10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 333-283772

Bally’s Chicago, Inc.

(Exact name of registrant as specified in its charter)

Delaware			88-2870098
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
100 Westminster Street	Providence,	RI	02903
(Address of principal executive offices)			(Zip Code)

(401) 475-8474

Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A-1 common stock, par value $0.001 per share	N/A	N/A
Class A-2 common stock, par value $0.001 per share	N/A	N/A
Class A-3 common stock, par value $0.001 per share	N/A	N/A
Class A-4 common stock, par value $0.001 per share	N/A	N/A
Class B common stock, par value $0.001 per share	N/A	N/A

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  ☒ No   

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes ☐   No  ☒

As of April 30, 2026, the registrant had 2,430 shares of Class A-1 common stock, 489 shares of Class A-2 common stock, 324 shares of Class A-3 common stock, 3,773 shares of Class A-4 common stock, and 30,000 shares Class B common stock outstanding.

1

Bally’s Chicago, Inc.

Table of Contents

		Page No.
	PART I - FINANCIAL INFORMATION
ITEM 1.	Financial Statements	3
	Condensed Consolidated Balance Sheets (unaudited)	3
	Condensed Consolidated Statements of Operations (unaudited)	4
	Condensed Consolidated Statements of Stockholders’ Deficit (unaudited)	5
	Condensed Consolidated Statements of Cash Flows (unaudited)	6
	Notes to Condensed Consolidated Financial Statements (unaudited)	7
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	31
ITEM 4.	Controls and Procedures	32
	PART II - OTHER INFORMATION	33
ITEM 1.	Legal Proceedings	33
ITEM 1A.	Risk Factors	33
ITEM 5.	Other Information	33
ITEM 6.	Exhibits	34
	Signatures	35

2

PART I - Financial Information

Item 1. Financial Statements

BALLY’S CHICAGO, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

(In thousands, except share data)	March 31, 2026 (Successor)		December 31, 2025 (Successor)
Assets
Cash	$	13,116	$	12,009
Accounts receivable, net	83,431		64,802
Inventory	3,085		2,839
Prepaid expenses and other current assets	7,466		8,352
Due from related party (Bally’s Corporation)	974		974
Total current assets	108,072		88,976
Property and equipment, net	31,893		35,274
Right of use assets, net	7,652		4,406
Goodwill	32,373		32,373
Intangible assets, net	276,596		280,699
Other assets	196,330		179,035
Total assets	$	652,916	$	620,763
Liabilities, Redeemable Non-controlling Interest, and Stockholders’ Deficit
Current portion of lease liabilities	$	4,808	$	4,595
Accounts payable	31,826		63,904
Accrued and other current liabilities	71,020		56,191
Promissory notes to related party (Bally’s Corporation) (Note 3)	14,493		14,493
Due to related party (Bally's Corporation) (Note 3)	85,942		19,634
Total current liabilities	208,089		158,817
Long-term portion of lease liabilities	3,067		94
Subordinated loans due to related party (Bally’s Corporation) (Note 3)	77,625		77,625
Deferred tax liability	2,752		2,934
Other long-term liabilities	12,219		4,437
Total liabilities	303,752		243,907
Commitments and contingencies (Note 12)
Redeemable non-controlling interest	491,894		511,767
Stockholders’ deficit:
Common stock, $0.01 par value, no shares authorized, issued or outstanding as of March 31, 2026 (Successor) and as of December 31, 2025 (Successor).	—		—
Class A common stock, $0.001 par value, 12,500 shares authorized, and 7,016 shares issued and outstanding as of March 31, 2026 (Successor) and as of December 31, 2025 (Successor); Class B common stock, $0.001 par value, and 30,000 shares authorized, issued and outstanding as of March 31, 2026 (Successor) and as of December 31, 2025 (Successor)	—		—
Additional paid-in-capital	82,165		82,165
Accumulated deficit	(224,895)		(217,076)
Total stockholders’ deficit	(142,730)		(134,911)
Total liabilities, redeemable non-controlling interest, and stockholders’ deficit	$	652,916	$	620,763

See accompanying notes to condensed consolidated financial statements.

3

BALLY’S CHICAGO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(In thousands, except per share data)

	Successor				Predecessor
	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Revenue:
Gaming	$	30,045	$	15,935	$	10,353
Non-gaming	3,072		1,861		1,134
Total revenue	33,117		17,796		11,487
Operating costs and expenses:
Gaming	16,617		8,157		6,039
Non-gaming	3,331		1,462		1,260
General and administrative	15,051		10,196		8,946
Management fees to Bally's Corporation	15,000		8,871		6,129
Depreciation and amortization	8,255		4,842		1,985
Total operating costs and expenses	58,254		33,528		24,359
Loss from operations	(25,137)		(15,732)		(12,872)
Other expense:
Interest expense, net of amounts capitalized	(2,737)		(248)		—
Total other expense, net	(2,737)		(248)		—
Loss before income taxes	(27,874)		(15,980)		(12,872)
Benefit for income taxes	(182)		—		—
Net loss	(27,692)		(15,980)		(12,872)
Net loss attributable to redeemable non-controlling interest	(19,873)		(5,613)		—
Net loss attributable to Bally’s Chicago, Inc.	$	(7,819)	$	(10,367)	$	(12,872)
Basic and diluted loss per share	$	(1,114)	$	(9,223)	$	(128,720)
Weighted average common shares outstanding, basic and diluted	7,016		1,124		100

See accompanying notes to condensed consolidated financial statements.

4

BALLY’S CHICAGO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT (unaudited)

(In thousands, except share data)

Successor
	Common Stock Shares Outstanding		Common Stock Amount				Additional Paid-in-Capital		Accumulated Deficit		Total Stockholders’ Deficit
	Class A	Class B	Class A		Class B
Balance as of December 31, 2025 (Successor)	7,016	30,000	$	—	$	—	$	82,165	$	(217,076)	$	(134,911)
Net loss	—	—	—		—		—		(7,819)		(7,819)
Balance as of March 31, 2026 (Successor)	7,016	30,000	$	—	$	—	$	82,165	$	(224,895)	$	(142,730)

Predecessor
	Common Stock			Additional Paid-in-Capital		Accumulated Deficit		Total Stockholder’s Deficit
	Shares Outstanding	Amount
Balance as of December 31, 2024 (Predecessor)	100	$	—	$	974	$	(311,593)	$	(310,619)
Net loss	—	—		—		(12,872)		(12,872)
Balance as of February 7, 2025 (Predecessor)	100	$	—	$	974	$	(324,465)	$	(323,491)

Successor
	Common Stock Shares Outstanding			Common Stock Amount						Additional Paid-in-Capital		Accumulated Deficit		Total Stockholders’ Deficit
	Common Stock	Class A	Class B	Common Stock		Class A		Class B
Balance as of February 8, 2025 (Successor)	100	—	—	$	—	$	—	$	—	$	—	$	(90,708)	$	(90,708)
Reorganization and Private Placement	(100)	3,985	30,000	—		—		—		82,362		(750,000)		(667,638)
Issuance of subordinated loans	—	(659)	—	—		—		—		(16,475)		—		(16,475)
Net loss	—	—	—	—		—		—		—		(10,367)		(10,367)
Balance as of March 31, 2025 (Successor)	—	3,326	30,000	$	—	$	—	$	—	$	65,887	$	(851,075)	$	(785,188)

See accompanying notes to condensed consolidated financial statements.

5

BALLY’S CHICAGO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Cash flows from operating activities:
Net loss	$	(27,692)	$	(15,980)	$	(12,872)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	8,255		4,842		1,985
Non-cash amortization of right of use assets	1,138		206		415
Deferred income taxes	(182)		—		—
Change in operating assets and liabilities:
Accounts receivable	(58,680)		(575)		177
Inventory	(245)		76		281
Prepaid expenses and other current assets	1,859		671		68
Accounts payable	6,061		3,700		261
Current portion of lease liabilities	(1,198)		1,337		(1,986)
Accrued and other current liabilities	14,002		(5,337)		5,514
Other assets	(15,619)		—		—
Other operating activities	7,771		29		21
Net cash used in operating activities	(64,530)		(11,031)		(6,136)
Cash flows from investing activities:
Capital expenditures	(672)		(22,941)		(10,969)
Net cash used in investing activities	(672)		(22,941)		(10,969)
Cash flows from financing activities:
Financing from Bally's Corporation, net	66,309		31,774		22,622
Repayment of promissory notes to Bally’s Corporation	—		(76,776)		—
Stock issuance costs	—		(789)		(1,452)
Proceeds from IPO and Private Placements	—		13,151		—
Private Placement proceeds from Bally’s Corporation	—		63,625		—
Net cash provided by financing activities	66,309		30,985		21,170
Net change in cash	1,107		(2,987)		4,065
Cash, beginning of period	12,009		18,584		14,519
Cash, end of period	$	13,116	$	15,597	$	18,584
Non-cash investing and financing activities:
Unpaid property and equipment	$	160	$	18,133	$	11,403
Change in unpaid issuance costs	796		3,276		485
Issuance of subordinated loans to Bally’s Corporation	—		16,475		—
Issuance of redeemable non-controlling interest	—		750,000		—
Issuance of shares to Bally’s Corporation in lieu of promissory note repayment	—		6,325		—

See accompanying notes to condensed consolidated financial statements.

6

BALLY’S CHICAGO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.    GENERAL INFORMATION

Description of Business

Bally’s Chicago, Inc. (the “Company”, “Bally’s Chicago”) was formed on May 24, 2022 and is a majority owned subsidiary of Bally’s Chicago Holding Company, LLC (the “Holding Company”), a wholly owned subsidiary of Bally’s Corporation. Bally’s Chicago is a gaming, hospitality and entertainment company with the singular focus of building and operating a world-class entertainment destination resort in Chicago, Illinois. The Company intends to provide both Chicago residents and business and leisure travelers visiting Chicago with physical and interactive entertainment and gaming experiences.

Bally’s Chicago Operating Company, LLC (the “Operating Company”), an indirect majority owned subsidiary of the Company, is a party to a host community agreement with the City of Chicago to develop a destination casino resort (the “Permanent Facility”), to be named Bally’s Chicago, in downtown Chicago, Illinois that will include approximately 3,400 slot machines, 170 table games, 10 food and beverage venues, 500 hotel rooms, a 65,000 square foot entertainment and event center, a 20,000 square foot exhibition, outdoor music venue, 3,300 parking spaces and an outdoor green space. The project also provided the Company with the exclusive right to operate a temporary casino for up to three years while the Permanent Facility is constructed.

During construction of the Permanent Facility, the City of Chicago gave the Company the ability to build a temporary casino in downtown Chicago (the “Temporary Facility”). The Company opened the Temporary Facility situated in the location of the current Medinah Temple on September 9, 2023, which includes approximately 900 gaming positions and five food and beverage venues. The Company incurred approximately $70.0 million in costs in connection with the design and development of the Temporary Facility. Any increased construction costs could materially and adversely affect the return on the Company’s investments.

Bally’s Corporation

The Company’s public company parent, Bally’s, is a global gaming, hospitality and entertainment company with a portfolio of casinos and resorts and online gaming businesses. Bally’s provides its customers with physical and interactive entertainment and gaming experiences, including traditional casino offerings, iCasino, online bingo games, sportsbook and free-to-play.

The Merger

On February 7, 2025 (the “Closing Date”), Bally’s Corporation completed a merger pursuant to which The Casino Queen & Entertainment Inc. (“Casino Queen”) and SG Parent LLC, which was majority-owned by funds managed by Standard General L.P. (“SG Parent”), Bally’s Corporation’s largest common stockholder, merged with Bally’s Corporation (the “Merger”). The Bally’s Corporation Merger with Casino Queen was accounted for as a transaction between entities under common control. The Merger resulted in a change in control of Bally’s Corporation due to SG Parent gaining control of Bally’s Corporation in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”). Bally’s Corporation elected to push down SG Parent’s basis in its net assets into its financial statements.

To better align the accounting and presentation with our public company parent, the Company has also determined that it will elect to apply pushdown accounting in these standalone financial statements. As a result of the application of pushdown accounting, these financial statements reflect the Company’s basis in the assets and liabilities of Bally’s Corporation, which were remeasured to fair value as of the Closing Date.

The financial information for the periods through February 07, 2025 reflect the historical cost basis of accounting for Bally’s Chicago, Inc., prior to the pushdown of the Merger. This is referred to as the “Predecessor period.”

The three months ended March 31, 2026, and the period from February 8 to March 31, 2025, are each part of the "Successor period." These periods reflects the costs, activities, and recognition of the Company’s assets and liabilities at their fair values due to pushdown accounting applied at the time of the Merger. The differences in accounting due to the acquisition method and the application of pushdown accounting mean the results of operations, cash flows, and financial information for the Successor period are not comparable to those of the Predecessor period. A black line has been placed between the Successor and Predecessor periods in the unaudited condensed consolidated financial statements and in the tables to the notes to the unaudited condensed consolidated financial statements to highlight the lack of comparability between the two periods. Refer to Note 2 “Summary of Significant Accounting Policies” for further information on the Company’s basis of presentation and consolidation as a result of Bally’s transactions under the Merger.

7

BALLY’S CHICAGO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and the ability of the Company to continue as a going concern for a reasonable period of time.

In accordance with ASC 205-40, Going Concern, (“ASC 205-40”) the Company evaluated the severity of the following adverse conditions that raise substantial doubt about its ability to continue as a going concern as of the date the accompanying financial statements were issued (the “issuance date”).

•The Company has incurred significant losses and negative cash flows from operations since its inception and expects to continue to incur such losses and negative cash flows for the foreseeable future. In this regard, the Company incurred a net loss and used net cash in its operations of approximately $27.7 million and $64.5 million, respectively for the three months ended March 31, 2026 (Successor). In addition, the Company has an accumulated deficit of $224.9 million and approximately $13.1 million of cash as of March 31, 2026 (Successor). As a result, the Company has been dependent of Bally’s Corporation since its inception to fund substantially all of the Company’s obligations as they become due and expects to continue to remain dependent on such funding for the foreseeable future.

•As disclosed in Note 12 “Commitments and Contingencies”, the Company is subject to a number of contractual obligations and commitments associated with the operation of the Temporary Facility and construction of the Permanent Facility, which includes the total committed costs that are expected to be incurred to construct the Permanent Facility of approximately $600.0 million over the next two years. Refer to Note 11 “Leases” for further information on the funding of the Permanent Facility construction.

•As of the issuance date, the Company did not have sufficient capital or available liquidity to fund the obligations and commitments that are expected to become due over the next twelve months beyond the issuance date. In particular, while the Temporary Facility commenced operations on September 9, 2023 (Predecessor), the Company has not yet generated an ongoing source of net cash inflows from operations that are sufficient to cover the cost of operating the Temporary Facility, as well as construction costs associated with the Permanent Facility that are expected to be incurred over the next twelve months beyond the issuance date.

In response to the foregoing adverse financial conditions, the Company obtained a letter of support whereby Bally’s Corporation has committed to fund all of the Company’s operating, investing, and financing activities through at least December 31, 2027 and has further committed not to make any decision or action that would reasonably be expected to negatively affect the Company’s ability to continue as a going concern through at least December 31, 2027.

The accompanying unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”) for interim financial information, including Rule 10-01 of the SEC’s Regulation S-X. Accordingly, certain information and note disclosures normally required in complete financial statements prepared in conformity with accounting principles generally accepted in the United States (“US GAAP”) have been condensed or omitted. In the Company’s opinion, these unaudited condensed consolidated financial statements include all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. Certain prior year amounts have been reclassified to conform to the current year’s presentation

8

BALLY’S CHICAGO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

We have made estimates and judgments affecting the amounts reported in our unaudited condensed consolidated financial statements and the accompanying notes. The actual results that we experience may differ materially from our estimates.

Changes to Authorized Shares

On March 10, 2025 (Successor), in connection with the Company’s consummation of its private offering (the “Private Placement”) (described below), the Company amended its Certificate of Incorporation to establish Class A and Class B Interests of the Company’s common stock, and authorize the issuance of up to a total of 34,300 shares of all classes in the Company. Upon the effectiveness of the amended Certificate of Incorporation, each share of the Company’s 100 common shares outstanding was reclassified into 300 shares of Class B Interests, for a total of 30,000 Class B Interests outstanding.

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

As of March 31, 2026 (Successor), the total number of shares of all classes of stock the Company is authorized to issue consists of the following:

Share Class	Shared Authorized(1)
Class A-1	3,000
Class A-2	500
Class A-3	500
Class A-4	8,500
Class B	30,000

__________________________________

(1)    All Class A Interests and Class B Interests have a par value of $0.001 per share. Each Class A and Class B Interest entitles its holder to one vote per share, Class B Interests have no economic interest in the Company and may only be held by the Holding Company.

Reorganization and Private Placement

On March 10, 2025 (Successor), as part of the Private Placement, the Company sold a total of 3,985 Class A Interests to certain accredited investors, raising $83.2 million in gross proceeds, consisting of the following share classes and price per share:

Share Class	Number of Shares	Price Per Share
Class A-1	272	$	250
Class A-2	281	$	2,500
Class A-3	171	$	5,000
Class A-4 (1)	3,261	$	25,000

__________________________________

(1) Includes 2,800 shares of Class A-4 Interests sold to the Holding Company at a purchase price of $25,000 per share. Consideration received from the Holding Company included cash of $63.7 million and $6.3 million of shares in lieu of payment on its outstanding promissory notes payable by the Company to the Holding Company.

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

9

BALLY’S CHICAGO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

As a result of the Private Placement and Reorganization, the Holding Company’s combined Class A-4 and Class B Interests gave the Holding Company 96.4% of the voting power in the Company, and its LLC Interests gave the Holding Company a 90.0% economic interest in the Operating Company. On August 14, 2025, the Company entered into an LLC interests subscription agreement with the Operating Company, purchasing 3,685 additional LLC interests of the Operating Company for total purchase price of $92.1 million, reducing the Holding Company’s economic interest in the Operating Company to 81%.

The Company as the sole managing member, operating as a holding company with its principal asset being the LLC interests, consolidates the Operating Company in accordance with ASC 810, Consolidation (“ASC 810”), recognizing the Holding Company’s 81% economic interest as a redeemable non-controlling interest in its financial statements. Refer to Note 14 “Redeemable Non-controlling Interest” for further information.

Initial Public Offering and Concurrent Private Placement

On August 14, 2025, the Company completed its IPO and Concurrent Private Placement. Through the IPO and Concurrent Private Placement, the Company sold a total of 3,690 additional Class A Interests to certain investors for an aggregate purchase price of $31.1 million consisting of the following share classes and price per share:

Share Class	Number of Shares	Price Per Share
Class A-1	2,158	$	250
Class A-2	208	$	2,500
Class A-3	153	$	5,000
Class A-4 (1)	1,171	$	25,000

__________________________________

(1) Includes an issuance of 1,000 shares of Class A-4 Interests to the Holding Company at a purchase price of $25,000 per share. Consideration received from the Holding Company included cash of $25 million.

In connection with the issuance of these shares, the Company amended and restated its subordinated loan agreement with the Holding Company, pursuant to which the Holding Company made additional subordinated term loans to the Company totaling $61.2 million at an annual interest rate of 11%, compounded quarterly, with no maturity date.

