79 %, the Company’s common stock price for each period and expected terms between 1.5 and 6.3 years.

In connection with the Queen Merger, as of February 7, 2025, all outstanding Performance Warrants became immediately exercisable at a price of $ 0.01 per share and were reclassified out of liabilities and into equity and are no longer measured at fair value.

When not designated as hedging instruments, changes in fair value of these contracts are reported within Other non-operating (expense) income, net in the condensed consolidated statements of operations.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Contingent Consideration

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The Company recorded contingent consideration at fair value as a liability on the acquisition date, which was subsequently remeasured at each reporting date within “Other, non-operating expenses, net” in the condensed consolidated statements of operations.

The contingent consideration was valued at $ 8.9 million and $ 123.9 million as of March 31, 2026 (Successor) and December 31, 2025 (Successor), respectively.

The contingent consideration was valued at $ 8.9 million and $ 123.9 million as of June 30, 2026 (Successor) and December 31, 2025 (Successor), respectively.

Level 3 inputs to this valuation approach included the Company’s estimated probabilities of achieving the conditions for payment, expected terms between 1.5 and 3 years, and discount rates between 7.2 % and 7.8 %.

During the three months ended March 31, 2026 (Successor), the contingency related to $ 115 million of the $ 125 million total payments was resolved and paid.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

During the first quarter of 2026, the contingency related to $ 115 million of the $ 125 million total payments was resolved and paid.

Investment in GLPI Partnership

The Company holds a limited partnership interest in GLP Capital, L.P., the operating partnership of GLPI.

The investment is reported at fair value based on Level 2 inputs, with changes to fair value included within Other non-operating expense, net of the condensed consolidated statements of operations.

The investment is reported at fair value based on Level 2 inputs, with changes to fair value included within Other non-operating (expense) income, net of the condensed consolidated statements of operations.

Long-Term Debt

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Refer to Note 12 “Long-Term Debt” for further information.

March 31, 2026 (Successor) December 31, 2025 (Successor)

June 30, 2026 (Successor) December 31, 2025 (Successor)

(in thousands) Carrying Amount Fair Value Carrying Amount Fair Value

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Intralot Floating Rate Senior Notes due 2031 343,263 345,941 353,119 347,858

ACCRUED AND OTHER CURRENT LIABILITIES

Accrued and other current liabilities consist of the following:

(in thousands) March 31,

2026 (Successor) December 31,

2025 (Successor)

Gaming liabilities $ 221,788 $ 232,804

Compensation 84,066 82,352

Interest payable 67,209 87,081

Construction 59,996 46,109

Professional services 46,717 49,885

Insurance reserve 32,097 32,829

Contingent consideration payable — 115,000

New York gaming license fee — 500,000

Other 207,617 181,739

Total accrued and other current liabilities $ 719,490 $ 1,327,799

BALLY’S CORPORATION

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LONG-TERM DEBT

As of March 31, 2026 (Successor) and December 31, 2025 (Successor), long-term debt consisted of the following:

(in thousands) March 31,

Long-term debt consisted of the following:

Outstanding Balance

($ in thousands) June 30,

2026 (Successor) December 31,

2025 (Successor)

2025 (Successor) Issuance Date Maturity Date

2026 Term Loans (1)

$ 1,109,518 $ — 2/11/2026 2/11/2031

Term Loan Facility (1)

Term Loan Facility — 1,472,594 10/1/2021 n/a

Intralot British Term Loan

530,277 538,720 10/8/2025 10/8/2031

Intralot Greek Term Loan

228,441 234,962 10/8/2025 10/8/2029

Revolving Credit Facility

Intralot 6.00 % Greek Retail Bond due 2029

303,750 — 10/1/2021 various

Intralot Revolving Credit Facility

74,243 — 10/3/2025 7/1/2030

Intralot Greek Retail Bond

148,487 152,726 2/28/2024 2/27/2029

Fixed Rate Senior Notes:

5.625 % Senior Notes due 2029

750,000 750,000 8/20/2021 9/1/2029

5.875 % Senior Notes due 2031

735,000 735,000 8/20/2021 9/1/2031

Intralot 6.75 % Senior Secured Notes due 2031

Intralot Fixed Rate Notes

685,323 704,886 9/25/2025 10/15/2031

Intralot Floating Rate Senior Notes due 2031 (2)

Intralot Floating Rate Notes (2)

342,661 352,443 9/25/2025 10/15/2031

4 unchanged sentences

Long-term debt, including current portion 4,506,700 4,500,657

Current portion of Term Loan, and Intralot Greek Term Loan

Current portion of 2026 Term Loans, Term Loan Facility and Intralot Greek Term Loan

( 39,977 ) ( 37,344 )

2 unchanged sentences

__________________________________

(1) The Company had a series of interest rate derivatives to synthetically convert $ 1.0 billion notional of the Company’s variable rate Term Loan Facility into fixed rate debt, and a series of cross currency swap derivatives to synthetically convert $ 500.0 million and $ 200.0 million notional of the Company’s USD denominated Term Loan Facility into fixed rate EUR and GBP denominated debt, respectively, through its maturity in 2028.

Refer to Note 11 “ Derivative Instruments ” for further information.

(2) At March 31, 2026 the interest rate of the Floating Rate Senior Notes was 6.579 %.

(3) Represents the adjustment to recognize the Company’s existing debt at fair value in the Merger, as well as the fair value adjustment to the Company’s assumed Intralot debt in connection with the Intralot Transaction.

(1) If the Company’s 2029 Notes remain outstanding as of March 1, 2029, the maturity date of the 2026 Term Loans will be March 1, 2029.

(2) The variable interest rate was 6.824 % and 6.526 % as of June 30, 2026 (Successor) and December 31, 2025 (Successor), respectively.

(3) Represents the adjustment to recognize the Company’s existing debt at fair value in the Merger, as well as the fair value adjustment to the Company’s assumed Bally’s Intralot debt in connection with the Intralot Transaction.

These adjustments are amortized through Interest expense, net using the effective interest method.

Unsecured Notes

In August 2021, two unrestricted subsidiaries (together, the “Escrow Issuers”) of the Company issued $ 750.0 million aggregate principal amount of 5.625 % senior notes due 2029 (the “2029 Notes”) and $ 750.0 million aggregate principal amount of 5.875 % senior notes due 2031 (the “2031 Notes” and, together with the 2029 Notes, the “Senior Notes”).

The Senior Notes were issued pursuant to an indenture, dated as of August 20, 2021, among the Escrow Issuers and U.S.

Bank National Association, as trustee.

The Senior Notes are guaranteed, jointly and severally, by certain of the Company’s restricted subsidiaries that guarantees the Company’s obligations under its Credit Agreement (as defined below).

The 2029 Notes mature on September 1, 2029 and the 2031 Notes mature on September 1, 2031.

Interest is payable on the Senior Notes in cash semi-annually on March 1 and September 1 of each year, beginning on March 1, 2022.

The Company may redeem some or all of the Senior Notes at any time on or after September 1, 2024, in the case of the 2029 Notes, and September 1, 2026, in the case of the 2031 Notes, at certain redemption prices set forth in the indenture plus accrued and unpaid interest.

A portion of the Company’s outstanding Long-term debt is denominated in foreign currency and is remeasured into USD at each balance sheet date.

The outstanding principal balance of the Company’s foreign denominated debt instruments consisted of the following:

Outstanding Principal Balance

(in thousands) Principal Currency June 30,

2026 (Successor) December 31,

2025 (Successor)

Intralot British Term Loan

GBP £ 400,000 £ 400,000

Intralot Greek Term Loan

EUR € 200,000 € 200,000

Intralot Revolving Credit Facility

EUR € 65,000 € —

Intralot Greek Retail Bond

EUR € 130,000 € 130,000

Intralot Fixed Rate Notes

EUR € 600,000 € 600,000

Intralot Floating Rate Notes

EUR € 300,000 € 300,000

Intralot Supplemental Indenture EUR € 2,073 € 2,073

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The indenture contains covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, (1) incur additional indebtedness, (2) pay dividends on or make distributions in respect of capital stock or make certain other restricted payments or investments, (3) enter into certain transactions with affiliates, (4) sell or otherwise dispose of assets, (5) create or incur liens and (6) merge, consolidate or sell all or substantially all of the Company’s assets.

