SCHEDULE 13D/A 0000929638-19-000435 0001409888 XXXXXXXX LIVE 28 Common Stock, $0.01 par value per share 12/22/2025 false 0001747079 05875B304 Bally's Corp

767 Fifth Avenue, 12th Floor New York X1 10153

Joseph Mause 212-257-4701 Standard General L.P. 767 Fifth Avenue, 12th Floor New York NY 10153 0001409888 Standard General L.P. b AF DE 32480973 32480973 32480973 N 66.07 IA 0001418202 Kim Soohyung b AF X1 61053 32480973 61053 32480973 32542026 N 66.19 IN HC Common Stock, $0.01 par value per share Bally's Corp 767 Fifth Avenue, 12th Floor New York X1 10153 This Amendment No. 28 to Schedule 13D (the "Amendment") relates to Common Stock, par value $0.01 per share ("Common Stock"), of Bally's Corporation, a Delaware corporation (the "Issuer" or the "Company"). This Amendment is being filed to amend the Schedule 13D that was originally filed on March 29, 2019 and amended on June 26, 2019, July 15, 2019, August 2, 2019, November 19, 2019, February 13, 2020, February 20, 2020, August 7, 2020, September 17, 2020, November 20, 2020, December 15, 2020, March 30, 2021, April 6, 2021, April 16, 2021, April 22, 2021, August 11, 2021, October 8, 2021, December 9, 2021, January 25, 2022, May 5, 2022, July 15, 2022, July 29, 2022, March 11, 2024, March 19, 2024, July 26, 2024, October 18, 2024, February 7, 2025, and September 17, 2025 (as amended, the "Schedule 13D"). Unless otherwise indicated in this Amendment, all capitalized terms have the meanings ascribed to them in the Schedule 13D. This Amendment is being filed to amend and supplement Item 5 of the Schedule 13D as set forth below. See Items 7-13 of the cover pages and Item 2 above. See Items 7-13 of the cover pages and Item 2 above. On December 22, 2025, a private investment vehicle managed by Standard General transferred 623,875 shares of the Issuer's Common Stock to a third-party in repayment of approximately $11.5M owing under a promissory note held by the third-party. The percentages reported herein are based on a statement in the Issuer's Form 10-Q, filed with the Securities and Exchange Commission on November 12, 2025, that there were 49,162,136 shares of the Issuer's Common Stock outstanding as of September 30, 2025. Not applicable. Not applicable. Standard General L.P. /s/ Joseph Mause 12/23/2025 Kim Soohyung /s/ Kim Soohyung 12/23/2025