Cash

The Company considers all cash balances and highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. As of March 31, 2026 (Successor) and December 31, 2025 (Successor), the Company has cash of $13.1 million and $12.0 million, respectively, which was measured at fair value on a recurring basis and is classified within Level 1 of the fair value hierarchy.

Accounts Receivable

Accounts receivable consists of the following:

(in thousands)	March 31, 2026 (Successor)		December 31, 2025 (Successor)
Amounts due from GLP(1)	$	81,586	$	63,172
Gaming receivables	1,028		863
Non-gaming receivables	828		767
Accounts receivable	83,442		64,802
Less: Allowance for credit losses	(11)		—
Accounts receivable, net	$	83,431	$	64,802

__________________________________

(1)    Represents amounts due from GLP Capital, L.P. (“GLP”) related to the development of the Company’s future Permanent Facility in Chicago. Refer to Note 11 “Leases” for further information.

10

BALLY’S CHICAGO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Advertising Expenses

The Company expenses advertising costs as incurred and is included in General and administrative on the condensed consolidated statements of operations. Advertising expense was $0.3 million, $0.5 million and $0.2 million for the three months ended March 31, 2026 (Successor), the period from February 8 to March 31, 2025 (Successor) and the period from January 1 to February 7, 2025 (Predecessor), respectively.

Expansion Expenses

The Company expenses expansion costs as incurred. The Company defines expansion expenses as costs incurred in connection with the opening of a new facility or significant expansion of an existing property. Costs classified as expansion costs consist primarily of marketing, master planning, conceptual design fees and legal and professional fees that are not eligible for capitalization and are included in General and administrative on the condensed consolidated statements of operations. Expansion expenses for the three months ended March 31, 2026 (Successor), the period from February 8 to March 31, 2025 (Successor) and the period from January 1 to February 7, 2025 (Predecessor) were $2.4 million, $0.5 million, and $1.4 million, respectively.

Employee Benefit Plans

The Company participates in the Bally’s Corporation operates defined contribution plans covering its non-union employees and certain union employees, as well as multi-employer defined benefit pension plans under the terms of collective-bargaining agreements that cover certain of its union employees. The defined contribution plans allow for employee deferrals, which are matched at the Company’s discretion. Total employer contribution expense attributable to these plans was $0.2 million for the three months ended March 31, 2026 (Successor) and $0.1 million for both the period from February 8 to March 31, 2025 (Successor) and the period from January 1 to February 7, 2025 (Predecessor).

Earnings Per Share (EPS)

We have two classes of common stock in the form of Class A Interests and Class B Common Stock. Our Class A Interests are entitled to discretionary dividends, subject to the impact of liquidation and distribution priority of the subordinated loans on the Class A-1, Class A-2 and Class A-3 Interests. Each of the respective Class A Interests represent different classes of common stock for the purposes of the Company’s earnings per share (“EPS”) computation. We apply the two-class method for purposes of calculating earnings per share of common stock for the Class A Interests. The two-class method determines earnings per share of common stock and participating securities according to dividends or dividend equivalents declared during the period and each security’s respective participation rights in undistributed earnings and losses. The Class B Common Stock do not have rights to participate in dividends or undistributed earnings, as such, have no impact on the Company’s computation of EPS. There were no Class A Interests that were considered anti-dilutive for the three months ended March 31, 2026 (Successor), 690 shares that we considered anti-dilutive for the period from February 8 to March 31, 2025 (Successor) and no shares the period from January 1 to February 7, 2025 (Predecessor).

Goodwill and Intangible Assets

Goodwill consists of the excess of acquisition costs over the fair value of net assets acquired in business combinations. Goodwill is not amortized, but is reviewed for impairment annually as of October 1st, or when events or changes in the business environment indicate that the carrying value of the reporting unit may exceed its fair value, by comparing the fair value of each reporting unit to its carrying value, including goodwill.

The Company’s intangible assets consist of the Chicago gaming license associated with its Permanent Casino in the predecessor period. The Company’s Permanent Casino gaming license is classified as finite-lived as of the successor period, and is being amortized over its estimated useful life.

11

BALLY’S CHICAGO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For its finite‑lived intangible asset, the Company establishes a useful life upon initial recognition based on the period over which the asset is expected to contribute to the future cash flows of the Company and periodically evaluates the remaining useful life to determine whether events and circumstances warrant a revision to the remaining amortization period. The finite‑lived intangible asset is amortized over its remaining useful life in a pattern in which the economic benefits of the intangible asset are consumed, which is generally on a straight‑line basis. The Company reviews the carrying amount of its finite‑lived intangible asset for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Should events and circumstances indicate the finite‑lived intangible asset may not be recoverable, the Company performs a test for recoverability whereby estimated undiscounted cash flows are compared to the carrying value of the asset. If the estimated undiscounted cash flows exceed the carrying value, no impairment is recorded. If the undiscounted cash flows do not exceed the carrying value, an impairment is recorded based on the fair value of the asset.

Bally’s Chicago Service Agreements

The Company is party to various agreements relating to the operations of certain services at its 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 Facility 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”).

As of March 31, 2026 (Successor), the Company has received a total of $12.2 million of Bally’s Chicago Construction Investments under the aforementioned hospitality services agreement. These amounts 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 Facility. 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.

3.    RELATED PARTY TRANSACTIONS

Operations, as well as assets and liabilities, directly associated with the business activity of the Company are included in the unaudited condensed consolidated financial statements. The unaudited condensed consolidated financial statements include fees paid in accordance with the corporate services agreement, as described in Note 12 “Commitments and Contingencies”, providing the Company with certain administrative and corporate services, of $15.0 million for the three months ended March 31, 2026 (Successor) and $8.9 million, $6.1 million for the period from February 8 to March 31, 2025 (Successor), the period from January 1 to February 7, 2025 (Predecessor) respectively. These fees and allocated expenses are recorded within Management fees to Bally's Corporation on the condensed consolidated statements of operations. As of March 31, 2026 (Successor), there was a $85.9 million balance of Due to related party (Bally's Corporation) related to administrative expenses and development costs associated with the development of the Permanent Facility, which will be repaid with the funds received from GLP. Refer to Note 11 “Leases” for further information.

The Company is dependent on its Parent for a majority of its working capital and financing requirements, and none of its Parent’s cash, cash equivalents or debt has been assigned to Bally’s Chicago in the unaudited condensed consolidated financial statements. Prior to the Company’s IPO and Concurrent Private Placement, all expenses paid by Bally’s Corporation on the Company’s behalf were converted into promissory notes and reported within Promissory notes to related party (Bally’s Corporation) on the condensed consolidated balance sheet.

On August 14, 2025, in connection with the Company’s IPO and Concurrent Private Placement, the Holding Company forgave $651.0 million of promissory notes as a result of its capital commitment from the Reorganization in March 2025. Refer to Note 2 “Summary of Significant Accounting Policies” and Note 14 “Redeemable Non-controlling Interest” for further information. Concurrent with the forgiveness of the promissory notes, the Company refinanced $14.5 million of its remaining promissory note payable to the Holding Company, equal to the Company’s Private Placement, IPO and Concurrent Private Placement expenses and placement agent fees, with a maturity date of December 31, 2034 with an interest rate of 11% per annum. Promissory notes to related party (Bally’s Corporation) were $14.5 million as of March 31, 2026 (Successor) and December 31, 2025 (Successor). The Company incurred $0.4 million of interest on its promissory notes during the three months ended March 31, 2026 (Successor).

The average aggregate balance of promissory notes to related party (Bally’s Corporation) was $14.5 million, $655.8 million and $675.5 million for the three months ended March 31, 2026 (Successor), the period from February 8 to March 31, 2025 (Successor), the period from January 1 to February 7, 2025 (Predecessor).

12

BALLY’S CHICAGO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Subordinated Loans

The Company issued the following subordinated loans for the Class A-1, Class A-2 and Class A-3 Interests sold in the Private Placement and IPO and Concurrent Private Placement (in thousands, except per share data):

Share Class	Initial Loan per Share(1)		Private Placement		IPO and Concurrent Private Placement		Total Subordinated Loans(2)
Class A-1	$	24,750	$	6,732	$	53,410	$	60,142
Class A-2	$	22,500	6,323		4,680		11,003
Class A-3	$	20,000	3,420		3,060		6,480
			$	16,475	$	61,150	$	77,625

__________________________________

(1)    Each subordinated loan issued at annual interest rate of 11%, compounded quarterly, with no maturity date.

(2)    As of March 31, 2026 (Successor), total subordinated loans reflects the total original issuance and outstanding principal balance.

For the three months ended March 31, 2026 (Successor) and the period from February 8 to March 31, 2025 (Successor), the Company incurred $2.3 million and $0.2 million, respectively, of interest expense related to the subordinated loans. There was no interest expense incurred during the period from January 1 to February 7, 2025 (Predecessor). These amounts were recognized within Interest expense, net of amounts capitalized on the Company’s condensed consolidated statements of operations.

4.    RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Standards to Be Implemented

In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this update align the requirements in the ASC to the Securities and Exchange Commission’s (“SEC”) regulations. The effective date for each amended topic in the ASC is the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective. Early adoption is prohibited. The Company is currently in the process of evaluating the impact of this amendment on its unaudited condensed consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. This update will be effective for fiscal years beginning after December 15, 2026, and interim reporting periods in fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its financial statement disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments in this update are intended to improve the clarity and navigability of interim reporting guidance and specify when it applies. The ASU addresses the form and content of interim financial statements, adds a consolidated list of required interim disclosures from other Codification topics, and establishes a principle requiring disclosure of events occurring after the end of the last annual reporting period that have a material impact on the entity. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that this guidance will have on its financial statements and related disclosures.

13

BALLY’S CHICAGO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

5.    REVENUE RECOGNITION

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, (“ASC 606”) which requires the revenue to be recognized when a performance obligation is satisfied by transferring the control of promised goods or services and is measured at the transaction price or the amount of consideration that the Company expects to receive through satisfaction of the identified performance obligations.

The Company generates revenue from three principal sources: (1) gaming, (2) food and beverage, and (3) other.

Sales tax and other taxes collected on behalf of governmental authorities are accounted for on a net basis and are not included in revenue or operating expenses.

Performance Obligations

Retail gaming service contracts involving our casino, each have an obligation to honor the outcome of a wager and to pay out an amount equal to the stated odds, including the return of the initial wager, if the customer receives a winning hand. These elements of honoring the outcome of the hand of play and generating a payout are considered one performance obligation, with an additional performance obligation for those customers earning incentives under the Company’s player loyalty program.

Food and beverage, and other services have been determined to be separate, stand-alone performance obligations and revenue is recognized as the good or service is transferred at the point in time of the transaction.

Transaction Price

The Company applies a practical expedient to account for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the impact on the unaudited condensed consolidated financial statements of applying the revenue recognition guidance to the portfolio would not differ materially from the application of an individual wagering contract. The transaction price for a retail gaming wagering contract is the difference between wins and losses, not the total amount wagered. In addition, in the event of a multi-stage contest, the Company will allocate transaction price ratably from contest start to the contest’s final stage.

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

Revenue Recognition

The allocated revenue for gaming wagers is recognized when the wagering occurs as all such wagers settle immediately. If a player wins the wager, the Company pays the player a pre-determined amount known as fixed odds, and its revenue is recognized as total wagers net of payouts made and incentives awarded to players. Food and beverage, and other revenues are recognized at the time the goods are sold from Company-operated outlets.

The following table provides a disaggregation of total revenue:

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Gaming	$	30,045	$	15,935	$	10,353
Non-gaming:
Food and beverage	2,294		1,440		868
Other	778		421		266
Total non-gaming revenue	3,072		1,861		1,134
Total revenue	$	33,117	$	17,796	$	11,487

14

BALLY’S CHICAGO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Contract Assets and Contract Related Liabilities

The Company’s receivables related to contracts with customers are primarily comprised of marker balances and other amounts due from gaming activities. The Company’s receivables related to contracts with customers were $0.1 million and $34.0 thousand as of March 31, 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 Accrued and other current liabilities in the condensed consolidated balance sheet.

Loyalty program incentives earned by customers are typically redeemed within one year from when they are earned and expire if a customer’s account is inactive for more than 12 months; therefore, the majority of these incentives outstanding at the end of a period will either be redeemed or expire within the next 12 months.

Unpaid wagers include the Company’s outstanding chip liability and unpaid slot tickets.

Liabilities related to contracts with customers were as follows:

(in thousands)	March 31, 2026 (Successor)		December 31, 2025 (Successor)
Unpaid wagers	$	2,332	$	1,700
Loyalty programs	256		273
Advanced deposits from customers	85		72
Total	$	2,673	$	2,045

The Company recognized revenue from loyalty program redemptions amounting to $0.2 million, $0.2 million and $0.1 million for the three months ended March 31, 2026 (Successor) the period from February 8 to March 31, 2025 (Successor) and the period from January 1 to February 7, 2025 (Predecessor), respectively.

6.    BUSINESS COMBINATIONS

The Merger & Pushdown Accounting

As described in Note 1 “General Information”, the Company elected to apply pushdown accounting at the time of the Merger, which resulted in the following assets and liabilities of the Company being measured and recognized at their fair values as of the Closing Date.

(in thousands)	As of February 7, 2025
Property and equipment, net	$	178,376
Right of use assets, net	268,014
Goodwill	32,373
Intangible assets	295,400
Lease liabilities	(268,014)
Deferred tax liability	(4,801)

The purchase consideration in the Merger has been allocated to the Company’s tangible and identifiable intangible assets and liabilities based upon their estimated fair values as of the Closing Date, with the excess of the purchase consideration over the aggregate net fair values recorded as goodwill, which is not deductible for tax purposes. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets that are not recognized as separate identifiable intangible assets apart from goodwill, which consist primarily of a management team experienced in the gaming industry.

15

BALLY’S CHICAGO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Accounts receivable, inventory, other assets, and current liabilities were stated at their historical carrying value, which approximates fair value given the short-term nature of these assets and liabilities. The estimate of fair value for property and equipment was based on an assessment of the assets' condition, as well as an evaluation of the current market value of such assets. The fair value of leasehold interests was estimated based on evaluating contractual rent payments relative to market rent giving consideration to the Company’s capitalization rates and rent coverage ratios, under the income method or by estimating the fee simple value and estimated rate of return, depending on the nature of the underlying leasehold interest.

The valuation of the gaming license intangible asset was determined using the Greenfield Method under the income approach. This method estimates isolated income that is properly attributable to a license based on modeling a hypothetical start-up company going into business without any other assets than the gaming license being valued and building a new casino with similar utility to the existing casino. Using this method, the valuation of the gaming license was dependent upon significant estimates such as projected revenues and cash flows, estimated construction costs, duration of that construction, expansion costs and appropriate discounting. Level 3 inputs used in estimating future cash flows included a terminal growth rate of 3% and a discount rate of 13.5%. Following the Merger, the gaming license was determined to be finite-lived, with an estimated useful life of 18 years.

7.    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)
Prepaid insurance	$	4,022	$	4,044
Annual host community impact fees	1,667		2,667
Prepaid marketing	977		352
Services and license agreements	535		859
Other	265		430
Total prepaid expenses and other current assets	$	7,466	$	8,352

8.    PROPERTY AND EQUIPMENT

Property and equipment was comprised of the following:

(in thousands)	March 31, 2026 (Successor)		December 31, 2025 (Successor)
Leasehold improvements	$	24,679	$	24,678
Equipment	24,132		24,131
Furniture and fixtures	398		398
Construction in process	1,499		728
Total property and equipment	50,708		49,935
Less: Accumulated depreciation	(18,815)		(14,661)
Total property and equipment, net	$	31,893	$	35,274

Depreciation expense related to property and equipment was $4.2 million, $2.3 million and $2.0 million for the three months ended March 31, (Successor), period from February 8 to March 31, 2025 (Successor) and the period from January 1 to February 7, 2025 (Predecessor), respectively.

16

BALLY’S CHICAGO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

9.    GOODWILL AND INTANGIBLE ASSETS

In connection with the Merger, the Company recorded $32.4 million of Goodwill within its Permanent Casino reportable segment. There were no impairments or any other changes to the carrying amount of goodwill during the three months ended March 31, 2026 (Successor). Refer to Note 6 “Business Combinations” for further information.

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

(in thousands, except years)	Gross Carrying Amount		Accumulated Amortization		Net
March 31, 2026 (Successor)
Gaming license	$	295,400	$	(18,804)	$	276,596
Total intangible assets, net	$	295,400	$	(18,804)	$	276,596
December 31, 2025 (Successor)
Gaming licenses	$	295,400	$	(14,701)	$	280,699
Total intangible assets, net	$	295,400	$	(14,701)	$	280,699

The Company’s amortization expense for the three months ended March 31, 2026 (Successor) and for the period from February 8 to March 31, 2025 (Successor) was $4.1 million and $2.5 million, respectively. Amortization expense for the period from January 1 to February 7, 2025 (Predecessor) was de minimus.

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

(in thousands)
Remaining 2026	$	12,308
2027	16,411
2028	16,411
2029	16,411
2030	16,411
Thereafter	198,644
Total	$	276,596

10.    ACCRUED AND OTHER CURRENT LIABILITIES

Accrued and other current liabilities consisted of the following:

(in thousands)	March 31, 2026 (Successor)		December 31, 2025 (Successor)
Construction	$	59,995	$	46,109
Gaming liabilities	5,128		3,102
Compensation	1,877		2,447
Property taxes	1,508		2,119
Other	2,512		2,414
Total accrued and other current liabilities	$	71,020	$	56,191

17

BALLY’S CHICAGO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

11.    LEASES

Operating Leases

As of March 31, 2026 (Successor) and December 31, 2025 (Successor), the Company had total operating lease liabilities of $7.9 million and $4.7 million, respectively, and right of use assets of $7.7 million and $4.4 million, respectively.

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

The Chicago MLA has an initial term of 15 years and includes four, five year options to renew and is subject to annual escalation. Annual rent under the Chicago MLA is $20 million, with additional rent equal to 8.5% of the GLP Development Advances that are granted to the Company. Under the Chicago Development Agreement, as construction occurs, the Company will recognize a construction receivable on the condensed consolidated balance sheets due from the GLP. To the extent costs exceed the amount to be reimbursed by GLP, 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 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:

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Operating lease cost	$	1,147	$	3,609	$	2,560
Variable lease cost	84		20		14
Operating lease expense	1,231		3,629		2,574
Short-term lease expense	952		652		466
Total operating lease expense	$	2,183	$	4,281	$	3,040

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

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Cash paid for amounts included in the lease liability - operating cash flows from operating leases	$	1,253	$	3,650	$	2,548
Right of use assets obtained in exchange for operating lease liabilities	4,384		$	—	—

	March 31, 2026 (Successor)		December 31, 2025 (Predecessor)
Weighted average remaining lease term	1.6 years		1.1 years
Weighted average discount rate	6.0	%	6.0	%

18

BALLY’S CHICAGO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As of March 31, 2026 (Successor), future minimum lease payments(1) under noncancellable operating leases are as follows:

(in thousands)
Remaining 2026	$	3,991
2027	4,385
Total lease payments	8,376
Less: present value discount	(501)
Lease obligations	$	7,875

_________________________________

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

12.    COMMITMENTS AND CONTINGENCIES

Litigation

The Company is a party to other 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. The current liability for the estimated losses associated with these proceedings is not material to the Company’s consolidated financial condition and those estimated losses are not expected to have a material impact on results of operations. Although the Company maintains what it believes is adequate insurance coverage to mitigate the risk of loss pertaining to covered matters, legal and administrative proceedings can be costly, time-consuming and unpredictable.