These covenants are subject to exceptions and qualifications set forth in the indenture.

Unsecured Notes

In 2021, certain unrestricted subsidiaries (together, the “Escrow Issuers”) of the Company issued, pursuant to an indenture (the “Senior Notes Indenture”), $ 750.0 million aggregate principal amount of 5.625 % senior notes due in 2029 (the “2029 Notes”) and $ 750.0 million aggregate principal amount of 5.875 % senior notes due in 2031 (the “2031 Notes” and, together with the 2029 Notes, the “Senior Notes”).

The Senior Notes are guaranteed, jointly and severally, by certain of the Company’s restricted subsidiaries that guarantee the Company’s obligations under its Credit Agreement (as defined below).

The Company may redeem some or all of the 2031 Notes at any time prior to September 1, 2026, at prices equal to 100 % of the principal amount of the 2031 Notes to be redeemed plus certain “make-whole” premiums, plus accrued and unpaid interest, and may redeem the 2029 Notes at any time, and the 2031 Notes at any time on or after September 1, 2026, at certain redemption prices plus accrued and unpaid interest.

Credit Facility

On October 1, 2021, the Company and certain of its subsidiaries entered into a credit agreement (the “Credit Agreement”) with Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the other lenders party thereto, providing for senior secured financing of up to $ 2.565 billion, consisting of a senior secured term loan facility in an aggregate principal amount of $ 1.945 billion (the “Term Loan Facility”), which was to mature in 2028, and a senior secured revolving credit facility in an aggregate principal amount of $ 620.0 million (the “Revolving Credit Facility”).

In February 2026, total commitments under the Revolving Credit Facility had been reduced to approximately $ 519.3 million following certain commitment reductions, including reductions in connection with the Bally’s Twin River sale-leaseback transaction, which were partially offset by incremental commitments.

As of March 31, 2026 (Successor), there was $ 183.6 million available under the Company’s Revolving Credit Facility.

In September 2025, the Company executed a Third Amendment to the Credit Agreement (“Amendment No.

3”) and an Incremental Joinder Agreement that collectively extended and increased the revolving credit facility and updated certain covenants and pricing provisions.

Following the effectiveness of these amendments in January 2026, a portion of the revolving credit facility will mature in 2028, while the remaining portion will mature in 2026.

In February 2026, the Company also executed a Fourth Amendment to the Credit Agreement (“Amendment No.

4”), which increased the interest rate margins applicable to revolving loans and swingline loans.

The credit facilities allow the Company to increase the size of the Term Loan Facility or request one or more incremental term loan facilities or increase commitments under the Revolving Credit Facility or add one or more incremental revolving facilities in an aggregate amount not to exceed the greater of $ 325.0 million and 50 % of the Company’s consolidated EBITDA for the most recent four-quarter period plus or minus certain amounts as specified in the Credit Agreement, including an unlimited amount subject to compliance with a consolidated total secured net leverage ratio as set out in the Credit Agreement.

The credit facilities are guaranteed by the Company’s restricted subsidiaries, subject to certain exceptions, and secured by a first-priority lien on substantially all of the Company’s and each of the guarantors’ assets, subject to certain exceptions.

The Company’s borrowings under the credit facilities bear interest at a rate equal to, at the Company’s option, either (1) the term Secured Overnight Financing Rate (“SOFR”), adjusted for certain additional costs and subject to a floor of 0.50 % in the case of term loans and 0.00 % in the case of revolving loans or (2) a base rate determined by reference to the greatest of (a) the federal funds rate plus 0.50 %, (b) the prime rate, (c) the one-month SOFR rate plus 1.00 %, (d) solely in the case of term loans, 1.50 % and (e) solely in the case of revolving loans, 1.00 %, in each case of clauses (1) and (2), plus an applicable margin.

In addition, on a quarterly basis, the Company is required to pay each lender under the Revolving Credit Facility a 0.50 % or 0.375 % commitment fee in respect of commitments under the Revolving Credit Facility, with the applicable commitment fee determined based on the Company’s total net leverage ratio.

The credit facilities contain covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional indebtedness, pay dividends or make certain other restricted payments, sell assets, make certain investments and grant liens.

These covenants are subject to exceptions and qualifications set forth in the Credit Agreement.

The Revolving Credit Facility contains a financial covenant regarding a maximum first lien net leverage ratio that, following the effectiveness of Amendment No.

3, applies when utilization under the Revolving Credit Facility exceeds 25 % of the total revolving commitment.

In 2021, the Company and certain of its subsidiaries entered into a credit agreement (the “Credit Agreement”) providing for senior secured financing of up to $ 2.565 billion, consisting of a senior secured term loan facility in an aggregate principal amount of $ 1.945 billion (the “Term Loan Facility”), which was to mature in 2028, and a senior secured revolving credit facility in an aggregate principal amount of $ 620.0 million (the “Revolving Credit Facility”).

In February 2026, in connection with the issuance of the 2026 Term Loan Credit Facility described below, the Company repaid in full the remaining outstanding balance under its Term Loan Facility, paying $ 1.48 billion in cash for a $ 1.47 billion pay off of principal and $ 5.9 million settlement of accrued interest, and recognized a $ 63.4 million loss on extinguishment of debt which represents the unamortized fair value adjustment as of the repayment date.

The Revolving Credit Facility is guaranteed by the Company’s restricted subsidiaries, subject to certain exceptions, and secured by a first-priority lien on substantially all of the Company’s and each of the guarantors’ assets, subject to certain exceptions.

In January 2026, the Third Amendment to the Credit Agreement (“Amendment No.

3”) and the Incremental Joinder Agreement, which were executed in the third quarter of 2025, became effective.

Upon effectiveness of these amendments, certain covenants and pricing provisions of the Revolving Credit Facility were revised, certain step downs in commitments were agreed, and its maturity was disaggregated into two tranches with portions maturing in October 2026 and October 2028, respectively.

During the second quarter of 2026, the Company further amended the Credit Agreement, which increased the interest rate margins applicable to revolving loans and swingline loans.

In February 2026, total commitments under the Revolving Credit Facility were reduced to approximately $ 519.3 million following certain commitment reductions, including reductions in connection with the Bally’s Twin River sale-leaseback transaction, which were partially offset by incremental commitments.

Effective October 2026, following the partial maturity of the revolver and other contractual step downs, total availability under the Company’s Revolving Credit Facility will be further reduced to approximately $ 319 million.

As of June 30, 2026 (Successor), there was $ 195.8 million available under the Company’s Revolving Credit Facility.

The Credit Agreement allows the Company to request one or more incremental term loan facilities or increase commitments under the Revolving Credit Facility or add one or more incremental revolving facilities in an aggregate amount not to exceed the greater of $ 325.0 million and 50 % of the Company’s consolidated EBITDA for the most recent four-quarter period plus or minus certain amounts as specified in the Credit Agreement, including an unlimited amount subject to compliance with a consolidated total secured net leverage ratio.

The Company’s Revolving Credit Facility bears interest at a rate equal to, at the Company’s option, either (1) the term Secured Overnight Financing Rate (“SOFR”), adjusted for certain additional costs and subject to a floor of 0.00 % or (2) a base rate determined by reference to the greatest of (a) the federal funds rate plus 0.50 %, (b) the prime rate, (c) the one-month SOFR rate plus 1.00 %, and (d) 1.00 %, in each case of clauses (1) and (2), plus an applicable margin.

In addition, on a quarterly basis, the Company is required to pay each lender under the Revolving Credit Facility a quarterly commitment fee of either 0.50 % or 0.375 %, with the applicable commitment fee determined based on the Company’s total net leverage ratio.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

In May 2026, the Required Revolving Lenders and Administrative Agent under the Company’s Revolving Credit Facility conditionally waived compliance with the consolidated net leverage ratio covenant for each fiscal quarter ending during the period commencing March 31, 2026 through the earlier of (i) the Company’s election to terminate the waiver upon certifying compliance with the covenant as of the most recently ended fiscal quarter, or (ii) the date immediately preceding the delivery of the compliance certificate for the quarter ending March 31, 2027 (the “Covenant Waiver Period”).

