Bally's is a global gaming company that owns and operates casinos, an online sportsbook and iGaming platform, and a lottery technology business. The core of the business is its Casinos & Resorts segment, which includes 19 land-based US casino properties across 11 states, where revenue is driven by customer visits and spend on slot machines and table games. The VIP segment — high-value players managed by a dedicated player development team — represents over 60% of rated casino revenue. Bally's also earns non-gaming revenue from hotels, food and beverage, and entertainment. The majority of Bally's US properties are leased from GLPI, a REIT, under a sale-leaseback structure that reduces Bally's real estate capital but creates substantial lease obligations. Bally's digital business includes the Bally Bet Sportsbook & Casino platform, licensed in 14 North American jurisdictions, plus European iGaming and online bingo brands such as Jackpotjoy, Virgin Games, and Monopoly Casino. The Intralot subsidiary sells lottery technology and systems to government-run lotteries across roughly 40 markets under long-term, recurring contracts. Bally's Bally Rewards loyalty program has over 12 million members and is central to driving repeat visits. On the growth side, Bally's is building a casino resort in Chicago, was awarded a New York downstate casino license for a planned $4B Bronx resort, holds development rights at the former Tropicana Las Vegas site, and took a ~38% stake in Australia's Star Entertainment Group.