Although no assurance can be given, the Company does not believe that the final outcome of these matters, including costs to defend itself in such matters, will have a material adverse effect on the company’s consolidated financial statements. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters.

Community Host Agreement

As mentioned in Note 1 “General Information”, the Company signed a host community agreement with the City of Chicago to develop a Permanent Facility, Bally’s Chicago, for $1.34 billion. No assurance can be made that this estimate will not materially change during the development of the facility. As of March 31, 2026 (Successor), approximately $600.0 million of this commitment remains.

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

Casino Fees

Under the Illinois Gambling Act, the Company will be responsible to pay the Illinois Gaming Board a reconciliation fee payment three years after the date operations commenced (in a temporary or permanent facility) in an amount equal to 75% of the adjusted gross receipt (“AGR”) for the most lucrative 12-month period of operations, minus the amount equal to the initial payment per gaming position paid.

19

BALLY’S CHICAGO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Corporate Services Agreement

The Company has a Corporate Services Agreement with Bally’s Corporation requiring a fixed monthly payment of $5.0 million, beginning with the commencement of operations at the Temporary Facility. The Corporate Services Agreement provides the Company with certain administrative and corporate services from Bally’s Management Group, LLC. These fixed payments are in addition to certain expenses such as personnel and administrative costs allocated to the Company, based on an estimated percentages of time spent on the Company’s activities by corporate employees. In accordance with the Corporate Services Agreement, the Company recorded $15.0 million, $8.9 million, and $6.1 million during the three months ended March 31, 2026 (Successor), the period from February 8 to March 31, 2025 (Successor), and the period from January 1 to February 7, 2025 (Predecessor), respectively, within Management fees to Bally's Corporation in the condensed consolidated statements of operations.

13.    SEGMENT REPORTING

The Company has two operating and reportable segments: Temporary Casino and Permanent Casino. The “Other adjustments” include certain unallocated corporate operating expenses and other adjustments to reconcile to the Company’s consolidated results including, among other expenses, compensation for certain executives and other transaction costs. The prior year results presented below were reclassified to conform to the new segment presentation.

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

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

The following table sets forth the measures of segment performance for the Company’s two reportable segments, reconciled to net loss on a consolidated basis. The Other adjustments category is included in the following table in order to reconcile the segment information to the Company’s unaudited condensed consolidated financial statements.

20

BALLY’S CHICAGO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Revenue
Temporary Casino	$	33,117	$	17,796	$	11,487
Permanent Casino	—		—		—
Total revenue	$	33,117	$	17,796	$	11,487
Permanent Casino loss from operations	$	(6,531)	$	(5,806)	$	(3,536)
Temporary Casino adjusted EBITDAR(1)	$	1,452	$	1,634	$	(917)
Reconciliation of segment performance measures to net loss:
Temporary Casino operating costs and expenses:
Depreciation and amortization	(4,152)		(2,320)		(1,976)
Management fees to Bally's Corporation	(15,000)		(8,871)		(6,129)
Other expenses
Total other expense, net(2)	(2,737)		(248)		—
Other adjustments	(906)		(369)		(314)
Loss before provision for income taxes	(27,874)		(15,980)		(12,872)
Benefit for income taxes	(182)		—		—
Net loss	$	(27,692)	$	(15,980)	$	(12,872)

__________________________________

(1)    Adjusted EBITDAR is defined as earnings, or loss, for the Temporary Casino before interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, expansion costs, management fees to Bally’s Corporation, rent expense from triple net operating leases, and certain other gains or losses.

(2)    Total other expense, net includes primarily interest expense.

21

BALLY’S CHICAGO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The following table sets forth significant segment expenses and other segment items by reportable segment (in thousands):

	Successor				Predecessor
	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Temporary Casino
Revenue	$	33,117	$	17,796	$	11,487
Less: Segment expenses
Marketing costs	1,961		1,193		1,390
Gaming tax	9,152		4,868		3,271
Compensation	12,405		5,348		4,482
Casino property costs	4,547		1,749		590
General and administrative	2,801		1,991		770
Other segment items (1)	799		1,013		1,901
Temporary Casino EBITDAR	$	1,452	$	1,634	$	(917)
Permanent Casino
Revenue	$	—	$	—	$	—
Less: segment expenses
Expansion costs	2,428		465		1,348
Rent expense	—		2,819		2,179
Amortization of gaming license	4,103		2,522		9
Permanent Casino Loss from Operations	$	(6,531)	$	(5,806)	$	(3,536)

__________________________________

(1)    Other segment items includes Gaming and non-gaming expenses and certain other immaterial costs and allocations.

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Capital Expenditures
Temporary Casino	$	672	$	53	$	—
Permanent Casino	—		22,888		10,969
Total	$	672	$	22,941	$	10,969

(in thousands)	March 31, 2026 (Successor)		December 31, 2025 (Successor)
Total assets
Temporary Casino	$	61,162	$	61,009
Permanent Casino	590,142		559,331
Other(1)	1,612		423
Total	$	652,916	$	620,763

__________________________________

(1)    Other includes certain unallocated Corporate assets as of March 31, 2026 (Successor).

22

BALLY’S CHICAGO, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

14. REDEEMABLE NON-CONTROLLING INTEREST

In conjunction with the Reorganization, the Holding Company acquired 30,000 of the total issued and outstanding 33,326 LLC interests in the Operating Company, representing an initial 90% economic interest in the Operating Company. Pursuant to its limited liability company agreement with the Operating Company (the “LLC Agreement”), as amended and restated on March 10, 2025, upon a change in control event, the Company, as the sole managing member, may redeem all or a portion of the LLC interests along with an equal number of Class B interests in exchange for either (a) shares of Class A Interests in the Company; or, (b) at the election of the Company, an approximately equivalent amount of cash as determined pursuant to the terms of the LLC Agreement. In connection with such redemption, a corresponding number of shares of Class B interests held by the Holding Company will be cancelled. The cash redemption election is not considered to be within the control of the Company because the holders of Class B interests, the Holding Company, control the Company through direct representation on the Board of Directors.

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

As a result of the Company’s IPO and Concurrent Private Placement on August 14, 2025, the Holding Company’s voting power in the Company and economic interest in the Operating Company were updated to 90% and 81%, respectively. Additionally, as a result of the Company’s IPO and Concurrent Private Placement on August 14, 2025, the Holding Company forgave $589.8 million of promissory notes in satisfaction of its capital commitment to the Company.

The redemption of the non-controlling interest is tied to the occurrence of a contingent event, which is not considered probable as of March 31, 2026 (Successor), and as such, the redeemable non-controlling interests have not been subsequently remeasured.

Activity within redeemable non-controlling interest consisted of the following (in thousands):

Balance at December 31, 2025 (Successor)	$	511,767
Net loss	(19,873)
Balance at March 31, 2026 (Successor)	$	491,894

Balance at February 8, 2025 (Successor)	$	—
Reorganization and Private Placement	750,000
Net loss	(5,613)
Balance at March 31, 2025 (Successor)	$	744,387

__________________________________

There was no redeemable non-controlling interest as of December 31, 2024 (Predecessor), and there was no net loss attributable to redeemable non-controlling interest for the period from January 1 to February 7, 2025 (Predecessor).

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Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of the securities laws. Forward-looking statements are statements as to matters that are not historical facts, and include statements about our plans, objectives, expectations and intentions.

Forward-looking statements are not guarantees and are subject to risks and uncertainties. Forward-looking statements are based on our current expectations and assumptions. Although we believe that our expectations and assumptions are reasonable at this time, they should not be regarded as representations that our expectations will be achieved. Actual results may vary materially. Forward-looking statements speak only as of the time of this report and we do not undertake to update or revise them as more information becomes available, except as required by law.

Important factors beyond those that apply to most businesses, some of which are beyond our control, that could cause actual results to differ materially from our expectations and assumptions include:

•various construction and development risks in connection with our Permanent Facility;

•risks associated with any delay between the closing of our Temporary Facility and the opening of our Permanent Facility;

•our ability to finance development, expansion and renovation projects;

•risks associated with leased properties;

•risks associated with reductions in discretionary consumer spending;

•our ability to compete with companies that are currently in, or may in the future enter, the gaming industry in which we operate;

•the substantial regulatory restrictions applicable to us, including costs of compliance;

•our reliance on effective payment processing services from a limited number of providers;

•the dependence of our profitability on return to players;

•our ability to collect gaming receivables from our credit customers;

•risks associated with any decline in the popularity of games and changes in device preferences of players;

•our ability to invest in or acquire other businesses and to successfully integrate acquired businesses into the Company or otherwise manage the growth associated with multiple acquisitions;

•risks associated with natural disasters or other catastrophic events, including war, terrorism and public health crises;

•our ability to comply with the Host Community Agreement;

•risks associated with any failures, errors, defects or disruptions in our systems or platforms;

•risks associated with any cybersecurity incidents;

•our ability to service our indebtedness and fund our other obligations; and

•other risks identified in Part I. Item 1A. “Risk Factors” of the Bally’s Chicago Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the SEC on March 31, 2026 and other filings with the SEC.

The foregoing list of important factors is not exclusive and does not include matters like changes in general economic conditions that affect substantially all gaming businesses. You should not place undue reliance on our forward-looking statements.

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Overview

Our Company is a majority owned subsidiary of Bally’s Chicago Holding Company, LLC (the “Holding Company”), a wholly owned subsidiary of Bally’s Corporation (“Bally’s” or the “Parent”). We are a gaming, hospitality and entertainment company with the singular focus of building and operating a world-class entertainment destination resort in Chicago, Illinois. We intend to provide both Chicago residents and business and leisure travelers visiting Chicago with physical and interactive entertainment and gaming experiences

Strategy and Business Developments

We are building a destination casino, hotel and entertainment venue that will showcase “The Best of Chicago” arts and culture, food and sports, and curated dining and entertainment experiences. Our permanent resort and casino in Chicago will be located on the 30-acre property which previously hosted the Chicago Tribune Publishing Center, at the intersection of Chicago Avenue and Halsted Street in downtown Chicago, and will look to transform this currently underutilized site into a major economic driver for the city. Our permanent resort and casino will be in close proximity to a wide range of hotels, theaters, bars, restaurants, major shopping districts and the McCormick Place Convention Center, the proximity to which will help drive traffic to our permanent resort and casino, primarily due to our differentiated gaming attractions in comparison to other offerings in this geographic location.

In developing the entertainment destination resort, we intend to adhere to Bally’s community-first policy, which is a fundamental and defining element of who we are as a company. We believe that in every community in which Bally’s operates, it has built strong, lasting partnerships with local residents and businesses. Chicago will be no different. With this project, we are committed to ensuring that our permanent resort and casino generates significant economic stimulus and creates a wealth of employment opportunities for the greater Chicago community.

Operating Structure

Our business is organized into two reportable segments: (i) Temporary Casino and (ii) Permanent Casino. The ‘‘Other adjustments” include certain unallocated corporate operating expenses and other adjustments to reconcile to the Company’s consolidated results including, among other expenses, compensation for certain executives and other transaction costs. Refer to Note 13 “Segment Reporting” in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information on our segment reporting structure.

Key Performance Indicators

The key performance indicators used in managing our business is Income (loss) from operations for our Permanent Casino reportable segment and Adjusted EBITDAR for our Temporary Casino reportable segment. Temporary Casino Adjusted EBITDAR is a measure of the Company’s segment profitability disclosed in accordance with the requirements of ASC 280, Segment Reporting, and is our reportable segment GAAP measure. Temporary Casino Adjusted EBITDAR is defined as earnings, or loss, for the Temporary Casino before interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, expansion costs, management fees to Bally’s Corporation, rent expense from triple net operating leases, and certain other gains or losses. Refer to Note 13 “Segment Reporting” in Part I, Item 1 of this Quarterly Report on Form 10-Q for further information.

25

First Quarter 2026 Results

Our operating results for the three months ended March 31, 2026 (Successor), the period from February 8 to March 31, 2025 (Successor), and the period from January 1 to February 7, 2025 (Predecessor) are not indicative of future operating results because we have dedicated the first several years of our corporate existence to the design, development and construction of our Permanent Facility in Chicago.

Segment Performance

The following table presents, for the periods indicated, certain revenue and income items:

	Successor				Predecessor
(in millions)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Total Revenue	$	33.1	$	17.8	$	11.5
Loss from operations	(25.1)		(15.7)		(12.9)
Net loss	(27.7)		(16.0)		(12.9)

The following table presents, for the periods indicated, condensed consolidated statements of operations data:

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Revenue:
Gaming revenue
Temporary Casino	30,045		15,935		$	10,353
Permanent Casino	—		—		—
	30,045		15,935		10,353
Non-gaming revenue
Temporary Casino	3,072		1,861		1,134
Permanent Casino	—		—		—
	3,072		1,861		1,134
Total revenue	33,117		17,796		$	11,487
Operating costs and expenses:
Gaming expenses
Temporary Casino	16,617		8,157		$	6,039
Permanent Casino	—		—		—
	16,617		8,157		6,039
Non-gaming expenses
Temporary Casino	3,331		1,462		1,260
Permanent Casino	—		—		—
	3,331		1,462		1,260
Total gaming and non-gaming expenses	$	19,948	$	9,619	$	7,299
General and administrative
Temporary Casino	11,717		6,543		5,105
Permanent Casino	2,428		3,284		3,527
Other	906		369		314
Total general and administrative	$	15,051	$	10,196	$	8,946

26

Revenue

Total revenue for the three months ended March 31, 2026 (Successor) compared to the period from February 8 to March 31, 2025 (Successor) and period from January 1 to February 7, 2025 (Predecessor), increased $3.8 million due to increased gaming revenues at the Temporary Casino. Once our Permanent Facility is operational, we expect our revenues will be primarily generated by gaming and entertainment offerings, with remaining revenues from other non-gaming operations, including hotel, food and beverage, and retail, entertainment and other.

Gaming and non-gaming expenses

Gaming and non-gaming expenses for the three months ended March 31, 2026 (Successor) compared to the period from February 8 to March 31, 2025 (Successor) and period from January 1 to February 7, 2025 (Predecessor) increased relative to an increase in gaming revenues at our Temporary Casino.

General and administrative

General and administrative expenses for the three months ended March 31, 2026 (Successor) compared to the period from February 8 to March 31, 2025 (Successor) and period from January 1 to February 7, 2025 (Predecessor) decreased by $4.1 million. The decrease was primarily attributable to a change in the accounting treatment of lease costs related to the Permanent Casino project following the execution of the Chicago MLA in the third quarter of 2025, coupled with a decrease in non-capitalizable costs associated with the Company’s equity offerings in 2025.

Depreciation and amortization

Depreciation and amortization expense for the three months ended March 31, 2026 (Successor) compared to the period from February 8 to March 31, 2025 (Successor) and period from January 1 to February 7, 2025 (Predecessor) increased $1.4 million. The increase was primarily driven by the amortization of the Company’s gaming license, which commenced during the Successor period beginning February 8, 2025. In connection with the Merger, the gaming license was determined to be a finite‑lived intangible asset with an estimated useful life of 18 years.

Other income (expense), net

The change in total other income (expense), net, when comparing the three months ended March 31, 2026 (Successor) to the period from February 8 to March 31, 2025 (Successor) and period from January 1 to February 7, 2025 (Predecessor) is directly attributable to the interest expense related to the subordinated loans and promissory notes issued in connection with the Company’s initial public offering and private placements in 2025.

Benefit for income taxes

There was $0.2 million benefit for income tax recorded during the three months ended March 31, 2026 (Successor), reflecting a discrete benefit for the reduction in its valuation allowance in the quarter. There was no provision expense or benefit for income tax recorded during the period from February 8 to March 31, 2025 (Successor) and period from January 1 to February 7, 2025 (Predecessor). This was due to the Company’s establishment of a full valuation allowance against its net deferred tax asset position.

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KEY PERFORMANCE INDICATORS

Temporary Casino Adjusted EBITDAR for the three months ended March 31, 2026 (Successor) compared to the period from February 8 to March 31, 2025 (Successor) and period from January 1 to February 7, 2025 (Predecessor) increased year over year primarily due to increased gaming revenues in the current period.

Permanent Casino loss from operations for the three months ended March 31, 2026 (Successor) compared to the period from February 8 to March 31, 2025 (Successor) and period from January 1 to February 7, 2025 (Predecessor) decreased year over year primarily due to to a change in the accounting treatment of lease costs related to the Permanent Casino project following the execution of the Chicago MLA in the third quarter of 2025, coupled with a decrease in non-capitalizable costs associated with the Company’s equity offerings in 2025.

The following table sets forth the measures of segment performance for the Company’s two reportable segments, reconciled to total net loss on a consolidated basis. The Other adjustments category is included in the following table in order to reconcile the segment information to the Company’s unaudited condensed consolidated financial statements.

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Revenue
Temporary Casino	$	33,117	$	17,796	$	11,487
Permanent Casino	—		—		—
Total revenue	$	33,117	$	17,796	$	11,487
Permanent Casino loss from operations	$	(6,531)	$	(5,806)	$	(3,536)
Temporary Casino adjusted EBITDAR(1)	$	1,452	$	1,634	$	(917)
Reconciliation of segment performance measures to net loss:
Temporary Casino operating costs and expenses
Depreciation and amortization	(4,152)		(2,320)		(1,976)
Management fees to Bally's Corporation	(15,000)		(8,871)		(6,129)
Total Temporary Casino operating costs and expenses	(17,700)		(9,557)		(9,022)
Other expenses
Total other expense, net(2)	(2,737)		(248)		—
Other adjustments	(906)		(369)		(314)
Loss before provision for income taxes	(27,874)		(15,980)		(12,872)
(Provision) benefit for income taxes	(182)		—		—
Net loss	$	(27,692)	$	(15,980)	$	(12,872)

__________________________________

(1)    Adjusted EBITDAR is defined as earnings, or net loss, for the Temporary Casino before interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, expansion costs, management fees to Bally’s Corporation, rent expense from triple net operating leases, and certain other gains or losses.

(2)    Total other expense, net includes primarily interest expense.

28

Critical Accounting Estimates

There were no material changes to other critical accounting estimates during the period covered by this Quarterly Report on Form 10-Q. Refer to Item 7 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for a complete list of our Critical Accounting Estimates.

Recent Accounting Pronouncements

Refer to Note 4 “Recently Issued Accounting Pronouncements” in Part I, Item 1 of this Quarterly Report on Form 10-Q for a description of recent accounting pronouncements that affect us.

Liquidity and Capital Resources

Cash Flows Summary

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Net cash used in operating activities	$	(64,530)	$	(11,031)	$	(6,136)
Net cash used in investing activities	(672)		(22,941)		(10,969)
Net cash provided by financing activities	66,309		30,985		21,170
Net change in cash	1,107		(2,987)		4,065
Cash, beginning of period	12,009		18,584		14,519
Cash, end of period	$	13,116	$	15,597	$	18,584

Operating Activities

Net cash used in operating activities was $64.5 million for the three months ended March 31, 2026 (Successor), $11.0 million for the period from February 8 to March 31, 2025 (Successor), and $6.1 million for the period from January 1 to February 7, 2025 (Predecessor). All periods presented were impacted by net loss positions and changes in working capital associated with the Company’s expansion. Cash used in operating activities for the three months ended March 31, 2026 was driven by an increase in the construction receivable due from GLP, described below.