The waiver remains subject to the Company’s ongoing satisfaction of certain liquidity maintenance requirements, restrictions on additional secured indebtedness, compliance with the covenants under the Company’s term loan credit agreement and agreement to enter into an amendment to the revolving credit facility within a specified period in order to incorporate certain covenants from the Company’s term loan credit agreement.

Failure to satisfy any such condition will result in automatic termination of the waiver and reinstatement of the covenant in full force and effect.

As of the date of this filing, the Company was in compliance with all applicable terms of the waiver.

The Company expects to remain in compliance through the Covenant Waiver Period and, for applicable covenants, through the next twelve months.

In an effort to mitigate the interest rate risk associated with the Company’s variable rate credit facilities, the Company utilizes interest rate and cross currency swap derivative instruments.

Refer to Note 11 “Derivative Instruments” for further information.

In connection with the issuance of the 2026 Term Loan Credit Facility described below, the Company repaid in full the outstanding balance under its Term Loan Facility, paying $ 1.48 billion in cash for a $ 1.47 billion reduction in principal and $ 5.9 million settlement of accrued interest, and recognized a $ 63.4 million loss on extinguishment of debt which represents the unamortized fair value adjustment as of the repayment date.

2026 Term Loans

On February 11, 2026, the Company, as borrower, and certain of its subsidiaries, as guarantors, entered into a new term loan credit facility (the “2026 Term Loan Credit Facility”).

The 2026 Term Loan Credit Facility provides for $ 1.1 billion of senior secured term loans (the “2026 Term Loans”) maturing on February 11, 2031, however, if the Company’s 2029 Notes remain outstanding as of March 1, 2029, the maturity date of the Term Loans will be March 1, 2029.

On February 11, 2026, the Company, as borrower, and certain of its subsidiaries, as guarantors, entered into a new term loan credit facility (the “2026 Term Loan Credit Facility”), providing for $ 1.1 billion of senior secured term loans (the “2026 Term Loans”).

Borrowings under the 2026 Term Loan Credit Facility bear interest, at the Company’s option, at either (i) an alternate base rate, subject to a 3.0 % floor, plus a margin of 6.5 % per annum, or (ii) Term SOFR, subject to a 3.0 % floor, plus a margin of 7.5 % per annum.

2 unchanged sentences

The 2026 Term Loans are secured on a pari passu basis with the obligations under the Company’s Revolving Credit Facility.

The 2026 Term Loan credit facility contain covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional indebtedness, pay dividends or make certain other restricted payments, sell assets, make certain investments and grant liens.

Intralot Greek Retail Bond

In February 2024, Intralot established a common bond loan program (the “Intralot Greek Retail Bond”) for the issuance of up to € 130.0 million aggregate principal amount of bonds, with a minimum issuance of € 120.0 million The bonds admitted to trading on the Fixed Income Securities category of the Regulated Market of the Athens Stock Exchange.

As of March 31, 2026 (Successor) and December 31, 2025 (Successor), there was € 130.0 million aggregate principal amount outstanding under the Intralot Greek Retail Bond.

In 2024, Bally’s Intralot established a common bond loan program (the “Intralot Greek Retail Bond”) for the issuance of up to € 130.0 million aggregate principal amount of bonds, with a minimum issuance of € 120.0 million.

The bonds admitted to trading on the Fixed Income Securities category of the Regulated Market of Euronext Athens.

The bonds bear interest at a fixed rate of 6.00 % per annum, payable semi-annually, which will remain fixed throughout the duration of the bonds.

Upon its maturity on February 27, 2029, Intralot will be required to repay the principal in full, together with outstanding accrued interest and any other amounts payable.

Intralot may redeem all or a portion of the bonds, subject to a minimum redemption amount of € 15.0 million and a requirement that at least € 50.0 million in aggregate principal amount remain outstanding after any partial redemption.

The Intralot Greek Retail Bond is an unsecured obligation of Intralot, with the benefit of a first-priority pledge over a designated bond loan collateral account.

The bonds rank pari passu with the claims of all other unsecured creditors of Intralot, with the exception of claims that have a statutory privilege.

The Intralot Greek Retail Bond is not guaranteed by any of Intralot’s subsidiaries.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

In the event of a change of control each bondholder has the right to require Intralot to repurchase of part or all of such bondholder’s bonds at a price equal to 101 % of the nominal value, plus accrued and unpaid interest and any additional amounts.

Intralot Greek Senior Facilities Agreement

On October 3, 2025, Intralot Capital Luxembourg S.A.

(“Intralot Capital”), a wholly owned indirect subsidiary of the Company, entered into a Senior Facilities Agreement (the “Intralot Greek Term Loan”) with Alpha Bank S.A., Optima Bank S.A., Piraeus Bank S.A., CrediaBank S.A.

and other parties, providing for an amortizing euro-denominated term loan facility in an aggregate amount up to € 200.0 million.

As of March 31, 2026 (Successor) and December 31, 2025 (Successor), Intralot had € 200.0 million outstanding under the Intralot Greek Term Loan.

The Intralot Greek Term Loan bears interest at a fixed rate equal to 7.0 % per annum.

Interest periods may be selected in accordance with the agreement terms.

The Intralot Greek Term Loan requires semi-annual principal repayments plus accrued interest through the maturity date of October 8, 2029.

Upon its maturity, Bally’s Intralot will be required to repay the principal in full, together with outstanding accrued interest and any other amounts payable.

Bally’s Intralot may redeem all or a portion of the bonds, subject to a minimum redemption amount of € 15.0 million and a requirement that at least € 50.0 million in aggregate principal amount remain outstanding after any partial redemption.

The Intralot Greek Retail Bond is an unsecured obligation of Bally’s Intralot, with the benefit of a first-priority pledge over a designated bond loan collateral account.

The bonds rank pari passu with the claims of all other unsecured creditors of Bally’s Intralot, with the exception of claims that have a statutory privilege.

The Intralot Greek Retail Bond is not guaranteed by any of Bally’s Intralot’s subsidiaries.

In the event of a change of control, each bondholder has the right to require Bally’s Intralot to repurchase part or all of such bondholder’s bonds at a price equal to 101 % of the nominal value, plus accrued and unpaid interest and any additional amounts.

Intralot Greek Term Loan

Intralot Capital Luxembourg S.A.

(“Intralot Capital”), a wholly owned indirect subsidiary of the Company, is a party to a Senior Facilities Agreement (the “Intralot Greek Term Loan”) with various lenders, providing for an amortizing term loan facility in an aggregate amount up to € 200.0 million.

The Intralot Greek Term Loan bears interest at a fixed rate equal to 7.0 % per annum and requires semi-annual principal repayments plus accrued interest through maturity.

The Intralot Greek Term Loan is secured by substantially all assets of Intralot Capital and the guarantors party thereto, subject to certain exceptions.

Subject to an intercreditor agreement, Intralot Greek Term Loan caries the same security priority as other senior secured obligations of Intralot Capital.

Intralot British Pound Term Loan

Intralot Capital is a party to a Senior Facilities Agreement (the “Intralot British Term Loan”) with various lenders and agents, providing for a sterling-denominated term loan facility in an aggregate principal amount of £ 400.0 million, maturing on October 8, 2031.

Subject to an intercreditor agreement, Intralot Greek Term Loan carries the same security priority as other senior secured obligations of Intralot Capital.

Intralot British Term Loan

Intralot Capital is a party to a Senior Facilities Agreement (the “Intralot British Term Loan”) with various lenders and agents, providing for a term loan facility in an aggregate principal amount of £ 400.0 million.

The Intralot British Term Loan is secured by first-ranking security interests, including pledges of shares in Intralot Capital and material subsidiaries of Intralot and, in certain jurisdictions, security over substantially all assets of the obligors.

As of March 31, 2026 (Successor) and December 31, 2025 (Successor), £ 400.0 million was outstanding under the Intralot British Term Loan.

The Intralot British Term Loan bears interest at a rate equal to SONIA (Sterling Overnight Index Average) plus a margin of 5.5 %.

Interest periods may be one, three, or six months, or such other periods as agreed among the parties.

