Bally's Corporation

BALY

Gambling, Resorts & Casinos · Consumer Cyclical

Price

$14.06

-0.60 (-4.09%)

Market Cap

$688.2M

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+22.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 49.6M (2021) → 60.7M (2025)

Bally's Corporation owns and operates casinos, hotels, and sports betting services across the United States. Its customers are everyday gamblers and resort guests who visit its physical casino properties or place bets through its online and mobile platforms. The company owns the Bally's brand and runs over a dozen casino properties in states like Rhode Island, Mississippi, and Colorado, while also building a large casino in Chicago.

Bally's makes money through casino gaming revenue, hotel stays, food and beverage sales, and online sports betting and iGaming fees. It operates almost entirely in the United States and is a mid-sized player in a crowded industry dominated by larger rivals like MGM and Caesars. The company carries significant debt from years of rapid acquisitions, and its near-zero operating margin shows it is spending heavily to grow — the Chicago casino project and online gambling expansion are key bets on future revenue, but rising interest costs remain a serious financial risk.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+28.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-204.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

90.6%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~2 years

$798M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$798M cash & investments at current burn rate

Revenue accelerating

Bally's Corporation grew revenue 29% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

40.2%

Healthy — 40.2% gross margin

Operating Margin

-4.6%

Losing money on operations — -4.6%

ROCE

-0.6%

Weak — -0.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+8.4%

Steady sales growth (8.4% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-12.9%

Burning cash (-12.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

4.63

Heavy debt load (4.63)

Interest Cover

0.06x

Dangerous — barely covers interest (0.1x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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