Investing Activities

Net cash used in investing activities for the three months ended March 31, 2026 (Successor) was $0.7 million driven by capital expenditures at our temporary casino. Accounting treatment of capital spending changed in 2026 as compared to the prior periods resulting from the GLP reimbursement arrangement, described below. For the period from February 8 to March 31, 2025 and the period from February 8 to March 31, 2025 (Successor) of $22.9 million and $11.0 million, respectively, capital expenditures were mainly related to our Permanent Facility.

Financing Activities

Net cash provided by financing activities for the three months ended March 31, 2026 (Successor) was $66.3 million and net cash provided by financing activities for the period from February 8 to March 31, 2025 (Successor) and the period from January 1 to February 7, 2025 (Predecessor) were $31.0 million and $21.2 million, respectively. Cash provided by financing activities during the periods presented is primarily attributable to the financing provided by Bally’s Corporation, combined with the Private Placement proceeds during the Successor period from February 8 to March 31, 2025.

29

Contractual Obligations and Commitments

Host Community Agreement

On June 9, 2022, Bally’s Chicago Operating Company, LLC (the “Operating Company”) signed a host community agreement (the “HCA”) with the City of Chicago to develop a destination casino resort (the “Permanent Facility”), with the exclusive right to operate a temporary casino (the “Temporary Facility”), while the Permanent Facility is constructed. The HCA establishes a minimum capital investment of $1.34 billion on the design, construction and equipping of our Temporary Facility and our Permanent Facility. As of March 31, 2026 (Successor), approximately $600.0 million of this commitment remains. The actual cost of the development may exceed this minimum capital investment amount. In addition, land acquisition costs and financing costs, among other types of costs, are not counted toward meeting this minimum capital investment amount.

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

Casino Fees

Under the Illinois Gambling Act, the Company will be required 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.

Temporary Services Agreement

The Operating Company has a Corporate Services Agreement with Bally’s Corporation requiring a fixed monthly payment of $5.0 million. The Corporate Services Agreement provides the Company with certain administrative and corporate services from Bally’s Management Group, LLC (“BMG”), a subsidiary of Bally’s Corporation. These fixed payments are in addition to certain expenses such as direct attributable costs allocated and invoiced to the Operating Company, based on an estimated percentages of time spent on the Company’s activities by corporate employees. The Temporary Services Agreement shall automatically terminate when our Temporary Facility permanently closes and the Permanent Facility opens to the public.

Permanent Services Agreement

Once the Permanent Facility opens to the public, the Operating Company will participate in the Permanent Services Agreement with BMG, pursuant to which BMG has agreed to provide us with general business support services, including services relating to external reporting obligations, internal audit, regulatory filings, design and construction, business development, human resources, tax, accounting, treasury and capital related, risk management, legal, finance and marketing. This agreement requires us to pay BMG an annual fee equal to the salaries, burden, overhead and other operating costs for providing such services based on our share of those costs calculated by reference to an appropriate common-size metric plus 6%. The Permanent Services Agreement will be automatically renewed for successive one-year terms, unless either party serves on the other a written notice of termination.

Bally’s Chicago Service Agreements

The Company is party to various agreements relating to the operations of certain services at its 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 Facility 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”).

30

As of March 31, 2026, the Company has received a total of $12.2 million of Bally’s Chicago Construction Investments under the aforementioned hospitality services agreement. These amounts 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 Facility. 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.

GLP Lease Agreement and GLP Development Agreement

On July 11, 2024, the Company entered into a Binding Term Sheet to form a strategic construction and financing arrangement with GLP which includes the funding to complete the construction of the Permanent Facility under a new master lease agreement with the Company (“Chicago MLA”).

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

The Chicago MLA has an initial term of 15 years and includes four, five year options to renew and is subject to annual escalation. Annual rent under the Chicago MLA is $20.0 million, with additional rent equal to 8.5% of the GLP 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 the GLP. To the extent costs exceed the amount to be reimbursed by GLP, 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 March 31, 2026 (Successor) and December 31, 2025 (Successor), the prepaid rent balance was $193.2 million and $175.8 million, respectively classified within Other assets.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company is a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

31

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Company, under the supervision and participation of its President and Chief Financial Officer, evaluated the effectiveness of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, the Company’s President and Chief Financial Officer concluded that, as of March 31, 2026, the Company’s disclosure controls and procedures were effective.

Changes in Internal Control Over Financial Reporting

The Company is in the process of designing and implementing internal controls over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) following the completion of its initial public offering. During the quarter ended March 31, 2026, there were no changes in the Company’s internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

32

PART II - Other Information

Item 1. Legal Proceedings

We are party to other various legal proceedings that have arisen in the normal course of our business. Such proceedings can be costly, time consuming and unpredictable and, therefore, no assurance can be given that the final outcome of such proceedings will not materially impact our consolidated financial condition or results of operations. While we maintain insurance coverage that we believe is adequate to mitigate the risks of such proceedings, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters. Estimated losses are accrued for these proceedings when the loss is probable and can be estimated. The current liability for the estimated losses associated with these proceedings is not material to our consolidated financial condition and those estimated losses are not expected to have a material impact on our results of operations.

Item 1A. Risk Factors

There have been no material changes to our risk factors contained in the “Risk Factors” section of the Company’s Annual Report on Form 10-K, for the fiscal year ended December 31, 2025, filed with the SEC on March 31, 2026.

Item 5. Other Information

During the three months ended March 31, 2026, none of our officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmation defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement,” as defined in Item 408(a) of Regulation S-K.

33

Item 6. Exhibits

EXHIBIT INDEX

Exhibit No.	Description
31.1*	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*	Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document - the instance document does not appear in the in interactive data file because XBRL tags are embedded within the inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	The cover page from Bally’s Chicago, Inc.’s Quarterly report on Form 10-Q for the Quarter ended March 31, 2026, formatted in inline XBRL contained in Exhibit 101

______________________________________________

*    Filed herewith.

34

Signatures

Pursuant tot he requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized, on May 18, 2026.

BALLY’S CHICAGO, INC.
By:	/s/ CHERYL R. ASH
	Cheryl R. Ash
	Chief Financial Officer
	(Principal Financial and Accounting Officer)

35

EX-31.1

Exhibit 31.1

BALLY’S CHICAGO, INC.

CERTIFICATION

I, Ameet Patel, certify that:

1.I have reviewed this quarterly Report on Form 10-Q of Bally’s Chicago, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 18, 2026	By:	/s/ AMEET PATEL
			Ameet Patel
			President

EX-31.2

Exhibit 31.2

BALLY’S CHICAGO, INC.

CERTIFICATION

I, Cheryl R. Ash, certify that:

1.I have reviewed this quarterly Report on Form 10-Q of Bally’s Chicago, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 18, 2026	By:	/s/ CHERYL R. ASH
			Cheryl R. Ash
			Chief Financial Officer

EX-32.1

Exhibit 32.1

BALLY’S CHICAGO, INC.

CERTIFICATION

In connection with the Quarterly Report of Bally's Chicago, Inc. (the "Company") on Form 10-Q for the quarterly period ended March 31, 2026 as filed with the Securities and Exchange Commission (the "Report"), I, Ameet Patel, President of the Company, hereby certify as of the date hereof, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)    the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

(2)    the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.

Date:	May 18, 2026	By:	/s/ AMEET PATEL
			Ameet Patel
			President
			(Principal Executive Officer)

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, except to the extent that the Company specifically incorporates it by reference.

EX-32.2

Exhibit 32.2

BALLY’S CHICAGO, INC.

CERTIFICATION

In connection with the Quarterly Report of Bally's Chicago, Inc. (the "Company") on Form 10-Q for the quarterly period ended March 31, 2026 as filed with the Securities and Exchange Commission (the "Report"), I, Cheryl R. Ash, Chief Financial Officer of the Company, hereby certify as of the date hereof, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)    the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

(2)    the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.

Date:	May 18, 2026	By:	/s/ CHERYL R. ASH
			Cheryl R. Ash
			Chief Financial Officer
			(Principal Financial and Accounting Officer)

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, except to the extent that the Company specifically incorporates it by reference.

XML

Cover - shares	3 Months Ended
	Mar. 31, 2026	Apr. 30, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	333-283772
Registrant Name	Bally’s Chicago, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-2870098
Entity Address, Address Line One	100 Westminster Street
Entity Address, City or Town	Providence,
Entity Address, State or Province	RI
Entity Address, Postal Zip Code	02903
City Area Code	401
Local Phone Number	475-8474
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Central Index Key	0001935799
Current Fiscal Year End Date	--12-31
Common Class A-1
Document Information [Line Items]
Title of 12(b) Security	Class A-1 common stock, par value $0.001 per share
No Trading Symbol Flag	true
Entity Common Stock, Shares Outstanding		2,430
Common Class A-2
Document Information [Line Items]
Title of 12(b) Security	Class A-2 common stock, par value $0.001 per share
No Trading Symbol Flag	true
Entity Common Stock, Shares Outstanding		489
Common Class A-3
Document Information [Line Items]
Title of 12(b) Security	Class A-3 common stock, par value $0.001 per share
No Trading Symbol Flag	true
Entity Common Stock, Shares Outstanding		324
Common Class A-4
Document Information [Line Items]
Title of 12(b) Security	Class A-4 common stock, par value $0.001 per share
No Trading Symbol Flag	true
Entity Common Stock, Shares Outstanding		3,773
Class B
Document Information [Line Items]
Title of 12(b) Security	Class B common stock, par value $0.001 per share
No Trading Symbol Flag	true
Entity Common Stock, Shares Outstanding		30,000

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Cash	$ 13,116	$ 12,009
Accounts receivable, net	83,431	64,802
Inventory	3,085	2,839
Prepaid expenses and other current assets	7,466	8,352
Due from related party (Bally’s Corporation)	974	974
Total current assets	108,072	88,976
Property and equipment, net	31,893	35,274
Right of use assets, net	7,652	4,406
Goodwill	32,373	32,373
Intangible assets, net	276,596	280,699
Other assets	196,330	179,035
Total assets	652,916	620,763
Liabilities, Redeemable Non-controlling Interest, and Stockholders’ Deficit
Current portion of lease liabilities	4,808	4,595
Accounts payable	31,826	63,904
Accrued and other current liabilities	71,020	56,191
Promissory notes to related party (Bally’s Corporation) (Note 3)	14,493	14,493
Due to related party (Bally's Corporation) (Note 3)	85,942	19,634
Total current liabilities	208,089	158,817
Long-term portion of lease liabilities	3,067	94
Subordinated loans due to related party (Bally’s Corporation) (Note 3)	77,625	77,625
Deferred tax liability	2,752	2,934
Other long-term liabilities	12,219	4,437
Total liabilities	303,752	243,907
Commitments and contingencies (Note 12)
Redeemable non-controlling interest	491,894	511,767
Stockholders’ deficit:
Additional paid-in-capital	82,165	82,165
Accumulated deficit	(224,895)	(217,076)
Total stockholders’ deficit	(142,730)	(134,911)
Total liabilities, redeemable non-controlling interest, and stockholders’ deficit	652,916	620,763
Common Stock
Stockholders’ deficit:
Common stock value	$ 0	$ 0
Common stock outstanding (in shares)	0	0
Common stock issued (in shares)	0
Common stock authorized (in shares)	0	0
Common Class A and B
Stockholders’ deficit:
Common stock value	$ 0	$ 0
Class B
Stockholders’ deficit:
Common stock outstanding (in shares)	30,000	30,000
Common stock issued (in shares)	30,000	30,000
Common stock authorized (in shares)	30,000	30,000

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Common Stock
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	0	0
Common stock issued (in shares)	0
Common stock outstanding (in shares)	0	0
Class A
Common stock par value (in dollars per share)	$ 0.001
Common stock authorized (in shares)	12,500
Common stock issued (in shares)	7,016
Common stock outstanding (in shares)	7,016
Class B
Common stock par value (in dollars per share)	$ 0.001
Common stock authorized (in shares)	30,000	30,000
Common stock issued (in shares)	30,000	30,000
Common stock outstanding (in shares)	30,000	30,000

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended
	Feb. 07, 2025	Mar. 31, 2025	Mar. 31, 2026
Revenue
Total revenue	$ 11,487	$ 17,796	$ 33,117
Operating costs and expenses:
General and administrative	8,946	10,196	15,051
Management fees to Bally's Corporation	6,129	8,871	15,000
Depreciation and amortization	1,985	4,842	8,255
Total operating costs and expenses	24,359	33,528	58,254
Loss from operations	(12,872)	(15,732)	(25,137)
Other expense:
Interest expense, net of amounts capitalized	0	(248)	(2,737)
Total other expense, net	0	(248)	(2,737)
Loss before income taxes	(12,872)	(15,980)	(27,874)
Benefit for income taxes	0	0	(182)
Net loss	(12,872)	(15,980)	(27,692)
Net loss attributable to redeemable non-controlling interest	0	(5,613)	(19,873)
Net loss	$ (12,872)	$ (10,367)	$ (7,819)
Basic loss per share (in dollars per share)	$ (128,720)	$ (9,223)	$ (1,114)
Diluted loss per share (in dollars per share)	$ (128,720)	$ (9,223)	$ (1,114)
Weighted average common shares outstanding, basic (in shares)	100	1,124	7,016
Weighted average common shares outstanding, diluted (in shares)	100	1,124	7,016
Gaming
Revenue
Total revenue	$ 10,353	$ 15,935	$ 30,045
Operating costs and expenses:
Cost of goods and service, excluding depreciation, depletion, and amortization	6,039	8,157	16,617
Non-gaming
Revenue
Total revenue	1,134	1,861	3,072
Operating costs and expenses:
Cost of goods and service, excluding depreciation, depletion, and amortization	$ 1,260	$ 1,462	$ 3,331

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Class A	Class B	Common Stock	Common Stock Common Stock	Common Stock Class A	Common Stock Class B	Additional Paid-in-Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024						100
Beginning balance at Dec. 31, 2024	$ (310,619)					$ 0			$ 974	$ (311,593)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(12,872)									(12,872)
Ending balance (in shares) at Feb. 07, 2025						100
Ending balance at Feb. 07, 2025	(323,491)					$ 0			974	(324,465)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reorganization and Private Placement (in shares)		(100)
Net loss	(10,367)
Ending balance (in shares) at Mar. 31, 2025						0	3,326	30,000
Ending balance at Mar. 31, 2025	(785,188)				$ 0		$ 0	$ 0	65,887	(851,075)
Beginning balance (in shares) at Feb. 08, 2025						100	0	0
Beginning balance at Feb. 08, 2025	(90,708)				0		$ 0	$ 0	0	(90,708)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reorganization and Private Placement (in shares)						(100)	3,985	30,000
Reorganization and Private Placement	(667,638)								82,362	(750,000)
Issuance of subordinated loans (in shares)							(659)
Issuance of subordinated loans	(16,475)								(16,475)
Net loss	(10,367)									(10,367)
Ending balance (in shares) at Mar. 31, 2025						0	3,326	30,000
Ending balance at Mar. 31, 2025	(785,188)				$ 0		$ 0	$ 0	65,887	(851,075)
Beginning balance (in shares) at Dec. 31, 2025		0		30,000			7,016	30,000
Beginning balance at Dec. 31, 2025	(134,911)						$ 0	$ 0	82,165	(217,076)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(7,819)									(7,819)
Ending balance (in shares) at Mar. 31, 2026		0	7,016	30,000			7,016	30,000
Ending balance at Mar. 31, 2026	$ (142,730)						$ 0	$ 0	$ 82,165	$ (224,895)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended
	Feb. 07, 2025	Mar. 31, 2025	Mar. 31, 2026
Cash flows from operating activities:
Net loss	$ (12,872)	$ (15,980)	$ (27,692)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	1,985	4,842	8,255
Non-cash amortization of right of use assets	415	206	1,138
Deferred income taxes	0	0	(182)
Change in operating assets and liabilities:
Accounts receivable	177	(575)	(58,680)
Inventory	281	76	(245)
Prepaid expenses and other current assets	68	671	1,859
Accounts payable	261	3,700	6,061
Current portion of lease liabilities	(1,986)	1,337	(1,198)
Accrued and other current liabilities	5,514	(5,337)	14,002
Other assets	0	0	(15,619)
Other operating activities	21	29	7,771
Net cash used in operating activities	(6,136)	(11,031)	(64,530)
Cash flows from investing activities:
Capital expenditures	(10,969)	(22,941)	(672)
Net cash used in investing activities	(10,969)	(22,941)	(672)
Cash flows from financing activities:
Financing from Bally's Corporation, net	22,622	31,774	66,309
Repayment of promissory notes to Bally’s Corporation	0	(76,776)	0
Stock issuance costs	(1,452)	(789)	0
Proceeds from IPO and Private Placements	0	13,151	0
Private Placement proceeds from Bally’s Corporation	0	63,625	0
Net cash provided by financing activities	21,170	30,985	66,309
Net change in cash	4,065	(2,987)	1,107
Cash, beginning of period	14,519	18,584	12,009
Cash, end of period	18,584	15,597	13,116
Non-cash investing and financing activities:
Unpaid property and equipment	11,403	18,133	160
Change in unpaid issuance costs	485	3,276	796
Issuance of subordinated loans to Bally’s Corporation	0	16,475	0
Issuance of redeemable non-controlling interest	0	750,000	0
Issuance of shares to Bally’s Corporation in lieu of promissory note repayment	$ 0	$ 6,325	$ 0

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GENERAL INFORMATION

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

GENERAL INFORMATION

GENERAL INFORMATION

Description of Business

Bally’s Chicago, Inc. (the “Company”, “Bally’s Chicago”) was formed on May 24, 2022 and is a majority owned subsidiary of Bally’s Chicago Holding Company, LLC (the “Holding Company”), a wholly owned subsidiary of Bally’s Corporation. Bally’s Chicago is a gaming, hospitality and entertainment company with the singular focus of building and operating a world-class entertainment destination resort in Chicago, Illinois. The Company intends to provide both Chicago residents and business and leisure travelers visiting Chicago with physical and interactive entertainment and gaming experiences.

Bally’s Chicago Operating Company, LLC (the “Operating Company”), an indirect majority owned subsidiary of the Company, is a party to a host community agreement with the City of Chicago to develop a destination casino resort (the “Permanent Facility”), to be named Bally’s Chicago, in downtown Chicago, Illinois that will include approximately 3,400 slot machines, 170 table games, 10 food and beverage venues, 500 hotel rooms, a 65,000 square foot entertainment and event center, a 20,000 square foot exhibition, outdoor music venue, 3,300 parking spaces and an outdoor green space. The project also provided the Company with the exclusive right to operate a temporary casino for up to three years while the Permanent Facility is constructed.

During construction of the Permanent Facility, the City of Chicago gave the Company the ability to build a temporary casino in downtown Chicago (the “Temporary Facility”). The Company opened the Temporary Facility situated in the location of the current Medinah Temple on September 9, 2023, which includes approximately 900 gaming positions and five food and beverage venues. The Company incurred approximately $70.0 million in costs in connection with the design and development of the Temporary Facility. Any increased construction costs could materially and adversely affect the return on the Company’s investments.