The Borrower pays accrued interest on the last day of each interest period.

Intralot Fixed and Floating Interest Rate Bonds

Intralot Capital has issued € 600 million aggregate principal amount of 6.75 % Senior Secured Fixed Rate Notes due 2031 (the “Intralot Fixed Rate Notes”) and € 300 million aggregate principal amount of Senior Secured Floating Rate Notes due 2031 (the “Intralot Floating Rate Notes” and, together with the Intralot Fixed Rate Notes, the “Intralot Notes”), pursuant to an indenture dated September 30, 2025 (the “Intralot Indenture”) among Intralot Capital, Intralot, and its subsidiaries, as guarantor, and The Law Debenture Trust Corporation p.l.c., as trustee.

As of March 31, 2026 (Successor) and December 31, 2025 (Successor), the full € 900 million aggregate principal amount of the Intralot Notes was outstanding.

The Intralot Fixed Rate Notes bear interest at a fixed rate of 6.750 % per annum, payable semi-annually, commencing on April 15, 2026.

Interest periods may be one, three, or six months, or such other periods as agreed among the parties, with accrued interest payments made on the last day of each interest period.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Intralot Notes

Intralot Capital has issued € 600 million aggregate principal amount of Senior Secured Fixed Rate Notes (the “Intralot Fixed Rate Notes”) and € 300 million aggregate principal amount of Senior Secured Floating Rate Notes (the “Intralot Floating Rate Notes” and, together with the Intralot Fixed Rate Notes, the “Intralot Notes”), pursuant to an indenture (the “Intralot Indenture”) among Intralot Capital, Bally’s Intralot, and its subsidiaries, as guarantor.

The Intralot Floating Rate Notes bear interest at a rate per annum, reset quarterly, equal to three-month EURIBOR (subject to a 0 % floor) plus 4.500 %, payable quarterly, commencing on February 28, 2026.

The Intralot Notes mature on October 15, 2031.

The Intralot Fixed Rate Notes bear interest at a rate of 6.75 % per annum, that became payable semi-annually, commencing on April 15, 2026.

The Intralot Notes are senior secured obligations of Intralot Capital, secured by first-ranking security interests (to the extent legally possible) over the share of obligors and material subsidiaries, structural intercompany receivables, and to the extent customary in the applicable jurisdiction, substantially all assets of the obligors.

Enforcement of security is subject to an intercreditor agreement, and the Intralot Notes may share collateral on an equal ranking or junior basis with other permitted indebtedness as described in the Intralot Indenture.

The Intralot Notes are unconditionally guaranteed, jointly and severally, by Intralot and future guarantors that is required to become a guarantor under the Intralot Indenture.

The Intralot Notes are unconditionally guaranteed, jointly and severally, by Bally’s Intralot and future guarantors that is required to become a guarantor under the Intralot Indenture.

The guarantees are subject to customary limitations under applicable law.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The Intralot Fixed Rate Notes may be redeemed at the option of Intralot Capital, in whole or in part, at any time on or after October 15, 2027, at determined redemption prices over time, plus accrued and unpaid interest.

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The Intralot Notes are not convertible into equity securities of Intralot Capital or any other entity.

Intralot Super Senior Revolving Credit Facility

Intralot Capital is a party to a Super Senior Revolving Credit Facility Agreement (the “Intralot RCF Agreement”) with various lenders and agents, providing for total permitted revolving credit commitments in an aggregate principal amount equal to the greater of € 190.0 million and 40 % of Intralot’s four-quarter consolidated EBITDA.

Current commitments total € 160.0 million.

The facility may be utilized by way of revolving loans, letters of credit, or ancillary facilities.

The minimum utilization amount is € 0.5 million for euro-denominated borrowings.

As of March 31, 2026 (Successor) and December 31, 2025 (Successor), the Company had no borrowing outstanding under the Intralot RCF Agreement and no letters of credit outstanding.

The Intralot RCF Agreement initially bears interest at the applicable reference rate plus a margin of 4.50 % per annum, subject to future leverage-based adjustments ranging from 4.75 % to 3.75 % based on Intralot’s senior secured net leverage ratio.

Intralot Capital pays a commitment fee equal to 30 % of the applicable margin on unused commitments, payable quarterly in arrears.

Letter of credit fees are equal to the applicable margin for revolving loans, plus a fronting fee of 0.125 % per annum.

The facility matures on July 1, 2030.

The Intralot RCF Agreement is subject to mandatory prepayment upon a change of control and customer conditions precedent to borrowing.

The Intralot RCF Agreement contains customary covenants, including limitations on incurring additional indebtedness and issuance of disqualified stock and preferred stock;

restricted payments;

transactions with affiliates;

and reporting requirements.

The financial covenants include the maintenance of a senior secured net leverage ratio, tested quarterly, as well as a total net leverage ratio not exceeding 4.75 :1.00.

The Intralot Indenture and the Intralot RCF Agreement contain customary restrictive covenants, including limitations on incurring additional indebtedness and the issuance of disqualified stock and preferred stock, restricted payments, liens, asset sales, and transactions with affiliates;

and reporting requirements.

If the Intralot Notes or facilities obtain investment grade ratings from two rating agencies and no default has occurred and is continuing, certain of these covenants will be suspended.

Upon a reversion date (when the instruments no longer maintain investment grade ratings from two rating agencies), the suspended covenants will be reinstated with respect to future events.

The Company’s debt agreements contain customary cross-default and cross-acceleration provisions.

As of March 31, 2026 (Successor), the Company was in compliance with all covenants under its debt agreements and there were no defaults in principal, interest, sinking fund, or redemption provisions with respect to any of its outstanding indebtedness.

Except as noted above with respect to the waiver of the consolidated first lien net leverage ratio covenant under the Company’s Revolving Credit Facility, no waivers of acceleration or covenant violations were in effect as of March 31, 2026 (Successor).

The Company expects to be in compliance with all applicable covenants for the next twelve months.

Intralot Revolving Credit Facility

Intralot Capital is a party to a Super Senior Revolving Credit Facility Agreement (the “Intralot Credit Agreement”) with various lenders and agents, providing for total permitted revolving credit commitments in an aggregate principal amount equal to the greater of € 190.0 million and 40 % of Intralot’s four-quarter consolidated EBITDA, with current commitments totaling € 160.0 million (the “Intralot Revolving Credit Facility” and, together with the Intralot Greek Term Loan and Intralot British Term Loan, the “Intralot Credit Facilities”).

The Intralot Revolving Credit Facility bears interest at the applicable reference rate plus a margin of 4.50 % per annum, subject to future leverage-based adjustments ranging from 4.75 % to 3.75 % based on Bally’s Intralot’s senior secured net leverage ratio, and matures on July 1, 2030.

A commitment fee equal to 30 % of the applicable margin on unused commitments is paid by Intralot Capital quarterly in arrears.

Additionally, letter of credit fees are calculated as the applicable margin for revolving loans plus an annual fronting fee of 0.125 %.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Subsequent Bally’s Intralot Financing

On July 27, 2026, Bally’s Intralot, through its subsidiary, Intralot Capital, signed a senior secured sterling term facilities agreement for £ 261.8 million.

The new term financing will be drawn in two term loan tranches with a tenor of three years , and is guaranteed and secured on a senior basis by certain subsidiaries of Bally’s Intralot in line with the Bally’s Intralot’s existing senior secured financing arrangements.

The Bally’s Intralot intends to use the funds for general corporate and working capital purposes, including its acquisition plans and refinancing of other debt.

Debt Maturities

As of March 31, 2026 (Successor), the contractual annual principal maturities of long-term debt, including the Revolving Credit Facility, are as follows:

As of June 30, 2026 (Successor), the contractual annual principal maturities of long-term debt, including the Revolving Credit Facility, are as follows:

(in thousands)

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Thereafter 3,405,148

Debt Covenants

The Senior Notes Indenture, Revolving Credit Facility and 2026 Term Loan Credit Facility contain covenants, which are subject to exceptions and qualifications, that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional indebtedness, pay dividends or make certain other restricted payments, sell assets, make certain investments and grant liens.

Additionally, the Revolving Credit Facility contains a financial covenant regarding a maximum first lien net leverage ratio that applies when utilization under the Revolving Credit Facility exceeds 25 % of the total revolving commitment.

The Intralot Indenture and the Intralot Credit Facilities contain customary restrictive covenants, including limitations on incurring additional indebtedness and the issuance of disqualified stock and preferred stock, restricted payments, liens, asset sales, and transactions with affiliates;

and reporting requirements.

The financial covenants include the maintenance of a senior secured net leverage ratio, tested quarterly, as well as a total net leverage ratio not exceeding 4.75 :1.00.

If the Intralot Notes or Intralot Credit Facilities obtain investment grade ratings from two rating agencies and no default has occurred and is continuing, certain of these covenants will be suspended.

Upon a reversion date (when the instruments no longer maintain investment grade ratings from two rating agencies), the suspended covenants will be reinstated with respect to future events.

Bally’s Intralot’s debt agreements contain customary cross-default and cross-acceleration provisions.

The waiver remains subject to the Company’s ongoing satisfaction of certain liquidity maintenance requirements, restrictions on additional secured indebtedness, compliance with the covenants under the Company’s Term Loan Facility and agreement to enter into an amendment to the Revolving Credit Facility within a specified period in order to incorporate certain covenants from the Company’s Term Loan Facility.

Failure to satisfy any such condition will result in automatic termination of the waiver and reinstatement of the covenant in full force and effect.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

As of June 30, 2026 (Successor), the Company was in compliance with all covenants under its debt agreements and there were no defaults in principal, interest, sinking fund, or redemption provisions with respect to any of its outstanding indebtedness.

Except as described in Note 2 “Summary of Significant Accounting Policies”, the Company expects to be in compliance with all applicable covenants for the next twelve months.

Operating Leases

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Discount rates used to determine the present value of the lease payments are based on the Company’s incremental borrowing rate commensurate with the term of the lease.

The Company had total operating lease liabilities of $ 2.42 billion and $ 1.93 billion as of March 31, 2026 (Successor) and December 31, 2025 (Successor), respectively, and right of use assets of $ 2.25 billion and $ 1.77 billion as of March 31, 2026 (Successor) and December 31, 2025 (Successor), respectively, which were included in the condensed consolidated balance sheets.

The Company had total operating lease liabilities of $ 2.39 billion and $ 1.93 billion as of June 30, 2026 (Successor) and December 31, 2025 (Successor), respectively, and right of use assets of $ 2.23 billion and $ 1.77 billion as of June 30, 2026 (Successor) and December 31, 2025 (Successor), respectively, which were included in the condensed consolidated balance sheets.

GLPI Master Leases

As of March 31, 2026 (Successor), the Company leases certain properties from GLPI under three separate master lease agreements, the “Master Lease,” the “Master Lease No.

2,” and the “Queen Master Lease.” The Company’s Bally’s Evansville, Bally’s Dover, Bally’s Quad Cities, Bally’s Black Hawk, Bally’s Tiverton and Hard Rock Biloxi properties are leased under the terms of the Master Lease which requires combined initial minimum annual payments of $ 101.5 million.

The Company’s Bally’s Kansas City, Bally’s Shreveport, DraftKings at Casino Queen, The Queen Baton Rouge and Bally’s Twin River properties are leased under the terms of the Master Lease No.

2 which requires combined initial minimum annual payments of $ 118.3 million.

The Company’s Bally’s Baton Rouge and Casino Queen Marquette properties are leased under the terms of the Queen Master Lease, which requires initial combined minimum annual payments of $ 3.0 million, plus annual development rent of $ 11.3 million.

All components of the Master Lease, Master Lease No.

2 and the Queen Master Lease are accounted for as operating leases within the provisions of ASC 842, Leases (“ASC 842”), over the lease term or until a re-assessment event occurs.

All three leases have an initial term of 15 years and include four , five-year options to renew and are subject to a minimum 1 % annual escalation or greater escalation dependent on CPI.

The renewal options are not reasonably certain of exercise as of March 31, 2026 (Successor).

The Company leases certain properties from GLPI under three separate master lease agreements, the “Master Lease,” the “Master Lease No.

2,” and the “Queen Master Lease.” All components of these master lease agreements are accounted for as operating leases within the provisions of ASC 842, Leases (“ASC 842”), over the lease term or until a re-assessment event occurs.

On February 11, 2026, the Company completed the sale-leaseback of the land and real estate assets of Bally’s Twin River to GLPI for total consideration of $ 700.0 million.

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2, increasing minimum annual payments by $ 56.0 million, and with annual escalations and extension options disclosed above.

During the three months ended March 31, 2026 (Successor), the Company recorded a gain of $ 105.8 million, within Gain on sale-leaseback in the condensed consolidated statements of operations, representing the difference in the transaction price and the derecognition of assets.

During the first quarter of 2026, the Company recorded a gain of $ 105.8 million, within Gain on sale-leaseback in the condensed consolidated statements of operations, representing the difference in the transaction price and the derecognition of assets.

In addition to the properties under the master leases explained above, the Company leases land associated with Tropicana Las Vegas under a ground lease established with GLPI, which is also accounted for as an operating lease within the provisions of ASC 842, over the lease term or until a re-assessment event occurs.

On July 17, 2025, the Company entered into a new master lease agreement with GLPI (the “Chicago MLA”), that amended the previously existing ground lease for the property on which the Company is developing its Chicago Permanent Facility and a development agreement with GLPI (the “Chicago Development Agreement”) pursuant to which GLPI has committed to advance up to $ 940.0 million (the “GLPI Development Advances”) for the payment of hard costs used to construct the Chicago Permanent Facility in exchange for increasing the amount of rent payable to GLPI under the Chicago MLA.

Under the Chicago Development Agreement, as construction occurs, the Company recognizes a construction receivable on the condensed consolidated balance sheets due from GLPI.

To the extent costs exceed the amount to be reimbursed by GLPI, such costs are considered prepaid rent, which will be added to the associated operating lease right of use asset once the lease commences.

As of June 30, 2026 (Successor) and December 31, 2025 (Successor), the prepaid rent balance, classified within Other assets, was $ 222.7 million and $ 175.8 million, respectively.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

In addition to the properties under the master leases explained above, the Company leases land associated with Tropicana Las Vegas under a ground lease established with GLPI in 2022 and modified in 2024.

This lease has an initial term of 50 years, with the possibility of extending up to 99 years through renewal options, and requires initial minimum annual payments of $ 14.6 million, subject to minimum 1 % annual increase or greater based on CPI.

As of March 31, 2026 (Successor), the renewal options are not considered reasonably certain to be exercised.

On July 17, 2025, the Company entered into a new master lease agreement with GLPI (the “Chicago MLA”), that amended the existing ground lease for the property on which the Company plans to develop its Chicago Permanent Facility and a development agreement with GLPI (the “Chicago Development Agreement”) pursuant to which GLPI has committed to advance up to $ 940.0 million (the “GLPI Development Advances”) for the payment of hard costs used to construct the Chicago Permanent Facility in exchange for increasing the amount of rent payable to GLPI 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.

Initial annual rent under the Chicago MLA was $ 20.0 million, with additional rent equal to 8.5 % of the GLPI Development Advances that are granted to the Company.

Under the Chicago Development Agreement, as construction occurs, the Company will recognize a construction receivable on the condensed consolidated balance sheets due from GLPI.

As of March 31, 2026 (Successor) and December 31, 2025 (Successor), the prepaid rent balance, classified within Other assets, was $ 193.2 million and $ 175.8 million, respectively.