Bally’s Corporation

The Company’s public company parent, Bally’s, is a global gaming, hospitality and entertainment company with a portfolio of casinos and resorts and online gaming businesses. Bally’s provides its customers with physical and interactive entertainment and gaming experiences, including traditional casino offerings, iCasino, online bingo games, sportsbook and free-to-play.

The Merger

On February 7, 2025 (the “Closing Date”), Bally’s Corporation completed a merger pursuant to which The Casino Queen & Entertainment Inc. (“Casino Queen”) and SG Parent LLC, which was majority-owned by funds managed by Standard General L.P. (“SG Parent”), Bally’s Corporation’s largest common stockholder, merged with Bally’s Corporation (the “Merger”). The Bally’s Corporation Merger with Casino Queen was accounted for as a transaction between entities under common control. The Merger resulted in a change in control of Bally’s Corporation due to SG Parent gaining control of Bally’s Corporation in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”). Bally’s Corporation elected to push down SG Parent’s basis in its net assets into its financial statements.

To better align the accounting and presentation with our public company parent, the Company has also determined that it will elect to apply pushdown accounting in these standalone financial statements. As a result of the application of pushdown accounting, these financial statements reflect the Company’s basis in the assets and liabilities of Bally’s Corporation, which were remeasured to fair value as of the Closing Date.

The financial information for the periods through February 07, 2025 reflect the historical cost basis of accounting for Bally’s Chicago, Inc., prior to the pushdown of the Merger. This is referred to as the “Predecessor period.”

The three months ended March 31, 2026, and the period from February 8 to March 31, 2025, are each part of the "Successor period." These periods reflects the costs, activities, and recognition of the Company’s assets and liabilities at their fair values due to pushdown accounting applied at the time of the Merger. The differences in accounting due to the acquisition method and the application of pushdown accounting mean the results of operations, cash flows, and financial information for the Successor period are not comparable to those of the Predecessor period. A black line has been placed between the Successor and Predecessor periods in the unaudited condensed consolidated financial statements and in the tables to the notes to the unaudited condensed consolidated financial statements to highlight the lack of comparability between the two periods. Refer to Note 2 “Summary of Significant Accounting Policies” for further information on the Company’s basis of presentation and consolidation as a result of Bally’s transactions under the Merger.

Going Concern

The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and the ability of the Company to continue as a going concern for a reasonable period of time.

In accordance with ASC 205-40, Going Concern, (“ASC 205-40”) the Company evaluated the severity of the following adverse conditions that raise substantial doubt about its ability to continue as a going concern as of the date the accompanying financial statements were issued (the “issuance date”).

•The Company has incurred significant losses and negative cash flows from operations since its inception and expects to continue to incur such losses and negative cash flows for the foreseeable future. In this regard, the Company incurred a net loss and used net cash in its operations of approximately $27.7 million and $64.5 million, respectively for the three months ended March 31, 2026 (Successor). In addition, the Company has an accumulated deficit of $224.9 million and approximately $13.1 million of cash as of March 31, 2026 (Successor). As a result, the Company has been dependent of Bally’s Corporation since its inception to fund substantially all of the Company’s obligations as they become due and expects to continue to remain dependent on such funding for the foreseeable future.

•As disclosed in Note 12 “Commitments and Contingencies”, the Company is subject to a number of contractual obligations and commitments associated with the operation of the Temporary Facility and construction of the Permanent Facility, which includes the total committed costs that are expected to be incurred to construct the Permanent Facility of approximately $600.0 million over the next two years. Refer to Note 11 “Leases” for further information on the funding of the Permanent Facility construction.

•As of the issuance date, the Company did not have sufficient capital or available liquidity to fund the obligations and commitments that are expected to become due over the next twelve months beyond the issuance date. In particular, while the Temporary Facility commenced operations on September 9, 2023 (Predecessor), the Company has not yet generated an ongoing source of net cash inflows from operations that are sufficient to cover the cost of operating the Temporary Facility, as well as construction costs associated with the Permanent Facility that are expected to be incurred over the next twelve months beyond the issuance date.

In response to the foregoing adverse financial conditions, the Company obtained a letter of support whereby Bally’s Corporation has committed to fund all of the Company’s operating, investing, and financing activities through at least December 31, 2027 and has further committed not to make any decision or action that would reasonably be expected to negatively affect the Company’s ability to continue as a going concern through at least December 31, 2027.

The accompanying unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”) for interim financial information, including Rule 10-01 of the SEC’s Regulation S-X. Accordingly, certain information and note disclosures normally required in complete financial statements prepared in conformity with accounting principles generally accepted in the United States (“US GAAP”) have been condensed or omitted. In the Company’s opinion, these unaudited condensed consolidated financial statements include all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. Certain prior year amounts have been reclassified to conform to the current year’s presentation

These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

We have made estimates and judgments affecting the amounts reported in our unaudited condensed consolidated financial statements and the accompanying notes. The actual results that we experience may differ materially from our estimates.

Changes to Authorized Shares

On March 10, 2025 (Successor), in connection with the Company’s consummation of its private offering (the “Private Placement”) (described below), the Company amended its Certificate of Incorporation to establish Class A and Class B Interests of the Company’s common stock, and authorize the issuance of up to a total of 34,300 shares of all classes in the Company. Upon the effectiveness of the amended Certificate of Incorporation, each share of the Company’s 100 common shares outstanding was reclassified into 300 shares of Class B Interests, for a total of 30,000 Class B Interests outstanding.

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

As of March 31, 2026 (Successor), the total number of shares of all classes of stock the Company is authorized to issue consists of the following:

Share Class	Shared Authorized(1)
Class A-1	3,000
Class A-2	500
Class A-3	500
Class A-4	8,500
Class B	30,000

__________________________________

(1)    All Class A Interests and Class B Interests have a par value of $0.001 per share. Each Class A and Class B Interest entitles its holder to one vote per share, Class B Interests have no economic interest in the Company and may only be held by the Holding Company.

Reorganization and Private Placement

On March 10, 2025 (Successor), as part of the Private Placement, the Company sold a total of 3,985 Class A Interests to certain accredited investors, raising $83.2 million in gross proceeds, consisting of the following share classes and price per share:

Share Class	Number of Shares	Price Per Share
Class A-1	272	$	250
Class A-2	281	$	2,500
Class A-3	171	$	5,000
Class A-4 (1)	3,261	$	25,000

__________________________________

(1) Includes 2,800 shares of Class A-4 Interests sold to the Holding Company at a purchase price of $25,000 per share. Consideration received from the Holding Company included cash of $63.7 million and $6.3 million of shares in lieu of payment on its outstanding promissory notes payable by the Company to the Holding Company.

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

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

As a result of the Private Placement and Reorganization, the Holding Company’s combined Class A-4 and Class B Interests gave the Holding Company 96.4% of the voting power in the Company, and its LLC Interests gave the Holding Company a 90.0% economic interest in the Operating Company. On August 14, 2025, the Company entered into an LLC interests subscription agreement with the Operating Company, purchasing 3,685 additional LLC interests of the Operating Company for total purchase price of $92.1 million, reducing the Holding Company’s economic interest in the Operating Company to 81%.

The Company as the sole managing member, operating as a holding company with its principal asset being the LLC interests, consolidates the Operating Company in accordance with ASC 810, Consolidation (“ASC 810”), recognizing the Holding Company’s 81% economic interest as a redeemable non-controlling interest in its financial statements. Refer to Note 14 “Redeemable Non-controlling Interest” for further information.

Initial Public Offering and Concurrent Private Placement

On August 14, 2025, the Company completed its IPO and Concurrent Private Placement. Through the IPO and Concurrent Private Placement, the Company sold a total of 3,690 additional Class A Interests to certain investors for an aggregate purchase price of $31.1 million consisting of the following share classes and price per share:

Share Class	Number of Shares	Price Per Share
Class A-1	2,158	$	250
Class A-2	208	$	2,500
Class A-3	153	$	5,000
Class A-4 (1)	1,171	$	25,000

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(1) Includes an issuance of 1,000 shares of Class A-4 Interests to the Holding Company at a purchase price of $25,000 per share. Consideration received from the Holding Company included cash of $25 million.

In connection with the issuance of these shares, the Company amended and restated its subordinated loan agreement with the Holding Company, pursuant to which the Holding Company made additional subordinated term loans to the Company totaling $61.2 million at an annual interest rate of 11%, compounded quarterly, with no maturity date.

Cash

The Company considers all cash balances and highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. As of March 31, 2026 (Successor) and December 31, 2025 (Successor), the Company has cash of $13.1 million and $12.0 million, respectively, which was measured at fair value on a recurring basis and is classified within Level 1 of the fair value hierarchy.

Accounts Receivable

Accounts receivable consists of the following:

(in thousands)	March 31, 2026 (Successor)		December 31, 2025 (Successor)
Amounts due from GLP(1)	$	81,586	$	63,172
Gaming receivables	1,028		863
Non-gaming receivables	828		767
Accounts receivable	83,442		64,802
Less: Allowance for credit losses	(11)		—
Accounts receivable, net	$	83,431	$	64,802

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(1)    Represents amounts due from GLP Capital, L.P. (“GLP”) related to the development of the Company’s future Permanent Facility in Chicago. Refer to Note 11 “Leases” for further information.

Advertising Expenses

The Company expenses advertising costs as incurred and is included in General and administrative on the condensed consolidated statements of operations. Advertising expense was $0.3 million, $0.5 million and $0.2 million for the three months ended March 31, 2026 (Successor), the period from February 8 to March 31, 2025 (Successor) and the period from January 1 to February 7, 2025 (Predecessor), respectively.

Expansion Expenses

The Company expenses expansion costs as incurred. The Company defines expansion expenses as costs incurred in connection with the opening of a new facility or significant expansion of an existing property. Costs classified as expansion costs consist primarily of marketing, master planning, conceptual design fees and legal and professional fees that are not eligible for capitalization and are included in General and administrative on the condensed consolidated statements of operations. Expansion expenses for the three months ended March 31, 2026 (Successor), the period from February 8 to March 31, 2025 (Successor) and the period from January 1 to February 7, 2025 (Predecessor) were $2.4 million, $0.5 million, and $1.4 million, respectively.

Employee Benefit Plans

The Company participates in the Bally’s Corporation operates defined contribution plans covering its non-union employees and certain union employees, as well as multi-employer defined benefit pension plans under the terms of collective-bargaining agreements that cover certain of its union employees. The defined contribution plans allow for employee deferrals, which are matched at the Company’s discretion. Total employer contribution expense attributable to these plans was $0.2 million for the three months ended March 31, 2026 (Successor) and $0.1 million for both the period from February 8 to March 31, 2025 (Successor) and the period from January 1 to February 7, 2025 (Predecessor).

Earnings Per Share (EPS)

We have two classes of common stock in the form of Class A Interests and Class B Common Stock. Our Class A Interests are entitled to discretionary dividends, subject to the impact of liquidation and distribution priority of the subordinated loans on the Class A-1, Class A-2 and Class A-3 Interests. Each of the respective Class A Interests represent different classes of common stock for the purposes of the Company’s earnings per share (“EPS”) computation. We apply the two-class method for purposes of calculating earnings per share of common stock for the Class A Interests. The two-class method determines earnings per share of common stock and participating securities according to dividends or dividend equivalents declared during the period and each security’s respective participation rights in undistributed earnings and losses. The Class B Common Stock do not have rights to participate in dividends or undistributed earnings, as such, have no impact on the Company’s computation of EPS. There were no Class A Interests that were considered anti-dilutive for the three months ended March 31, 2026 (Successor), 690 shares that we considered anti-dilutive for the period from February 8 to March 31, 2025 (Successor) and no shares the period from January 1 to February 7, 2025 (Predecessor).

Goodwill and Intangible Assets

Goodwill consists of the excess of acquisition costs over the fair value of net assets acquired in business combinations. Goodwill is not amortized, but is reviewed for impairment annually as of October 1st, or when events or changes in the business environment indicate that the carrying value of the reporting unit may exceed its fair value, by comparing the fair value of each reporting unit to its carrying value, including goodwill.

The Company’s intangible assets consist of the Chicago gaming license associated with its Permanent Casino in the predecessor period. The Company’s Permanent Casino gaming license is classified as finite-lived as of the successor period, and is being amortized over its estimated useful life.

For its finite‑lived intangible asset, the Company establishes a useful life upon initial recognition based on the period over which the asset is expected to contribute to the future cash flows of the Company and periodically evaluates the remaining useful life to determine whether events and circumstances warrant a revision to the remaining amortization period. The finite‑lived intangible asset is amortized over its remaining useful life in a pattern in which the economic benefits of the intangible asset are consumed, which is generally on a straight‑line basis. The Company reviews the carrying amount of its finite‑lived intangible asset for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Should events and circumstances indicate the finite‑lived intangible asset may not be recoverable, the Company performs a test for recoverability whereby estimated undiscounted cash flows are compared to the carrying value of the asset. If the estimated undiscounted cash flows exceed the carrying value, no impairment is recorded. If the undiscounted cash flows do not exceed the carrying value, an impairment is recorded based on the fair value of the asset.

Bally’s Chicago Service Agreements

The Company is party to various agreements relating to the operations of certain services at its 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 Facility 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”).

As of March 31, 2026 (Successor), the Company has received a total of $12.2 million of Bally’s Chicago Construction Investments under the aforementioned hospitality services agreement. These amounts 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 Facility. 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.

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RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2026

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

Operations, as well as assets and liabilities, directly associated with the business activity of the Company are included in the unaudited condensed consolidated financial statements. The unaudited condensed consolidated financial statements include fees paid in accordance with the corporate services agreement, as described in Note 12 “Commitments and Contingencies”, providing the Company with certain administrative and corporate services, of $15.0 million for the three months ended March 31, 2026 (Successor) and $8.9 million, $6.1 million for the period from February 8 to March 31, 2025 (Successor), the period from January 1 to February 7, 2025 (Predecessor) respectively. These fees and allocated expenses are recorded within Management fees to Bally's Corporation on the condensed consolidated statements of operations. As of March 31, 2026 (Successor), there was a $85.9 million balance of Due to related party (Bally's Corporation) related to administrative expenses and development costs associated with the development of the Permanent Facility, which will be repaid with the funds received from GLP. Refer to Note 11 “Leases” for further information.

The Company is dependent on its Parent for a majority of its working capital and financing requirements, and none of its Parent’s cash, cash equivalents or debt has been assigned to Bally’s Chicago in the unaudited condensed consolidated financial statements. Prior to the Company’s IPO and Concurrent Private Placement, all expenses paid by Bally’s Corporation on the Company’s behalf were converted into promissory notes and reported within Promissory notes to related party (Bally’s Corporation) on the condensed consolidated balance sheet.

On August 14, 2025, in connection with the Company’s IPO and Concurrent Private Placement, the Holding Company forgave $651.0 million of promissory notes as a result of its capital commitment from the Reorganization in March 2025. Refer to Note 2 “Summary of Significant Accounting Policies” and Note 14 “Redeemable Non-controlling Interest” for further information. Concurrent with the forgiveness of the promissory notes, the Company refinanced $14.5 million of its remaining promissory note payable to the Holding Company, equal to the Company’s Private Placement, IPO and Concurrent Private Placement expenses and placement agent fees, with a maturity date of December 31, 2034 with an interest rate of 11% per annum. Promissory notes to related party (Bally’s Corporation) were $14.5 million as of March 31, 2026 (Successor) and December 31, 2025 (Successor). The Company incurred $0.4 million of interest on its promissory notes during the three months ended March 31, 2026 (Successor).

The average aggregate balance of promissory notes to related party (Bally’s Corporation) was $14.5 million, $655.8 million and $675.5 million for the three months ended March 31, 2026 (Successor), the period from February 8 to March 31, 2025 (Successor), the period from January 1 to February 7, 2025 (Predecessor).

Subordinated Loans

The Company issued the following subordinated loans for the Class A-1, Class A-2 and Class A-3 Interests sold in the Private Placement and IPO and Concurrent Private Placement (in thousands, except per share data):

Share Class	Initial Loan per Share(1)		Private Placement		IPO and Concurrent Private Placement		Total Subordinated Loans(2)
Class A-1	$	24,750	$	6,732	$	53,410	$	60,142
Class A-2	$	22,500	6,323		4,680		11,003
Class A-3	$	20,000	3,420		3,060		6,480
			$	16,475	$	61,150	$	77,625

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(1)    Each subordinated loan issued at annual interest rate of 11%, compounded quarterly, with no maturity date.

(2)    As of March 31, 2026 (Successor), total subordinated loans reflects the total original issuance and outstanding principal balance.

For the three months ended March 31, 2026 (Successor) and the period from February 8 to March 31, 2025 (Successor), the Company incurred $2.3 million and $0.2 million, respectively, of interest expense related to the subordinated loans. There was no interest expense incurred during the period from January 1 to February 7, 2025 (Predecessor). These amounts were recognized within Interest expense, net of amounts capitalized on the Company’s condensed consolidated statements of operations.

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RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Mar. 31, 2026

Accounting Changes and Error Corrections [Abstract]

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Standards to Be Implemented

In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this update align the requirements in the ASC to the Securities and Exchange Commission’s (“SEC”) regulations. The effective date for each amended topic in the ASC is the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective. Early adoption is prohibited. The Company is currently in the process of evaluating the impact of this amendment on its unaudited condensed consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. This update will be effective for fiscal years beginning after December 15, 2026, and interim reporting periods in fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its financial statement disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments in this update are intended to improve the clarity and navigability of interim reporting guidance and specify when it applies. The ASU addresses the form and content of interim financial statements, adds a consolidated list of required interim disclosures from other Codification topics, and establishes a principle requiring disclosure of events occurring after the end of the last annual reporting period that have a material impact on the entity. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that this guidance will have on its financial statements and related disclosures.

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REVENUE RECOGNITION

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

REVENUE RECOGNITION

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, (“ASC 606”) which requires the revenue to be recognized when a performance obligation is satisfied by transferring the control of promised goods or services and is measured at the transaction price or the amount of consideration that the Company expects to receive through satisfaction of the identified performance obligations.

The Company generates revenue from three principal sources: (1) gaming, (2) food and beverage, and (3) other.

Sales tax and other taxes collected on behalf of governmental authorities are accounted for on a net basis and are not included in revenue or operating expenses.

Performance Obligations

Retail gaming service contracts involving our casino, each have an obligation to honor the outcome of a wager and to pay out an amount equal to the stated odds, including the return of the initial wager, if the customer receives a winning hand. These elements of honoring the outcome of the hand of play and generating a payout are considered one performance obligation, with an additional performance obligation for those customers earning incentives under the Company’s player loyalty program.

Food and beverage, and other services have been determined to be separate, stand-alone performance obligations and revenue is recognized as the good or service is transferred at the point in time of the transaction.

Transaction Price

The Company applies a practical expedient to account for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the impact on the unaudited condensed consolidated financial statements of applying the revenue recognition guidance to the portfolio would not differ materially from the application of an individual wagering contract. The transaction price for a retail gaming wagering contract is the difference between wins and losses, not the total amount wagered. In addition, in the event of a multi-stage contest, the Company will allocate transaction price ratably from contest start to the contest’s final stage.