Components of lease expense, included within General and administrative in the condensed consolidated statements of operations, for operating leases were as follows:

(in thousands) Three Months Ended March 31, 2026 (Successor) Period from February 8, 2025 to March 31, 2025 (Successor) Period from January 1, 2025 to February 7, 2025 (Predecessor)

Successor Predecessor

Operating leases:

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Supplemental cash flow and other information related to operating leases are as follows:

(in thousands) Three Months Ended March 31, 2026 (Successor) Period from February 8, 2025 to March 31, 2025 (Successor) Period from January 1, 2025 to February 7, 2025 (Predecessor)

Successor Predecessor

Cash paid for amounts included in the lease liability - operating cash flows from operating leases $ 73,299 $ 62,141 $ 138,964 $ 80,625 $ 30,843

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GLPI Development Advances received

March 31, 2026 (Successor) December 31, 2025 (Successor)

176,085 — 274,034 — —

June 30, 2026 (Successor) December 31, 2025 (Successor)

Weighted average remaining lease term 14.9 years 15.6 years

Weighted average discount rate 7.5 % 7.3 %

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

As of March 31, 2026 (Successor), future minimum lease payments under noncancellable operating leases are as follows:

(in thousands) March 31, 2026 (Successor)

As of June 30, 2026 (Successor), future minimum lease payments under noncancellable operating leases are as follows:

(in thousands) June 30, 2026 (Successor)

Remaining 2026 $ 142,594

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__________________________________

(1) Total lease obligations exclude future minimum lease payments under the Chicago MLA, which has not yet commenced as of March 31, 2026 (Successor).

(1) Total lease obligations exclude future minimum lease payments under the Chicago MLA, which has not yet commenced as of June 30, 2026 (Successor).

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The Company leases its hotel rooms to patrons.

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These arrangements are priced either as (i) a fixed fee per machine per period or (ii) a variable fee based on a percentage of the lottery organization’s gross ticket sales.

The Company recorded lessor revenues in “Non-gaming revenue” of $ 41.7 million, $ 18.7 million and $ 11.0 million for the three months ended March 31, 2026 (Successor), period from February 8, 2025 to March 31, 2025 (Successor), and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

The Company recorded lessor revenues in “Non-gaming revenue” of $ 46.5 million and $ 33.7 million for the three months ended June 30, 2026 and 2025 (Successor), respectively, and $ 88.2 million, $ 52.4 million and $ 11.0 million for the six months ended June 30, 2026 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

STOCKHOLDERS’ EQUITY

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There is no fixed time period to complete share repurchases.

As of March 31, 2026 (Successor) and December 31, 2025 (Successor), $ 95.5 million was available for use under the capital return program.

As of June 30, 2026 (Successor) and December 31, 2025 (Successor), $ 95.5 million was available for use under the capital return program.

There was no share repurchase activity under the capital return program and no cash dividends paid during all periods presented in the Company’s condensed consolidated financial statements.

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The Company has authorized the issuance of up to 10 million shares of $ 0.01 par value preferred stock.

As of March 31, 2026 (Successor) and December 31, 2025 (Successor), no shares of preferred stock have been issued.

As of June 30, 2026 (Successor) and December 31, 2025 (Successor), no shares of preferred stock have been issued.

Shares Outstanding

As of March 31, 2026 (Successor), the Company had 48,947,327 common shares issued and outstanding.

The Company has issued warrants and other contingent consideration in acquisitions and strategic partnerships that are expected to result in the issuance of common shares in future periods resulting from the exercise of warrants or the achievement of certain performance targets.

As of June 30, 2026 (Successor), the Company had 48,988,040 common shares issued and outstanding.

Certain awards under the Company’s equity incentive plans, as well as penny warrants issued in connection with its strategic business transactions, are expected to result in the issuance of common shares in future periods, with the penny warrants being contingent on their exercise.

These incremental shares are summarized below:

Penny Warrants (Note 2)

Penny Warrants 11,619,725

Outstanding awards under Equity Incentive Plans 2,897,120

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Accumulated Other Comprehensive Income (Loss)

The following tables reflect the changes in Accumulated other comprehensive income (loss) by component:

Accumulated Other Comprehensive Income

The following tables reflect the changes in Accumulated other comprehensive income by component:

(in thousands) Foreign Currency Translation Adjustment Benefit Plans Cash Flow Hedges (1)

Net Investment Hedges Total

Accumulated other comprehensive income (loss) at December 31, 2025 (Successor)

Accumulated other comprehensive income (loss) as of December 31, 2025 (Successor)

$ 126,567 $ 18 $ ( 16,729 ) $ ( 40,435 ) $ 69,421

Other comprehensive loss before reclassifications ( 19,142 ) — ( 2,940 ) — ( 22,082 )

Reclassifications from accumulated other comprehensive income (loss) to earnings (2)

Reclassifications from accumulated other comprehensive income (loss) (2)(3)

— — 7,248 — 7,248

Tax effect 4,195 — ( 1,078 ) 60 3,177

Net current period other comprehensive income (loss) 102,486 18 ( 15,122 ) ( 40,435 ) 46,947

Net current period other comprehensive (loss) income ( 14,947 ) — 3,230 60 ( 11,657 )

Amount attributable to non-controlling interest 4,496 — — — 4,496

Accumulated other comprehensive income (loss) at March 31, 2026 (Successor)

Accumulated other comprehensive income (loss) as of June 30, 2026 (Successor)

$ 116,116 $ 18 $ ( 13,499 ) $ ( 40,375 ) $ 62,260

__________________________________

(1) As of March 31, 2026 (Successor), approximately $ 7.7 million of existing gains and losses are estimated to be reclassified into earnings within the next 12 months.

(1) As of June 30, 2026 (Successor), approximately $ 8.1 million of existing gains and losses are estimated to be reclassified into earnings within the next 12 months.

(2) Includes $ 7.5 million reclassification due to de-designation of its interest rate contracts as cash flow hedges.

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(in thousands) Foreign Currency Translation Adjustment Benefit Plans Cash Flow Hedges Net Investment Hedges Total

Accumulated other comprehensive (loss) income at December 31, 2024 (Predecessor)

Accumulated other comprehensive (loss) income as of December 31, 2024 (Predecessor)

$ ( 261,745 ) $ 1,746 $ ( 8,189 ) $ 7,921 $ ( 260,267 )

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Net current period other comprehensive (loss) income ( 13,097 ) — 968 2,686 ( 9,443 )

Accumulated other comprehensive (loss) income at February 07, 2025 (Predecessor)

Amount attributable to non-controlling interest — — — — —

Accumulated other comprehensive (loss) income as of February 07, 2025 (Predecessor)

$ ( 274,842 ) $ 1,746 $ ( 7,221 ) $ 10,607 $ ( 269,710 )

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

(in thousands) Foreign Currency Translation Adjustment Benefit Plans Cash Flow Hedges Net Investment Hedges Total

Accumulated other comprehensive (loss) income at February 8, 2025 (Successor)

(in thousands) Foreign Currency Translation Adjustment Cash Flow Hedges Net Investment Hedges Total

Accumulated other comprehensive (loss) income as of February 8, 2025 (Successor)

$ — $ — $ — $ —

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Net current period other comprehensive income (loss) 145,482 ( 19,828 ) ( 52,275 ) 73,379

Accumulated other comprehensive income (loss) at March 31, 2025 (Successor)

Amount attributable to non-controlling interest — — — —

Accumulated other comprehensive income (loss) as of June 30, 2025 (Successor)

$ 145,482 $ ( 19,828 ) $ ( 52,275 ) $ 73,379

COMMITMENTS AND CONTINGENCIES

The Company is a party to other various legal and administrative proceedings which have arisen in the ordinary course of its business.

The Company is a party to various legal and administrative proceedings which have arisen in the ordinary course of its business.

Estimated losses are accrued for these proceedings when the loss is probable and can be estimated.

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Pursuant to the Conveyance Agreement, the City agreed to (i) dispose of certain parkland property interests to Bally’s New York (the “Development Parcel”), (ii) alienate certain parkland in order to grant Bally’s New York a non-exclusive easement over such lands for purposes of accessing the Development Parcel and (iii) discontinue certain lands as parkland and alienate and transfer jurisdiction of such lands to the City’s Department of Transportation for use as public roadways (the “Ring Road Parcel”) to facilitate access to the Development Parcel and so the Development Parcel may be used by the Company for a gaming facility.

The closing of the transactions contemplated by the Conveyance Agreement occurred in February 2026 and was contingent upon, among other things, (i) Bally’s New York’s agreement to (a) make certain capital improvements to Ferry Point Park in the Bronx, New York with a fair market value of approximately $ 161.0 million and (b) to deliver security instruments to the City to secure the performance and completion of such capital improvements, (ii) the Company being awarded a downstate gaming facility license from the New York State Gaming Commission, (iii) payment by Bally’s New York to the City’s Department of Parks & Recreation of an administrative fee in the amount of $ 1.0 million, (iv) Bally’s New York’s agreement to pay for all costs and expenses for the development and mapping of the Ring Road Parcel and (v) Bally’s New York’s payment of real property transfer taxes with respect to the transactions contemplated by the Conveyance Agreement.