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

Revenue Recognition

The allocated revenue for gaming wagers is recognized when the wagering occurs as all such wagers settle immediately. If a player wins the wager, the Company pays the player a pre-determined amount known as fixed odds, and its revenue is recognized as total wagers net of payouts made and incentives awarded to players. Food and beverage, and other revenues are recognized at the time the goods are sold from Company-operated outlets.

The following table provides a disaggregation of total revenue:

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Gaming	$	30,045	$	15,935	$	10,353
Non-gaming:
Food and beverage	2,294		1,440		868
Other	778		421		266
Total non-gaming revenue	3,072		1,861		1,134
Total revenue	$	33,117	$	17,796	$	11,487

Contract Assets and Contract Related Liabilities

The Company’s receivables related to contracts with customers are primarily comprised of marker balances and other amounts due from gaming activities. The Company’s receivables related to contracts with customers were $0.1 million and $34.0 thousand as of March 31, 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 Accrued and other current liabilities in the condensed consolidated balance sheet.

Loyalty program incentives earned by customers are typically redeemed within one year from when they are earned and expire if a customer’s account is inactive for more than 12 months; therefore, the majority of these incentives outstanding at the end of a period will either be redeemed or expire within the next 12 months.

Unpaid wagers include the Company’s outstanding chip liability and unpaid slot tickets.

Liabilities related to contracts with customers were as follows:

(in thousands)	March 31, 2026 (Successor)		December 31, 2025 (Successor)
Unpaid wagers	$	2,332	$	1,700
Loyalty programs	256		273
Advanced deposits from customers	85		72
Total	$	2,673	$	2,045

The Company recognized revenue from loyalty program redemptions amounting to $0.2 million, $0.2 million and $0.1 million for the three months ended March 31, 2026 (Successor) the period from February 8 to March 31, 2025 (Successor) and the period from January 1 to February 7, 2025 (Predecessor), respectively.

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BUSINESS COMBINATIONS

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS

The Merger & Pushdown Accounting

As described in Note 1 “General Information”, the Company elected to apply pushdown accounting at the time of the Merger, which resulted in the following assets and liabilities of the Company being measured and recognized at their fair values as of the Closing Date.

(in thousands)	As of February 7, 2025
Property and equipment, net	$	178,376
Right of use assets, net	268,014
Goodwill	32,373
Intangible assets	295,400
Lease liabilities	(268,014)
Deferred tax liability	(4,801)

The purchase consideration in the Merger has been allocated to the Company’s tangible and identifiable intangible assets and liabilities based upon their estimated fair values as of the Closing Date, with the excess of the purchase consideration over the aggregate net fair values recorded as goodwill, which is not deductible for tax purposes. Qualitative factors that contribute to the recognition of goodwill include certain intangible assets that are not recognized as separate identifiable intangible assets apart from goodwill, which consist primarily of a management team experienced in the gaming industry.

Accounts receivable, inventory, other assets, and current liabilities were stated at their historical carrying value, which approximates fair value given the short-term nature of these assets and liabilities. The estimate of fair value for property and equipment was based on an assessment of the assets' condition, as well as an evaluation of the current market value of such assets. The fair value of leasehold interests was estimated based on evaluating contractual rent payments relative to market rent giving consideration to the Company’s capitalization rates and rent coverage ratios, under the income method or by estimating the fee simple value and estimated rate of return, depending on the nature of the underlying leasehold interest.

The valuation of the gaming license intangible asset was determined using the Greenfield Method under the income approach. This method estimates isolated income that is properly attributable to a license based on modeling a hypothetical start-up company going into business without any other assets than the gaming license being valued and building a new casino with similar utility to the existing casino. Using this method, the valuation of the gaming license was dependent upon significant estimates such as projected revenues and cash flows, estimated construction costs, duration of that construction, expansion costs and appropriate discounting. Level 3 inputs used in estimating future cash flows included a terminal growth rate of 3% and a discount rate of 13.5%. Following the Merger, the gaming license was determined to be finite-lived, with an estimated useful life of 18 years.

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PREPAID EXPENSES AND OTHER CURRENT ASSETS

3 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

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)
Prepaid insurance	$	4,022	$	4,044
Annual host community impact fees	1,667		2,667
Prepaid marketing	977		352
Services and license agreements	535		859
Other	265		430
Total prepaid expenses and other current assets	$	7,466	$	8,352

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PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

Property and equipment was comprised of the following:

(in thousands)	March 31, 2026 (Successor)		December 31, 2025 (Successor)
Leasehold improvements	$	24,679	$	24,678
Equipment	24,132		24,131
Furniture and fixtures	398		398
Construction in process	1,499		728
Total property and equipment	50,708		49,935
Less: Accumulated depreciation	(18,815)		(14,661)
Total property and equipment, net	$	31,893	$	35,274

Depreciation expense related to property and equipment was $4.2 million, $2.3 million and $2.0 million for the three months ended March 31, (Successor), period from February 8 to March 31, 2025 (Successor) and the period from January 1 to February 7, 2025 (Predecessor), respectively.

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GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

In connection with the Merger, the Company recorded $32.4 million of Goodwill within its Permanent Casino reportable segment. There were no impairments or any other changes to the carrying amount of goodwill during the three months ended March 31, 2026 (Successor). Refer to Note 6 “Business Combinations” for further information.

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

(in thousands, except years)	Gross Carrying Amount		Accumulated Amortization		Net
March 31, 2026 (Successor)
Gaming license	$	295,400	$	(18,804)	$	276,596
Total intangible assets, net	$	295,400	$	(18,804)	$	276,596
December 31, 2025 (Successor)
Gaming licenses	$	295,400	$	(14,701)	$	280,699
Total intangible assets, net	$	295,400	$	(14,701)	$	280,699

The Company’s amortization expense for the three months ended March 31, 2026 (Successor) and for the period from February 8 to March 31, 2025 (Successor) was $4.1 million and $2.5 million, respectively. Amortization expense for the period from January 1 to February 7, 2025 (Predecessor) was de minimus.

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

(in thousands)
Remaining 2026	$	12,308
2027	16,411
2028	16,411
2029	16,411
2030	16,411
Thereafter	198,644
Total	$	276,596

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ACCRUED AND OTHER CURRENT LIABILITIES

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

ACCRUED AND OTHER CURRENT LIABILITIES

ACCRUED AND OTHER CURRENT LIABILITIES

Accrued and other current liabilities consisted of the following:

(in thousands)	March 31, 2026 (Successor)		December 31, 2025 (Successor)
Construction	$	59,995	$	46,109
Gaming liabilities	5,128		3,102
Compensation	1,877		2,447
Property taxes	1,508		2,119
Other	2,512		2,414
Total accrued and other current liabilities	$	71,020	$	56,191

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LEASES

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

LEASES

LEASES

Operating Leases

As of March 31, 2026 (Successor) and December 31, 2025 (Successor), the Company had total operating lease liabilities of $7.9 million and $4.7 million, respectively, and right of use assets of $7.7 million and $4.4 million, respectively.

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

The Chicago MLA has an initial term of 15 years and includes four, five year options to renew and is subject to annual escalation. Annual rent under the Chicago MLA is $20 million, with additional rent equal to 8.5% of the GLP Development Advances that are granted to the Company. Under the Chicago Development Agreement, as construction occurs, the Company will recognize a construction receivable on the condensed consolidated balance sheets due from the GLP. To the extent costs exceed the amount to be reimbursed by GLP, 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 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:

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Operating lease cost	$	1,147	$	3,609	$	2,560
Variable lease cost	84		20		14
Operating lease expense	1,231		3,629		2,574
Short-term lease expense	952		652		466
Total operating lease expense	$	2,183	$	4,281	$	3,040

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

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Cash paid for amounts included in the lease liability - operating cash flows from operating leases	$	1,253	$	3,650	$	2,548
Right of use assets obtained in exchange for operating lease liabilities	4,384		$	—	—

	March 31, 2026 (Successor)		December 31, 2025 (Predecessor)
Weighted average remaining lease term	1.6 years		1.1 years
Weighted average discount rate	6.0	%	6.0	%

As of March 31, 2026 (Successor), future minimum lease payments(1) under noncancellable operating leases are as follows:

(in thousands)
Remaining 2026	$	3,991
2027	4,385
Total lease payments	8,376
Less: present value discount	(501)
Lease obligations	$	7,875

_________________________________

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

LEASES

LEASES

Operating Leases

As of March 31, 2026 (Successor) and December 31, 2025 (Successor), the Company had total operating lease liabilities of $7.9 million and $4.7 million, respectively, and right of use assets of $7.7 million and $4.4 million, respectively.

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

The Chicago MLA has an initial term of 15 years and includes four, five year options to renew and is subject to annual escalation. Annual rent under the Chicago MLA is $20 million, with additional rent equal to 8.5% of the GLP Development Advances that are granted to the Company. Under the Chicago Development Agreement, as construction occurs, the Company will recognize a construction receivable on the condensed consolidated balance sheets due from the GLP. To the extent costs exceed the amount to be reimbursed by GLP, 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 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:

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Operating lease cost	$	1,147	$	3,609	$	2,560
Variable lease cost	84		20		14
Operating lease expense	1,231		3,629		2,574
Short-term lease expense	952		652		466
Total operating lease expense	$	2,183	$	4,281	$	3,040

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

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Cash paid for amounts included in the lease liability - operating cash flows from operating leases	$	1,253	$	3,650	$	2,548
Right of use assets obtained in exchange for operating lease liabilities	4,384		$	—	—

	March 31, 2026 (Successor)		December 31, 2025 (Predecessor)
Weighted average remaining lease term	1.6 years		1.1 years
Weighted average discount rate	6.0	%	6.0	%

As of March 31, 2026 (Successor), future minimum lease payments(1) under noncancellable operating leases are as follows:

(in thousands)
Remaining 2026	$	3,991
2027	4,385
Total lease payments	8,376
Less: present value discount	(501)
Lease obligations	$	7,875

_________________________________

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

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COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Litigation

The Company is a party to other 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. The current liability for the estimated losses associated with these proceedings is not material to the Company’s consolidated financial condition and those estimated losses are not expected to have a material impact on results of operations. Although the Company maintains what it believes is adequate insurance coverage to mitigate the risk of loss pertaining to covered matters, legal and administrative proceedings can be costly, time-consuming and unpredictable.

Although no assurance can be given, the Company does not believe that the final outcome of these matters, including costs to defend itself in such matters, will have a material adverse effect on the company’s consolidated financial statements. Further, no assurance can be given that the amount or scope of existing insurance coverage will be sufficient to cover losses arising from such matters.

Community Host Agreement

As mentioned in Note 1 “General Information”, the Company signed a host community agreement with the City of Chicago to develop a Permanent Facility, Bally’s Chicago, for $1.34 billion. No assurance can be made that this estimate will not materially change during the development of the facility. As of March 31, 2026 (Successor), approximately $600.0 million of this commitment remains.

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

Casino Fees

Under the Illinois Gambling Act, the Company will be responsible to pay the Illinois Gaming Board a reconciliation fee payment three years after the date operations commenced (in a temporary or permanent facility) in an amount equal to 75% of the adjusted gross receipt (“AGR”) for the most lucrative 12-month period of operations, minus the amount equal to the initial payment per gaming position paid.

Corporate Services Agreement

The Company has a Corporate Services Agreement with Bally’s Corporation requiring a fixed monthly payment of $5.0 million, beginning with the commencement of operations at the Temporary Facility. The Corporate Services Agreement provides the Company with certain administrative and corporate services from Bally’s Management Group, LLC. These fixed payments are in addition to certain expenses such as personnel and administrative costs allocated to the Company, based on an estimated percentages of time spent on the Company’s activities by corporate employees. In accordance with the Corporate Services Agreement, the Company recorded $15.0 million, $8.9 million, and $6.1 million during the three months ended March 31, 2026 (Successor), the period from February 8 to March 31, 2025 (Successor), and the period from January 1 to February 7, 2025 (Predecessor), respectively, within Management fees to Bally's Corporation in the condensed consolidated statements of operations.

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SEGMENT REPORTING

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

SEGMENT REPORTING

The Company has two operating and reportable segments: Temporary Casino and Permanent Casino. The “Other adjustments” include certain unallocated corporate operating expenses and other adjustments to reconcile to the Company’s consolidated results including, among other expenses, compensation for certain executives and other transaction costs. The prior year results presented below were reclassified to conform to the new segment presentation.

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

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

The following table sets forth the measures of segment performance for the Company’s two reportable segments, reconciled to net loss on a consolidated basis. The Other adjustments category is included in the following table in order to reconcile the segment information to the Company’s unaudited condensed consolidated financial statements.

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Revenue
Temporary Casino	$	33,117	$	17,796	$	11,487
Permanent Casino	—		—		—
Total revenue	$	33,117	$	17,796	$	11,487
Permanent Casino loss from operations	$	(6,531)	$	(5,806)	$	(3,536)
Temporary Casino adjusted EBITDAR(1)	$	1,452	$	1,634	$	(917)
Reconciliation of segment performance measures to net loss:
Temporary Casino operating costs and expenses:
Depreciation and amortization	(4,152)		(2,320)		(1,976)
Management fees to Bally's Corporation	(15,000)		(8,871)		(6,129)
Other expenses
Total other expense, net(2)	(2,737)		(248)		—
Other adjustments	(906)		(369)		(314)
Loss before provision for income taxes	(27,874)		(15,980)		(12,872)
Benefit for income taxes	(182)		—		—
Net loss	$	(27,692)	$	(15,980)	$	(12,872)

__________________________________

(1)    Adjusted EBITDAR is defined as earnings, or loss, for the Temporary Casino before interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, expansion costs, management fees to Bally’s Corporation, rent expense from triple net operating leases, and certain other gains or losses.

(2)    Total other expense, net includes primarily interest expense.

The following table sets forth significant segment expenses and other segment items by reportable segment (in thousands):

	Successor				Predecessor
	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Temporary Casino
Revenue	$	33,117	$	17,796	$	11,487
Less: Segment expenses
Marketing costs	1,961		1,193		1,390
Gaming tax	9,152		4,868		3,271
Compensation	12,405		5,348		4,482
Casino property costs	4,547		1,749		590
General and administrative	2,801		1,991		770
Other segment items (1)	799		1,013		1,901
Temporary Casino EBITDAR	$	1,452	$	1,634	$	(917)
Permanent Casino
Revenue	$	—	$	—	$	—
Less: segment expenses
Expansion costs	2,428		465		1,348
Rent expense	—		2,819		2,179
Amortization of gaming license	4,103		2,522		9
Permanent Casino Loss from Operations	$	(6,531)	$	(5,806)	$	(3,536)

__________________________________

(1)    Other segment items includes Gaming and non-gaming expenses and certain other immaterial costs and allocations.

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Capital Expenditures
Temporary Casino	$	672	$	53	$	—
Permanent Casino	—		22,888		10,969
Total	$	672	$	22,941	$	10,969

(in thousands)	March 31, 2026 (Successor)		December 31, 2025 (Successor)
Total assets
Temporary Casino	$	61,162	$	61,009
Permanent Casino	590,142		559,331
Other(1)	1,612		423
Total	$	652,916	$	620,763

__________________________________

(1)    Other includes certain unallocated Corporate assets as of March 31, 2026 (Successor).

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REDEEMABLE NON-CONTROLLING INTEREST

3 Months Ended

Mar. 31, 2026

Noncontrolling Interest [Abstract]

REDEEMABLE NON-CONTROLLING INTEREST

REDEEMABLE NON-CONTROLLING INTEREST

In conjunction with the Reorganization, the Holding Company acquired 30,000 of the total issued and outstanding 33,326 LLC interests in the Operating Company, representing an initial 90% economic interest in the Operating Company. Pursuant to its limited liability company agreement with the Operating Company (the “LLC Agreement”), as amended and restated on March 10, 2025, upon a change in control event, the Company, as the sole managing member, may redeem all or a portion of the LLC interests along with an equal number of Class B interests in exchange for either (a) shares of Class A Interests in the Company; or, (b) at the election of the Company, an approximately equivalent amount of cash as determined pursuant to the terms of the LLC Agreement. In connection with such redemption, a corresponding number of shares of Class B interests held by the Holding Company will be cancelled. The cash redemption election is not considered to be within the control of the Company because the holders of Class B interests, the Holding Company, control the Company through direct representation on the Board of Directors.

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

As a result of the Company’s IPO and Concurrent Private Placement on August 14, 2025, the Holding Company’s voting power in the Company and economic interest in the Operating Company were updated to 90% and 81%, respectively. Additionally, as a result of the Company’s IPO and Concurrent Private Placement on August 14, 2025, the Holding Company forgave $589.8 million of promissory notes in satisfaction of its capital commitment to the Company.

The redemption of the non-controlling interest is tied to the occurrence of a contingent event, which is not considered probable as of March 31, 2026 (Successor), and as such, the redeemable non-controlling interests have not been subsequently remeasured.

Activity within redeemable non-controlling interest consisted of the following (in thousands):

Balance at December 31, 2025 (Successor)	$	511,767
Net loss	(19,873)
Balance at March 31, 2026 (Successor)	$	491,894

Balance at February 8, 2025 (Successor)	$	—
Reorganization and Private Placement	750,000
Net loss	(5,613)
Balance at March 31, 2025 (Successor)	$	744,387

__________________________________

There was no redeemable non-controlling interest as of December 31, 2024 (Predecessor), and there was no net loss attributable to redeemable non-controlling interest for the period from January 1 to February 7, 2025 (Predecessor).

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

The Merger

The Merger

On February 7, 2025 (the “Closing Date”), Bally’s Corporation completed a merger pursuant to which The Casino Queen & Entertainment Inc. (“Casino Queen”) and SG Parent LLC, which was majority-owned by funds managed by Standard General L.P. (“SG Parent”), Bally’s Corporation’s largest common stockholder, merged with Bally’s Corporation (the “Merger”). The Bally’s Corporation Merger with Casino Queen was accounted for as a transaction between entities under common control. The Merger resulted in a change in control of Bally’s Corporation due to SG Parent gaining control of Bally’s Corporation in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations (“ASC 805”). Bally’s Corporation elected to push down SG Parent’s basis in its net assets into its financial statements.

To better align the accounting and presentation with our public company parent, the Company has also determined that it will elect to apply pushdown accounting in these standalone financial statements. As a result of the application of pushdown accounting, these financial statements reflect the Company’s basis in the assets and liabilities of Bally’s Corporation, which were remeasured to fair value as of the Closing Date.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules of the Securities and Exchange Commission (the “SEC”) for interim financial information, including Rule 10-01 of the SEC’s Regulation S-X. Accordingly, certain information and note disclosures normally required in complete financial statements prepared in conformity with accounting principles generally accepted in the United States (“US GAAP”) have been condensed or omitted. In the Company’s opinion, these unaudited condensed consolidated financial statements include all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. Certain prior year amounts have been reclassified to conform to the current year’s presentation

These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Use of Estimates

We have made estimates and judgments affecting the amounts reported in our unaudited condensed consolidated financial statements and the accompanying notes. The actual results that we experience may differ materially from our estimates.

Cash

The Company considers all cash balances and highly liquid investments with an original maturity of three months or less to be cash and cash equivalents.