Additionally, as part of the conditions for closing of the Conveyance Agreement, Bally’s New York amended its License Agreement and Licensor Consent with the City, which includes an obligation for Bally’s New York to design and construct a new permanent clubhouse for the golf course on the licensed property.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The closing of the transactions contemplated by the Conveyance Agreement occurred in February 2026 and was contingent upon, among other things, (i) Bally’s New York’s agreement to (a) make certain capital improvements to Ferry Point Park in the Bronx, NY with a fair market value of approximately $ 161.0 million and (b) to deliver security instruments to the City to secure the performance and completion of such capital improvements, (ii) the Company being awarded a downstate gaming facility license from the New York State Gaming Commission, (iii) payment by Bally’s New York to the City’s Department of Parks & Recreation of an administrative fee in the amount of $ 1.0 million, (iv) Bally’s New York’s agreement to pay for all costs and expenses for the development and mapping of the Ring Road Parcel and (v) Bally’s New York’s payment of real property transfer taxes with respect to the transactions contemplated by the Conveyance Agreement.

New York Gaming License Commitments

In December 2025, the Company was awarded one of New York State’s three downstate commercial casino licenses for its planned Bally’s Bronx project, requiring the Company to pay a $ 500.0 million license fee, which was paid in the three months ended March 31, 2026 (Successor), as well as post a bond or cash deposit equal to 5 % of the total project investment.

The Company must also implement its community benefit commitments, including periodic public reporting, and engage an independent Compliance Monitoring Team approved by the New York State Gaming Commission to oversee regulatory, anti‑money‑laundering, and community‑benefit compliance.

In December 2025, the Company was awarded one of New York State’s three downstate commercial casino licenses for its planned Bally’s Bronx project, requiring the Company to pay a $ 500.0 million license fee, which was paid during the first quarter of 2026, as well as post a bond or cash deposit equal to 5 % of the total project investment.

The Company must also implement its community benefit commitments, including periodic public reporting, and has engaged an independent Compliance Monitoring Team, approved by the New York State Gaming Commission, to oversee regulatory, anti‑money‑laundering, and community‑benefit compliance.

Capital Expenditure Commitments

Bally’s Twin River - Pursuant to the terms of the Regulatory Agreement in Rhode Island, the Company is committed to invest $ 100.0 million in its Rhode Island properties over the term of the master contract through June 30, 2043, including an expansion and the addition of new amenities at Bally’s Twin River.

As of March 31, 2026 (Successor), approximately $ 40.0 million of the commitment remains.

As of June 30, 2026 (Successor), approximately $ 39.0 million of the commitment remains.

Bally’s Chicago - Pursuant to the Host Community Agreement with the City of Chicago, the Company’s indirect subsidiary is required to spend at least $ 1.34 billion on the design, construction and outfitting of the temporary casino and the permanent resort and casino.

The actual cost of the development may exceed this minimum capital investment requirement.

In addition, land acquisition costs and financing costs, among other types of costs, are not counted toward meeting this requirement.

As of March 31, 2026 (Successor), approximately $ 600.0 million of this commitment remains.

As of June 30, 2026 (Successor), approximately $ 400.0 million of this commitment remains.

The Company anticipates that the total development costs attributable to the project will exceed its contractual obligations pursuant to the Host Community Agreement.

As certain underlying contracts have yet to be executed, a reasonable estimate of the excess costs cannot be determined as of the date of issuance of these condensed consolidated financial statements.

City of Chicago Guaranty

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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.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Performance and other bonds

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In general, the Company would only be liable for these guarantees in the event of breach of its obligations and failure to perform under each applicable contract, which the Company determined is not probable.

Accordingly, no liability has been recorded as of March 31, 2026 (Successor) and December 31, 2025 (Successor) related to these bonds.

Accordingly, no liability has been recorded as of June 30, 2026 (Successor) and December 31, 2025 (Successor) related to these bonds.

Sponsorship Commitments

As of March 31, 2026 (Successor), the Company has entered into multiple sponsorship agreements with various professional sports leagues and teams.

As of June 30, 2026 (Successor), the Company has entered into multiple sponsorship agreements with various professional sports leagues and teams.

These agreements commit a total of $ 96.8 million through 2036 and grant the Company rights to use official league marks for branding and promotions, among other benefits.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Interactive Technology Commitments

The Company has certain multi-year agreements with its various market access and content providers, as well as its online sports betting platform partners, that require the Company to pay variable fees based on revenue, with minimum annual guarantees.

As of March 31, 2026 (Successor), the cumulative minimum obligation committed in these agreements is approximately $ 25.3 million through 2029.

As of June 30, 2026 (Successor), the cumulative minimum obligation committed in these agreements is approximately $ 41.1 million through 2030.

SEGMENT REPORTING

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Prior period reportable segment results and related disclosures have been conformed to reflect the Company’s current reportable segments.

The Company’s four reportable segments as of March 31, 2026 (Successor) are:

Casinos & Resorts - Includes 19 casino and resort properties, two horse racetracks and one golf course.

Bally’s Intralot B2B - Includes Intralot’s B2B global lottery and technology services operations and the Company’s licensing business.

Bally’s Intralot B2C - Includes the Company’s interactive European gaming operations, Intralot’s B2C lottery operations, as well as one casino property, Bally’s Newcastle, in the UK.

The Company’s four reportable segments as of June 30, 2026 (Successor) are:

Casinos & Resorts - Includes 19 casino and resort properties, two horse racetracks and one golf course in the United States (“US”).

Bally’s Intralot B2B - Includes Bally’s Intralot’s B2B global lottery and technology services operations and the Company’s licensing business.

Bally’s Intralot B2C - Includes the Company’s interactive European gaming operations, Bally’s Intralot’s B2C lottery operations, as well as one casino property, Bally’s Newcastle, in the UK.

North America Interactive - A portfolio of sports betting and iGaming offerings in the United States and Canada.

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The Company uses consolidated Adjusted EBITDA and segment Adjusted EBITDAR when evaluating the operating performance of the business because management believes that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a more fulsome understanding of the core operating results and as a means to evaluate period-to-period performance.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Management believes segment Adjusted EBITDAR is representative of its ongoing business operations including its ability to service debt and to fund capital expenditures, acquisitions and 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.

As of March 31, 2026 (Successor), the Company’s operations were substantially in the US and UK with a less substantive footprint in other countries world-wide.

Revenue generated from the UK represented approximately 27 %, 27 % and 32 % of total revenue for the three months ended March 31, 2026 (Successor), the period from February 8, 2025 to March 31, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

As of June 30, 2026 (Successor), the Company’s operations were substantially in the US and UK with a less substantive footprint in other countries world-wide.

Revenue generated from the UK represented approximately 27 % and 28 % of total revenue for the three months ended June 30, 2026 and 2025 (Successor), respectively, and 27 %, 28 % and 32 % of total revenue for the six months ended June 30, 2026 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

The Company does not have any revenues from any individual customers that exceed 10% of total reported revenues.