Advertising Expenses

The Company expenses advertising costs as incurred and is included in General and administrative on the condensed consolidated statements of operations.

Expansion Expense

The Company expenses expansion costs as incurred. The Company defines expansion expenses as costs incurred in connection with the opening of a new facility or significant expansion of an existing property. Costs classified as expansion costs consist primarily of marketing, master planning, conceptual design fees and legal and professional fees that are not eligible for capitalization and are included in General and administrative on the condensed consolidated statements of operations

Employee Benefit Plans

The Company participates in the Bally’s Corporation operates defined contribution plans covering its non-union employees and certain union employees, as well as multi-employer defined benefit pension plans under the terms of collective-bargaining agreements that cover certain of its union employees. The defined contribution plans allow for employee deferrals, which are matched at the Company’s discretion.

Earnings Per Share (EPS)

We have two classes of common stock in the form of Class A Interests and Class B Common Stock. Our Class A Interests are entitled to discretionary dividends, subject to the impact of liquidation and distribution priority of the subordinated loans on the Class A-1, Class A-2 and Class A-3 Interests. Each of the respective Class A Interests represent different classes of common stock for the purposes of the Company’s earnings per share (“EPS”) computation. We apply the two-class method for purposes of calculating earnings per share of common stock for the Class A Interests. The two-class method determines earnings per share of common stock and participating securities according to dividends or dividend equivalents declared during the period and each security’s respective participation rights in undistributed earnings and losses. The Class B Common Stock do not have rights to participate in dividends or undistributed earnings, as such, have no impact on the Company’s computation of EPS. There were no Class A Interests that were considered anti-dilutive for the three months ended March 31, 2026 (Successor), 690 shares that we considered anti-dilutive for the period from February 8 to March 31, 2025 (Successor) and no shares the period from January 1 to February 7, 2025 (Predecessor).

Finite-Lived Intangible Assets

For its finite‑lived intangible asset, the Company establishes a useful life upon initial recognition based on the period over which the asset is expected to contribute to the future cash flows of the Company and periodically evaluates the remaining useful life to determine whether events and circumstances warrant a revision to the remaining amortization period. The finite‑lived intangible asset is amortized over its remaining useful life in a pattern in which the economic benefits of the intangible asset are consumed, which is generally on a straight‑line basis. The Company reviews the carrying amount of its finite‑lived intangible asset for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Should events and circumstances indicate the finite‑lived intangible asset may not be recoverable, the Company performs a test for recoverability whereby estimated undiscounted cash flows are compared to the carrying value of the asset. If the estimated undiscounted cash flows exceed the carrying value, no impairment is recorded. If the undiscounted cash flows do not exceed the carrying value, an impairment is recorded based on the fair value of the asset.

Standards to Be Implemented

Standards to Be Implemented

In October 2023, the FASB issued ASU No. 2023-06, Disclosure Improvements - Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this update align the requirements in the ASC to the Securities and Exchange Commission’s (“SEC”) regulations. The effective date for each amended topic in the ASC is the date on which the SEC’s removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. If by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective. Early adoption is prohibited. The Company is currently in the process of evaluating the impact of this amendment on its unaudited condensed consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. This update will be effective for fiscal years beginning after December 15, 2026, and interim reporting periods in fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosures required under the guidance can be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its financial statement disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The amendments in this update are intended to improve the clarity and navigability of interim reporting guidance and specify when it applies. The ASU addresses the form and content of interim financial statements, adds a consolidated list of required interim disclosures from other Codification topics, and establishes a principle requiring disclosure of events occurring after the end of the last annual reporting period that have a material impact on the entity. The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that this guidance will have on its financial statements and related disclosures.

Revenue Recognition

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers, (“ASC 606”) which requires the revenue to be recognized when a performance obligation is satisfied by transferring the control of promised goods or services and is measured at the transaction price or the amount of consideration that the Company expects to receive through satisfaction of the identified performance obligations.

The Company generates revenue from three principal sources: (1) gaming, (2) food and beverage, and (3) other.

Sales tax and other taxes collected on behalf of governmental authorities are accounted for on a net basis and are not included in revenue or operating expenses.

Performance Obligations

Retail gaming service contracts involving our casino, each have an obligation to honor the outcome of a wager and to pay out an amount equal to the stated odds, including the return of the initial wager, if the customer receives a winning hand. These elements of honoring the outcome of the hand of play and generating a payout are considered one performance obligation, with an additional performance obligation for those customers earning incentives under the Company’s player loyalty program.

Food and beverage, and other services have been determined to be separate, stand-alone performance obligations and revenue is recognized as the good or service is transferred at the point in time of the transaction.

Transaction Price

The Company applies a practical expedient to account for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the impact on the unaudited condensed consolidated financial statements of applying the revenue recognition guidance to the portfolio would not differ materially from the application of an individual wagering contract. The transaction price for a retail gaming wagering contract is the difference between wins and losses, not the total amount wagered. In addition, in the event of a multi-stage contest, the Company will allocate transaction price ratably from contest start to the contest’s final stage.

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

Revenue Recognition

The allocated revenue for gaming wagers is recognized when the wagering occurs as all such wagers settle immediately. If a player wins the wager, the Company pays the player a pre-determined amount known as fixed odds, and its revenue is recognized as total wagers net of payouts made and incentives awarded to players. Food and beverage, and other revenues are recognized at the time the goods are sold from Company-operated outlets.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Stock by Class

As of March 31, 2026 (Successor), the total number of shares of all classes of stock the Company is authorized to issue consists of the following:

Share Class	Shared Authorized(1)
Class A-1	3,000
Class A-2	500
Class A-3	500
Class A-4	8,500
Class B	30,000

__________________________________

(1)    All Class A Interests and Class B Interests have a par value of $0.001 per share. Each Class A and Class B Interest entitles its holder to one vote per share, Class B Interests have no economic interest in the Company and may only be held by the Holding Company.

On March 10, 2025 (Successor), as part of the Private Placement, the Company sold a total of 3,985 Class A Interests to certain accredited investors, raising $83.2 million in gross proceeds, consisting of the following share classes and price per share:

Share Class	Number of Shares	Price Per Share
Class A-1	272	$	250
Class A-2	281	$	2,500
Class A-3	171	$	5,000
Class A-4 (1)	3,261	$	25,000

__________________________________

(1) Includes 2,800 shares of Class A-4 Interests sold to the Holding Company at a purchase price of $25,000 per share. Consideration received from the Holding Company included cash of $63.7 million and $6.3 million of shares in lieu of payment on its outstanding promissory notes payable by the Company to the Holding Company.

Through the IPO and Concurrent Private Placement, the Company sold a total of 3,690 additional Class A Interests to certain investors for an aggregate purchase price of $31.1 million consisting of the following share classes and price per share:

Share Class	Number of Shares	Price Per Share
Class A-1	2,158	$	250
Class A-2	208	$	2,500
Class A-3	153	$	5,000
Class A-4 (1)	1,171	$	25,000

__________________________________

(1) Includes an issuance of 1,000 shares of Class A-4 Interests to the Holding Company at a purchase price of $25,000 per share. Consideration received from the Holding Company included cash of $25 million.

Schedule of Accounts Receivable

Accounts receivable consists of the following:

(in thousands)	March 31, 2026 (Successor)		December 31, 2025 (Successor)
Amounts due from GLP(1)	$	81,586	$	63,172
Gaming receivables	1,028		863
Non-gaming receivables	828		767
Accounts receivable	83,442		64,802
Less: Allowance for credit losses	(11)		—
Accounts receivable, net	$	83,431	$	64,802

__________________________________

(1)    Represents amounts due from GLP Capital, L.P. (“GLP”) related to the development of the Company’s future Permanent Facility in Chicago. Refer to Note 11 “Leases” for further information.

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RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2026

Related Party Transactions [Abstract]

Schedule of Subordinated Loans

The Company issued the following subordinated loans for the Class A-1, Class A-2 and Class A-3 Interests sold in the Private Placement and IPO and Concurrent Private Placement (in thousands, except per share data):

Share Class	Initial Loan per Share(1)		Private Placement		IPO and Concurrent Private Placement		Total Subordinated Loans(2)
Class A-1	$	24,750	$	6,732	$	53,410	$	60,142
Class A-2	$	22,500	6,323		4,680		11,003
Class A-3	$	20,000	3,420		3,060		6,480
			$	16,475	$	61,150	$	77,625

__________________________________

(1)    Each subordinated loan issued at annual interest rate of 11%, compounded quarterly, with no maturity date.

(2)    As of March 31, 2026 (Successor), total subordinated loans reflects the total original issuance and outstanding principal balance.

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REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Net Revenue

The following table provides a disaggregation of total revenue:

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Gaming	$	30,045	$	15,935	$	10,353
Non-gaming:
Food and beverage	2,294		1,440		868
Other	778		421		266
Total non-gaming revenue	3,072		1,861		1,134
Total revenue	$	33,117	$	17,796	$	11,487

Schedule of Contract with Customers, Liabilities

Liabilities related to contracts with customers were as follows:

(in thousands)	March 31, 2026 (Successor)		December 31, 2025 (Successor)
Unpaid wagers	$	2,332	$	1,700
Loyalty programs	256		273
Advanced deposits from customers	85		72
Total	$	2,673	$	2,045

XML

BUSINESS COMBINATIONS (Tables)

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Recognized Asset Acquired and Liability Assumed

As described in Note 1 “General Information”, the Company elected to apply pushdown accounting at the time of the Merger, which resulted in the following assets and liabilities of the Company being measured and recognized at their fair values as of the Closing Date.

(in thousands)	As of February 7, 2025
Property and equipment, net	$	178,376
Right of use assets, net	268,014
Goodwill	32,373
Intangible assets	295,400
Lease liabilities	(268,014)
Deferred tax liability	(4,801)

XML

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

3 Months Ended

Mar. 31, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Assets

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

(in thousands)	March 31, 2026 (Successor)		December 31, 2025 (Successor)
Prepaid insurance	$	4,022	$	4,044
Annual host community impact fees	1,667		2,667
Prepaid marketing	977		352
Services and license agreements	535		859
Other	265		430
Total prepaid expenses and other current assets	$	7,466	$	8,352

XML

PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment was comprised of the following:

(in thousands)	March 31, 2026 (Successor)		December 31, 2025 (Successor)
Leasehold improvements	$	24,679	$	24,678
Equipment	24,132		24,131
Furniture and fixtures	398		398
Construction in process	1,499		728
Total property and equipment	50,708		49,935
Less: Accumulated depreciation	(18,815)		(14,661)
Total property and equipment, net	$	31,893	$	35,274

XML

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Indefinite-Lived Intangible Assets

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

(in thousands, except years)	Gross Carrying Amount		Accumulated Amortization		Net
March 31, 2026 (Successor)
Gaming license	$	295,400	$	(18,804)	$	276,596
Total intangible assets, net	$	295,400	$	(18,804)	$	276,596
December 31, 2025 (Successor)
Gaming licenses	$	295,400	$	(14,701)	$	280,699
Total intangible assets, net	$	295,400	$	(14,701)	$	280,699

Schedule of Finite-Lived Intangible Assets

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

(in thousands, except years)	Gross Carrying Amount		Accumulated Amortization		Net
March 31, 2026 (Successor)
Gaming license	$	295,400	$	(18,804)	$	276,596
Total intangible assets, net	$	295,400	$	(18,804)	$	276,596
December 31, 2025 (Successor)
Gaming licenses	$	295,400	$	(14,701)	$	280,699
Total intangible assets, net	$	295,400	$	(14,701)	$	280,699

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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

(in thousands)
Remaining 2026	$	12,308
2027	16,411
2028	16,411
2029	16,411
2030	16,411
Thereafter	198,644
Total	$	276,596

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ACCRUED AND OTHER CURRENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued and other current liabilities consisted of the following:

(in thousands)	March 31, 2026 (Successor)		December 31, 2025 (Successor)
Construction	$	59,995	$	46,109
Gaming liabilities	5,128		3,102
Compensation	1,877		2,447
Property taxes	1,508		2,119
Other	2,512		2,414
Total accrued and other current liabilities	$	71,020	$	56,191

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LEASES (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Quantitative Information of Operating Leases

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

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Operating lease cost	$	1,147	$	3,609	$	2,560
Variable lease cost	84		20		14
Operating lease expense	1,231		3,629		2,574
Short-term lease expense	952		652		466
Total operating lease expense	$	2,183	$	4,281	$	3,040

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

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Cash paid for amounts included in the lease liability - operating cash flows from operating leases	$	1,253	$	3,650	$	2,548
Right of use assets obtained in exchange for operating lease liabilities	4,384		$	—	—

	March 31, 2026 (Successor)		December 31, 2025 (Predecessor)
Weighted average remaining lease term	1.6 years		1.1 years
Weighted average discount rate	6.0	%	6.0	%

Schedule of Future Minimum Rental Commitments

As of March 31, 2026 (Successor), future minimum lease payments(1) under noncancellable operating leases are as follows:

(in thousands)
Remaining 2026	$	3,991
2027	4,385
Total lease payments	8,376
Less: present value discount	(501)
Lease obligations	$	7,875

_________________________________

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

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SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The Other adjustments category is included in the following table in order to reconcile the segment information to the Company’s unaudited condensed consolidated financial statements.

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Revenue
Temporary Casino	$	33,117	$	17,796	$	11,487
Permanent Casino	—		—		—
Total revenue	$	33,117	$	17,796	$	11,487
Permanent Casino loss from operations	$	(6,531)	$	(5,806)	$	(3,536)
Temporary Casino adjusted EBITDAR(1)	$	1,452	$	1,634	$	(917)
Reconciliation of segment performance measures to net loss:
Temporary Casino operating costs and expenses:
Depreciation and amortization	(4,152)		(2,320)		(1,976)
Management fees to Bally's Corporation	(15,000)		(8,871)		(6,129)
Other expenses
Total other expense, net(2)	(2,737)		(248)		—
Other adjustments	(906)		(369)		(314)
Loss before provision for income taxes	(27,874)		(15,980)		(12,872)
Benefit for income taxes	(182)		—		—
Net loss	$	(27,692)	$	(15,980)	$	(12,872)

__________________________________

(1)    Adjusted EBITDAR is defined as earnings, or loss, for the Temporary Casino before interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, expansion costs, management fees to Bally’s Corporation, rent expense from triple net operating leases, and certain other gains or losses.

(2)    Total other expense, net includes primarily interest expense.

The following table sets forth significant segment expenses and other segment items by reportable segment (in thousands):

	Successor				Predecessor
	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Temporary Casino
Revenue	$	33,117	$	17,796	$	11,487
Less: Segment expenses
Marketing costs	1,961		1,193		1,390
Gaming tax	9,152		4,868		3,271
Compensation	12,405		5,348		4,482
Casino property costs	4,547		1,749		590
General and administrative	2,801		1,991		770
Other segment items (1)	799		1,013		1,901
Temporary Casino EBITDAR	$	1,452	$	1,634	$	(917)
Permanent Casino
Revenue	$	—	$	—	$	—
Less: segment expenses
Expansion costs	2,428		465		1,348
Rent expense	—		2,819		2,179
Amortization of gaming license	4,103		2,522		9
Permanent Casino Loss from Operations	$	(6,531)	$	(5,806)	$	(3,536)

__________________________________

(1)    Other segment items includes Gaming and non-gaming expenses and certain other immaterial costs and allocations.

Schedule of Reportable Segment Information

	Successor				Predecessor
(in thousands)	Three Months Ended March 31, 2026		Period from February 8 to March 31, 2025		Period from January 1 to February 7, 2025
Capital Expenditures
Temporary Casino	$	672	$	53	$	—
Permanent Casino	—		22,888		10,969
Total	$	672	$	22,941	$	10,969

Schedule of Reconciliation of Assets from Segment to Consolidated

(in thousands)	March 31, 2026 (Successor)		December 31, 2025 (Successor)
Total assets
Temporary Casino	$	61,162	$	61,009
Permanent Casino	590,142		559,331
Other(1)	1,612		423
Total	$	652,916	$	620,763

__________________________________

(1)    Other includes certain unallocated Corporate assets as of March 31, 2026 (Successor).

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REDEEMABLE NON-CONTROLLING INTEREST (Tables)

3 Months Ended

Mar. 31, 2026

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

Activity within redeemable non-controlling interest consisted of the following (in thousands):

Balance at December 31, 2025 (Successor)	$	511,767
Net loss	(19,873)
Balance at March 31, 2026 (Successor)	$	491,894

Balance at February 8, 2025 (Successor)	$	—
Reorganization and Private Placement	750,000
Net loss	(5,613)
Balance at March 31, 2025 (Successor)	$	744,387

__________________________________

There was no redeemable non-controlling interest as of December 31, 2024 (Predecessor), and there was no net loss attributable to redeemable non-controlling interest for the period from January 1 to February 7, 2025 (Predecessor).

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GENERAL INFORMATION (Details) ft² in Thousands, $ in Thousands		1 Months Ended	2 Months Ended	3 Months Ended
	Sep. 09, 2023 USD ($) gaming_position venue	Feb. 07, 2025 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2026 USD ($) ft² slot_machine room table_game venue parking_space	Dec. 31, 2025 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of slot machines | slot_machine				3,400
Number of table games | table_game				170
Number of venues | venue	5			10
Number of hotel rooms | room				500
Number of square feet in event center | ft²				65
Number of square feet in exhibition | ft²				20
Number of parking spaces | parking_space				3,300
Contract duration				3 years
Number of gaming positions | gaming_position	900
Costs incurred	$ 70,000
Net loss		$ (12,872)	$ (15,980)	$ (27,692)
Net cash used in operating activities		$ (6,136)	$ (11,031)	(64,530)
Accumulated deficit				(224,895)	$ (217,076)
Cash				13,116	$ 12,009
Other commitment				$ 600,000
Other commitment, term	2 years

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ / shares in Units, $ in Thousands				1 Months Ended		2 Months Ended		3 Months Ended	13 Months Ended
	Aug. 14, 2025 USD ($) shares	Mar. 10, 2025 USD ($) $ / shares shares	Feb. 07, 2025 shares	Mar. 31, 2025 USD ($)	Feb. 07, 2025 USD ($) shares	Mar. 31, 2025 USD ($) shares	Mar. 31, 2025 USD ($)	Mar. 31, 2026 USD ($) shares	Mar. 31, 2026 USD ($) shares	Dec. 31, 2025 USD ($) shares
Accounts, Notes, Loans and Financing Receivable [Line Items]
Common stock authorized (in shares)		34,300
Issuance of common stock | $				$ 750,000			$ 750,000
Subordinated loans due to related party (Bally’s Corporation) (Note 3) | $		$ 16,500						$ 77,625	$ 77,625	$ 77,625
Subordinated loan interest rate								11.00%
Cash | $								$ 13,116	13,116	$ 12,009
Advertising expense | $					$ 200	$ 500		300
Pre-opening costs | $					1,400	500		2,400
Employer contribution | $					100	100		200
Amount received in installment | $								12,200
Benefit for income taxes | $					$ 0	$ 0		(182)
Management Facility Agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Funding obligation from counterparty | $								$ 50,000	50,000
Contractual obligation, payable in term								2 years
Line of Credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt face amount | $	$ 61,200
Subordinated loan interest rate	11.00%
Bally's Chicago Holding Company, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ownership, voting interest		0.964
Bally's Chicago Holding Company, LLC | Bally's Chicago Operating Company, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ownership percentage		90.00%
Bally's Chicago Operating Company, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of shares issued in transaction (in shares)								3,326
Consideration received from sale of stock | $									83,200
Issuance of common stock | $				$ 750,000
Bally's Chicago Operating Company, LLC | Bally's Chicago Holding Company, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of shares acquired		30,000
Interest acquired, price per share (in dollars per share) | $ / shares		$ 25,000
Bally's Chicago Inc | Bally's Chicago Operating Company, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Consideration received on transaction | $	$ 92,100
Economic interest	81.00%
Bally's Chicago Inc | Bally's Chicago Operating Company, LLC | Bally's Chicago Operating Company, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of shares acquired	3,685
Private Placement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Subordinated loans due to related party (Bally’s Corporation) (Note 3) | $								$ 16,475	$ 16,475
Common Stock
Accounts, Notes, Loans and Financing Receivable [Line Items]
Common stock authorized (in shares)								0	0	0
Reorganization and private placement (in shares)						100
Common stock outstanding (in shares)								0	0	0
Class B
Accounts, Notes, Loans and Financing Receivable [Line Items]
Common stock authorized (in shares)								30,000	30,000	30,000
Reorganization and private placement (in shares)			(300)
Common stock outstanding (in shares)		30,000						30,000	30,000	30,000
Class A
Accounts, Notes, Loans and Financing Receivable [Line Items]
Common stock authorized (in shares)								12,500	12,500
Common stock outstanding (in shares)								7,016	7,016
Common stock, additional shares authorized (in shares)	8,200
Number of shares issued in transaction (in shares)	3,690
Consideration received from sale of stock | $	$ 31,100
Issuance of subordinated loans (in shares)		659
Anti-dilutive shares (in shares)					0	690		0
Class A | Private Placement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of shares issued in transaction (in shares)		3,985
Consideration received from sale of stock | $		$ 83,200

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Change in Shares Authorized to Issue (Details)	Mar. 31, 2026 vote $ / shares shares	Dec. 31, 2025 shares	Mar. 10, 2025 shares
Accounts, Notes, Loans and Financing Receivable [Line Items]
Common stock authorized (in shares)			34,300
Class A-1
Accounts, Notes, Loans and Financing Receivable [Line Items]
Common stock authorized (in shares)	3,000
Class A-2
Accounts, Notes, Loans and Financing Receivable [Line Items]
Common stock authorized (in shares)	500
Class A-3
Accounts, Notes, Loans and Financing Receivable [Line Items]
Common stock authorized (in shares)	500
Class A-4
Accounts, Notes, Loans and Financing Receivable [Line Items]
Common stock authorized (in shares)	8,500
Class B
Accounts, Notes, Loans and Financing Receivable [Line Items]
Common stock authorized (in shares)	30,000	30,000
Common stock par value (in dollars per share) | $ / shares	$ 0.001
Number of voting rights per share | vote	1
Class A
Accounts, Notes, Loans and Financing Receivable [Line Items]
Common stock authorized (in shares)	12,500
Common stock par value (in dollars per share) | $ / shares	$ 0.001
Number of voting rights per share | vote	1

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Stock Class (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	2 Months Ended	3 Months Ended
	Aug. 14, 2025	Mar. 10, 2025	Feb. 07, 2025	Mar. 31, 2025	Mar. 31, 2026
Accounts, Notes, Loans and Financing Receivable [Line Items]
Issuance of shares to Bally’s Corporation in lieu of promissory note repayment			$ 0	$ 6,325	$ 0
Class A-1 | Private Placement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Shares (in shares)	2,158	272
Price Per Share (in usd per share)	$ 250	$ 250
Class A-2 | Private Placement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Shares (in shares)	208	281
Price Per Share (in usd per share)	$ 2,500	$ 2,500
Class A-3 | Private Placement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Shares (in shares)	153	171
Price Per Share (in usd per share)	$ 5,000	$ 5,000
Class A-4 | Private Placement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Shares (in shares)	1,171	3,261
Price Per Share (in usd per share)	$ 25,000	$ 25,000
Class A-4 | Private Placement | Bally's Chicago Holding Company, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Shares (in shares)	1,000	2,800
Price Per Share (in usd per share)		$ 25,000
Consideration received from sale of stock	$ 25,000	$ 63,700
Issuance of shares to Bally’s Corporation in lieu of promissory note repayment		$ 6,300

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 83,442	$ 64,802
Less: Allowance for credit losses	(11)	0
Accounts receivable, net	83,431	64,802
Receivable From GLP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	81,586	63,172
Gaming receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	1,028	863
Non-gaming receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 828	$ 767

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RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	2 Months Ended	3 Months Ended
	Aug. 14, 2025	Feb. 07, 2025	Mar. 31, 2025	Mar. 31, 2026	Dec. 31, 2025
Related Party Transaction [Line Items]
Current maturities				$ 14,493	$ 14,493
Subordinated Debt
Related Party Transaction [Line Items]
Interest expense debt			$ 200	2,300
Promissory Note 2024
Related Party Transaction [Line Items]
Forgiveness, decrease	$ (651,000)
Remaining promissory note payable	$ 14,500
Interest expense debt				400
Related Party
Related Party Transaction [Line Items]
Selling, general and administrative expense		$ 6,100	8,900	15,000
Other liabilities				85,900
Current maturities				14,500
Related Party | Promissory Note 2024
Related Party Transaction [Line Items]
Average amount outstanding		$ 675,500	$ 655,800	$ 14,500
Related Party | Bally's Chicago Holding Company, LLC
Related Party Transaction [Line Items]
Related party transaction, rate				11.00%

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RELATED PARTY TRANSACTIONS - Schedule of Subordinated Loans (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 10, 2025
Related Party Transaction [Line Items]
Total Subordinated Loans	$ 77,625	$ 77,625	$ 16,500
Subordinated loan interest rate	11.00%
Private Placement
Related Party Transaction [Line Items]
Total Subordinated Loans	$ 16,475
IPO and Concurrent Private Placement
Related Party Transaction [Line Items]
Total Subordinated Loans	$ 61,150
Class A-1
Related Party Transaction [Line Items]
Initial Loan per Share	$ 24,750
Total Subordinated Loans	$ 60,142
Class A-1 | Private Placement
Related Party Transaction [Line Items]
Total Subordinated Loans	6,732
Class A-1 | IPO and Concurrent Private Placement
Related Party Transaction [Line Items]
Total Subordinated Loans	$ 53,410
Class A-2
Related Party Transaction [Line Items]
Initial Loan per Share	$ 22,500
Total Subordinated Loans	$ 11,003
Class A-2 | Private Placement
Related Party Transaction [Line Items]
Total Subordinated Loans	6,323
Class A-2 | IPO and Concurrent Private Placement
Related Party Transaction [Line Items]
Total Subordinated Loans	$ 4,680
Class A-3
Related Party Transaction [Line Items]
Initial Loan per Share	$ 20,000
Total Subordinated Loans	$ 6,480
Class A-3 | Private Placement
Related Party Transaction [Line Items]
Total Subordinated Loans	3,420
Class A-3 | IPO and Concurrent Private Placement
Related Party Transaction [Line Items]
Total Subordinated Loans	$ 3,060

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REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended
	Feb. 07, 2025	Mar. 31, 2025	Mar. 31, 2026
Disaggregation of Revenue [Line Items]
Total revenue	$ 11,487	$ 17,796	$ 33,117
Gaming
Disaggregation of Revenue [Line Items]
Total revenue	10,353	15,935	30,045
Non-gaming
Disaggregation of Revenue [Line Items]
Total revenue	1,134	1,861	3,072
Food and beverage
Disaggregation of Revenue [Line Items]
Total revenue	868	1,440	2,294
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 266	$ 421	$ 778

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REVENUE RECOGNITION - Narrative (Details) - USD ($)	1 Months Ended	2 Months Ended	3 Months Ended
	Feb. 07, 2025	Mar. 31, 2025	Mar. 31, 2026	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Receivables related to contracts with customers			$ 100,000	$ 34,000.0
Total revenue	$ 11,487,000	$ 17,796,000	33,117,000
Loyalty programs
Disaggregation of Revenue [Line Items]
Total revenue	$ 100,000	$ 200,000	$ 200,000

XML

REVENUE RECOGNITION - Contract Liability (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Contract liabilities related to loyalty programs	$ 2,673	$ 2,045
Unpaid wagers
Disaggregation of Revenue [Line Items]
Contract liabilities related to loyalty programs	2,332	1,700
Loyalty programs
Disaggregation of Revenue [Line Items]
Contract liabilities related to loyalty programs	256	273
Advanced deposits from customers
Disaggregation of Revenue [Line Items]
Contract liabilities related to loyalty programs	$ 85	$ 72

XML

BUSINESS COMBINATIONS - Schedule of Recognized Asset Acquired and Liability Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Feb. 07, 2025
Business Combination [Line Items]
Goodwill	$ 32,373	$ 32,373
Queen
Business Combination [Line Items]
Property and equipment, net			$ 178,376
Right of use assets, net			268,014
Goodwill			32,373
Intangible assets			295,400
Lease liabilities			(268,014)
Deferred tax liability			$ (4,801)

XML

BUSINESS COMBINATIONS - Narrative (Details)	Feb. 07, 2025
Licensing Agreements
Business Combination [Line Items]
Finite-lived, estimated useful life	18 years
Queen | Measurement Input, Terminal Growth Rate | Valuation, Income Approach
Business Combination [Line Items]
Measurement input	0.03
Queen | Measurement Input, Discount Rate | Valuation, Income Approach
Business Combination [Line Items]
Measurement input	0.135

XML

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 4,022	$ 4,044
Annual host community impact fees	1,667	2,667
Prepaid marketing	977	352
Services and license agreements	535	859
Other	265	430
Total prepaid expenses and other current assets	$ 7,466	$ 8,352

XML

PROPERTY AND EQUIPMENT - Schedule of Property Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 50,708	$ 49,935
Less: Accumulated depreciation	(18,815)	(14,661)
Total property and equipment, net	31,893	35,274
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	24,679	24,678
Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	24,132	24,131
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	398	398
Construction in process
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,499	$ 728

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PROPERTY AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended
	Feb. 07, 2025	Mar. 31, 2025	Mar. 31, 2026
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 2.0	$ 2.3	$ 4.2

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GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended
	Feb. 07, 2025	Mar. 31, 2025	Mar. 31, 2026
Goodwill [Line Items]
Amortization of gaming license		$ 2,500	$ 4,100
Permanent Casino
Goodwill [Line Items]
Goodwill, acquired			32,400
Goodwill, Impairment Loss			0
Amortization of gaming license	$ 9	$ 2,522	$ 4,103

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GOODWILL AND INTANGIBLE ASSETS - Schedule of Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 295,400	$ 295,400
Accumulated Amortization	(18,804)	(14,701)
Total	276,596	280,699
Licensing Agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	295,400	295,400
Accumulated Amortization	(18,804)	(14,701)
Total	$ 276,596	$ 280,699

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GOODWILL AND INTANGIBLE ASSETS - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining 2026	$ 12,308
2027	16,411
2028	16,411
2029	16,411
2030	16,411
Thereafter	198,644
Total	$ 276,596	$ 280,699

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ACCRUED AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Construction	$ 59,995	$ 46,109
Gaming liabilities	5,128	3,102
Compensation	1,877	2,447
Property taxes	1,508	2,119
Other	2,512	2,414
Accrued and other current liabilities	$ 71,020	$ 56,191

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LEASES - Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Jul. 17, 2025 USD ($) renewal_option
Leases [Abstract]
Land development liability	$ 7,875	$ 4,700
Right of use assets	7,652	4,406
Finance lease, liability			$ 940,000
Operating lease, term of contract			15 years
Number of renewal terms | renewal_option			4
Renewal term (in years)			5 years
Annual payments			$ 20,000
Discount rate			8.50%
Prepaid rent balance	$ 193,200	$ 175,800

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LEASES - Quantitative Information of Operating Leases (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended
	Feb. 07, 2025	Mar. 31, 2025	Mar. 31, 2026	Dec. 31, 2025
Lease, Cost [Abstract]
Operating lease cost	$ 2,560	$ 3,609	$ 1,147
Variable lease cost	14	20	84
Operating lease expense	2,574	3,629	1,231
Short-term lease expense	466	652	952
Total operating lease expense	3,040	4,281	2,183
Cash paid for amounts included in the lease liability - operating cash flows from operating leases	2,548	3,650	1,253
Right of use assets obtained in exchange for operating lease liabilities	$ 0	$ 0	$ 4,384
Weighted average remaining lease term			1 year 7 months 6 days	1 year 1 month 6 days
Weighted average discount rate			6.00%	6.00%

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LEASES - Future Minimum Rental Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
Remaining 2026	$ 3,991
2027	4,385
Total lease payments	8,376
Less: present value discount	(501)
Lease obligations	$ 7,875	$ 4,700

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COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended
	Feb. 07, 2025	Mar. 31, 2025	Mar. 31, 2026	Sep. 09, 2023
Long-Term Purchase Commitment [Line Items]
Other commitment			$ 600,000
Other commitment, term				2 years
Management fees to Bally's Corporation	$ 6,129	$ 8,871	15,000
Community Host Agreement
Long-Term Purchase Commitment [Line Items]
Other commitment			1,340,000
Annual Fixed Host Community Impact Fees
Long-Term Purchase Commitment [Line Items]
Other commitment			$ 4,000
Other commitment, term			2 years
Corporate Services Agreement, Monthly Payment
Long-Term Purchase Commitment [Line Items]
Other commitment			$ 5,000
Corporate Services Agreement
Long-Term Purchase Commitment [Line Items]
Management fees to Bally's Corporation	$ 6,100	$ 8,900	$ 15,000

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SEGMENT REPORTING - Narrative (Details)	3 Months Ended
	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	2
Number of operating segments	2

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SEGMENT REPORTING - Revenue by Segment (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended
	Feb. 07, 2025	Mar. 31, 2025	Mar. 31, 2026
Revenue
Total revenue	$ 11,487	$ 17,796	$ 33,117
Permanent Casino loss from operations	(12,872)	(15,732)	(25,137)
Temporary Casino operating costs and expenses:
Depreciation and amortization	(1,985)	(4,842)	(8,255)
Management fees to Bally's Corporation	(6,129)	(8,871)	(15,000)
Total other expense, net	0	(248)	(2,737)
Other adjustments	(314)	(369)	(906)
Loss before income taxes	(12,872)	(15,980)	(27,874)
Benefit for income taxes	0	0	(182)
Net loss	(12,872)	(15,980)	(27,692)
Temporary Casino
Revenue
Total revenue	11,487	17,796	33,117
Temporary Casino EBITDAR	(917)	1,634	1,452
Temporary Casino operating costs and expenses:
Depreciation and amortization	(1,976)	(2,320)	(4,152)
Management fees to Bally's Corporation	(6,129)	(8,871)	(15,000)
Permanent Casino
Revenue
Total revenue	0	0	0
Permanent Casino loss from operations	(3,536)	(5,806)	(6,531)
Temporary Casino operating costs and expenses:
Expansion costs	$ (1,348)	$ (465)	$ (2,428)

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SEGMENT REPORTING - Schedule of Segment EBITDAR (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended
	Feb. 07, 2025	Mar. 31, 2025	Mar. 31, 2026
Segment Reporting Information [Line Items]
Total revenue	$ 11,487	$ 17,796	$ 33,117
Less: Segment expenses
General and administrative	8,946	10,196	15,051
Rent expense	2,574	3,629	1,231
Amortization of gaming license		2,500	4,100
Permanent Casino loss from operations	(12,872)	(15,732)	(25,137)
Temporary Casino
Segment Reporting Information [Line Items]
Total revenue	11,487	17,796	33,117
Less: Segment expenses
Marketing costs	1,390	1,193	1,961
Gaming tax	3,271	4,868	9,152
Compensation	4,482	5,348	12,405
Casino property costs	590	1,749	4,547
General and administrative	770	1,991	2,801
Other segment items	1,901	1,013	799
Temporary Casino EBITDAR	(917)	1,634	1,452
Permanent Casino
Segment Reporting Information [Line Items]
Total revenue	0	0	0
Less: Segment expenses
Expansion costs	1,348	465	2,428
Rent expense	2,179	2,819	0
Amortization of gaming license	9	2,522	4,103
Permanent Casino loss from operations	$ (3,536)	$ (5,806)	$ (6,531)

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SEGMENT REPORTING - Schedule of Capital Expenditures (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended
	Feb. 07, 2025	Mar. 31, 2025	Mar. 31, 2026
Segment Reporting Information [Line Items]
Capital expenditures	$ 10,969	$ 22,941	$ 672
Temporary Casino
Segment Reporting Information [Line Items]
Capital expenditures	0	53	672
Permanent Casino
Segment Reporting Information [Line Items]
Capital expenditures	$ 10,969	$ 22,888	$ 0

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SEGMENT REPORTING - Schedule of Assets by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Segment Reporting Information [Line Items]
Total assets	$ 652,916	$ 620,763
Operating Segments | Temporary Casino
Segment Reporting Information [Line Items]
Total assets	61,162	61,009
Operating Segments | Permanent Casino
Segment Reporting Information [Line Items]
Total assets	590,142	559,331
Corporate And Reconciling Items
Segment Reporting Information [Line Items]
Total assets	$ 1,612	$ 423

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REDEEMABLE NON-CONTROLLING INTEREST - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended	2 Months Ended
	Aug. 14, 2025	Mar. 10, 2025	Mar. 31, 2025	Mar. 31, 2025
Redeemable Noncontrolling Interest [Line Items]
Reorganization and Private Placement			$ 750,000	$ 750,000
Settlement of promissory notes in exchange for non-cash capital from Bally’s Corporation	$ 589,800
Bally's Chicago Holding Company, LLC | Bally's Chicago Operating Company, LLC
Redeemable Noncontrolling Interest [Line Items]
Ownership percentage		90.00%
Bally's Chicago Operating Company, LLC
Redeemable Noncontrolling Interest [Line Items]
Shares outstanding (in shares)		33,326
Issuance of common stock shares (in shares)		33,326
Bally's Chicago Operating Company, LLC
Redeemable Noncontrolling Interest [Line Items]
Reorganization and Private Placement			$ 750,000
Bally's Chicago Operating Company, LLC | Bally's Chicago Holding Company, LLC
Redeemable Noncontrolling Interest [Line Items]
Number of shares acquired		30,000
Bally's Chicago Inc | Bally's Chicago Operating Company, LLC
Redeemable Noncontrolling Interest [Line Items]
Economic interest	81.00%
Ownership after transaction	90.00%

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REDEEMABLE NON-CONTROLLING INTEREST - Schedule of Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	1 Months Ended		2 Months Ended		3 Months Ended
	Mar. 31, 2025	Feb. 07, 2025	Mar. 31, 2025	Mar. 31, 2025	Mar. 31, 2026
Noncontrolling Interest [Abstract]
Beginning balance				$ 0	$ 511,767
Reorganization and Private Placement	$ 750,000			750,000
Net loss		$ 0	$ (5,613)	(5,613)	(19,873)
Ending balance	$ 744,387		$ 744,387	$ 744,387	$ 491,894
Temporary equity, net income		$ 0