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Successor Predecessor

(in thousands) Three Months Ended March 31, 2026 Period from February 8, 2025 to March 31, 2025 Period from January 1, 2025 to February 7, 2025

Casinos & Resorts $ 401,017 $ 393,333 $ 780,745 $ 620,184 $ 124,299

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Transaction costs ( 21,343 ) ( 17,010 ) ( 28,568 ) ( 17,847 ) ( 865 )

Tropicana Las Vegas demolition and closure costs ( 6,194 ) ( 5,931 ) ( 2,605 )

Development costs (3)

( 20,306 ) ( 21,560 ) ( 33,264 ) ( 34,392 ) ( 6,846 )

Share-based compensation ( 1,805 ) ( 2,350 ) ( 4,356 ) ( 5,090 ) ( 1,954 )

(Loss) gain on sale-leaseback, net 105,845 — —

Gain on sale-leaseback, net — — 105,845 — —

Merger Agreement and Intralot Transaction costs (4)

1 unchanged sentence

Other ( 20,715 ) ( 7,311 ) ( 29,298 ) ( 12,627 ) ( 1,915 )

Income (loss) from operations 91,611 ( 1,810 ) ( 20,766 )

(Loss) income from operations ( 34,019 ) ( 2,437 ) 57,592 ( 4,247 ) ( 20,766 )

Other (expense) income

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Benefit (provision) for income taxes 13,573 ( 185,441 ) 16,822 ( 88,348 ) ( 664 )

Net (loss) income $ ( 160,857 ) $ 34,516 $ ( 51,024 )

Net loss $ ( 163,982 ) $ ( 228,436 ) $ ( 324,839 ) $ ( 193,920 ) $ ( 51,024 )

__________________________________

(1) Adjusted EBITDAR is defined as earnings, or loss, for the Company before interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, acquisition, integration and restructuring expense, share-based compensation, and certain other gains or losses as well as, when presented for our reporting segments, an adjustment related to the allocation of corporate cost among segments, plus rent expense associated with triple net operating leases.

Adjusted EBITDAR should not be construed as an alternative to GAAP net income, its most directly comparable GAAP measure, nor is it directly comparable to similarly titled measures presented by other companies.

Adjusted EBITDAR should not be construed as an alternative to GAAP net income, nor is it directly comparable to similarly titled measures presented by other companies.

(2) Consists primarily of the operating lease components contained within certain triple net leases for the real estate assets used in the operations of casino properties.

Refer to Note 13 “ Leases ” for further information.

(3) Costs incurred in connection with the Merger Agreement and the Intralot transaction discussed in Note 1 “General Information”.

(3) Costs associated with the Company’s Casino development projects including:

(i) the demolition and redevelopment of the Tropicana Las Vegas site, (ii) the development of the Chicago Permanent Facility, and (iii) the Company’s planned Bally’s Bronx project.

(4) Costs incurred in connection with the Merger and the Intralot Transaction discussed in Note 1 “General Information”.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

The following table sets forth significant segment expenses and other segment items by reportable segment (in thousands):

Casinos & Resorts Bally’s Intralot B2B Bally’s Intralot B2C North America Interactive

Three Months Ended March 31, 2026 (Successor)

The following table sets forth significant segment expenses and other segment items by reportable segment:

(in thousands) Casinos & Resorts Bally’s Intralot B2B Bally’s Intralot B2C North America Interactive

Three Months Ended June 30, 2026 (Successor)

Revenue $ 401,017 $ 79,488 $ 243,481 $ 66,064

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Segment EBITDAR $ 109,611 $ 21,931 $ 64,739 $ 2,994

Period from February 8, 2025 to March 31, 2025 (Successor)

Three Months Ended June 30, 2025 (Successor)

Revenue $ 393,333 $ 7,046 $ 199,020 $ 56,502

9 unchanged sentences

Segment EBITDAR $ 105,967 $ 7,046 $ 75,159 $ 2,484

Six Months Ended June 30, 2026 (Successor)

Revenue $ 780,745 $ 153,444 $ 483,419 $ 126,520

segment expenses

Marketing costs 36,299 2,683 53,748 28,463

Gaming tax 122,913 1,021 135,492 33,467

Compensation 226,716 45,338 57,052 20,453

Other direct costs — 31,655 59,339 23,057

Casino property costs 88,968 — — —

General and administrative 52,740 21,469 27,627 13,098

Segment expense allocations 214 190 1,056 2,041

Other segment items (1)

47,088 14,041 ( 2,726 ) 10,084

Segment EBITDAR $ 205,807 $ 37,047 $ 151,831 $ ( 4,143 )

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

(in thousands) Casinos & Resorts Bally’s Intralot B2B Bally’s Intralot B2C North America Interactive

Period from February 8, 2025 to June 30, 2025 (Successor)

Revenue $ 620,184 $ 11,929 $ 306,887 $ 84,059

segment expenses

Marketing costs 21,768 — 31,529 21,764

Gaming tax 72,687 — 66,333 15,105

Compensation 159,492 ( 426 ) 35,007 13,538

Other direct costs — 16 34,178 9,954

Casino property costs 66,847 — — —

General and administrative 21,159 ( 221 ) 24,359 15,143

Other segment items (1)

100,724 631 ( 2,990 ) 8,416

Segment EBITDAR $ 177,507 $ 11,929 $ 118,471 $ 139

Period from January 1, 2025 to February 7, 2025 (Predecessor)

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(1) Other Segment Items primarily includes Gaming and non-gaming expenses within our Casinos & Resorts reportable segment, and certain other immaterial costs and allocations within each of the Company’s reportable segments.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Successor Predecessor

(in thousands) Three Months Ended March 31, 2026 Period from February 8, 2025 to March 31, 2025 Period from January 1, 2025 to February 7, 2025

Capital Expenditures

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__________________________________

(1) Includes $ 26.3 million and $ 11.0 million related to the Chicago Permanent Facility during the period from February 8, 2025 to March 31, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

(1) Includes $ 36.3 million, $ 56.0 million and $ 11.0 million related to the Chicago Permanent Facility during the three months ended June 30, 2025 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

BALLY’S CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Total assets are not regularly reviewed for each operating segment when assessing segment performance or allocating resources and accordingly, are not presented.

EARNINGS (LOSS) PER SHARE

Diluted earnings per share includes the determinants of basic earnings per share and, in addition, reflects the dilutive effect of the common stock deliverable for stock options, using the treasury stock method, and for RSUs, RSAs and PSUs for which future service is required as a condition to the delivery of the underlying common stock.

Diluted earnings per share includes the determinants of basic earnings per share and, in addition, reflects the dilutive effect of the common stock deliverable for stock options, using the treasury stock method, and for restricted stock units, restricted stock awards and performance stock units for which future service is required as a condition to the delivery of the underlying common stock.

Successor Predecessor

(in thousands, except per share data) Three Months Ended March 31, 2026 Period from February 8, 2025 to March 31, 2025 Period from January 1, 2025 to February 7, 2025

Net loss (income) attributable to Bally’s Corporation $ ( 161,914 ) $ 34,516 $ ( 51,024 )

(in thousands, except per share data) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Six Months Ended June 30, 2026 Period from February 8, 2025 to June 30, 2025 Period from January 1, 2025 to February 7, 2025

Net loss attributable to Bally’s Corporation $ ( 146,069 ) $ ( 228,436 ) $ ( 307,983 ) $ ( 193,920 ) $ ( 51,024 )

Weighted average common shares outstanding, basic 60,588 60,686 60,419 60,554 48,743

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Weighted average common shares outstanding, diluted 60,588 60,686 60,419 60,554 48,743

Basic (loss) income per share $ ( 2.69 ) $ 0.57 $ ( 1.05 )

Diluted (loss) income per share $ ( 2.69 ) $ 0.57 $ ( 1.05 )

There were 25,058 , 19,943 and 5,056,640 share-based awards that were considered anti-dilutive for the three months ended March 31, 2026 (Successor), the period from February 8, 2025 to March 31, 2025 (Successor), the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

Basic loss per share $ ( 2.41 ) $ ( 3.76 ) $ ( 5.10 ) $ ( 3.20 ) $ ( 1.05 )

Diluted loss per share $ ( 2.41 ) $ ( 3.76 ) $ ( 5.10 ) $ ( 3.20 ) $ ( 1.05 )

There were 31,269 and 296,374 share-based awards that were considered anti-dilutive for the three months ended June 30, 2026 and 2025 (Successor), respectively, and 24,094 , 231,580 and 5,056,640 for the six months ended June 30, 2026 (Successor), the period from February 8, 2025 to June 30, 2025 (Successor) and the period from January 1, 2025 to February 7, 2025 (Predecessor), respectively.

The Company has Penny Warrants which participate in dividends with the Company’s common stock, subject to certain contingencies.

1 unchanged sentence

The Penny Warrants were considered exercisable for little to no consideration and are therefore included in basic shares outstanding at their issuance date.

Refer to Note 2 “ Summary of Significant Accounting Policies ” for further information regarding the Framework Agreement.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements