BALY

PROVIDENCE, R.I., August 14, 2026--(BUSINESS WIRE)--Bally’s Corporation (NYSE: BALY) ("Bally’s" or the "Company") today reported financial results for the second quarter ended June 30, 2026. Second Quarter 2026 and Recent Highlights Consolidated revenue of $792.2 million increased 20.5% year-over-year Casinos & Resorts revenue of $401.0 million, up 2.0% year-over-year benefitting from landside move of Bally’s Baton Rouge and Bally’s Marquette, as well as strong growth at Bally’s temporary Chicago facility Bally's Intralot B2C revenue of $243.5 million, up 22.3% year-over-year driven by strong revenue growth in the UK, as well as the addition of Intralot's B2C business North America Interactive revenue of $66.1 million, up 16.9% year-over-year, reflecting healthy wagering revenue growth across all verticals In June, Bally’s Intralot announced an agreement to acquire evoke plc, a global leader in sports betting and online gaming Summary of Financial Results Robeson Reeves, Bally’s Chief Executive Officer, commented, "We delivered solid second quarter results across the enterprise and I am proud of the hard work and dedication of our team members as we move into the next phase of Bally’s omni-channel growth. We generated 20% consolidated year-over-year revenue growth driven by 22% growth in Bally’s Intralot B2C, 17% growth in North America Interactive, and 2% growth in our Casinos & Resorts business reflecting stable regional performance. As we look to the second half of 2026, our execution is creating revenue tailwinds both domestically and internationally, generating multiple levers to improve profitability, and building a solid foundation for long-term shareholder returns. "Domestically, we are making substantial progress on our development projects. Construction of Bally’s Chicago continues as we target opening of the permanent casino in early 2027. In Las Vegas, Major League Baseball’s Las Vegas Athletics are rapidly advancing construction on their new stadium, with completion slated before the start of the team’s 2028 season opening. At the same time, we are actively progressing the development of the retail, entertainment and dining complex. We are in advanced negotiations with potential partners for exciting retail and entertainment offerings, and look forward to updating the market on our plans as the project progresses. "We were thrilled to receive a Gaming Facility License from the New York State Gaming Commission at the end of last year. Bally’s has already made substantial investments in the project, including the $500 million license fee and $115 million golf course concession contingent payment, both of which were made in the first quarter of 2026. The $4.0 billion Bally’s Bronx integrated casino project is expected to open by 2030 and will feature 3 million square feet of gaming facilities, a 500-room hotel, a 2,000-person event center, and an 18-hole world-class golf course. We are actively raising additional capital for the further development and construction of the project and have substantial interest from potential partners for both project debt and equity financings. In July, we signed a non-binding term sheet for a pre-construction loan for Bally’s Bronx, and in August we entered into a letter of intent with a potential equity investor. "North America Interactive was a standout in the second quarter. Revenue grew 16.9% year-over-year to $66.1 million, and Segment Adjusted EBITDAR rose to $3.0 million as profitability growth outpaced the top line increase. The customer-focused and automation initiatives Sina Miri and his team have put in place over the past year are now showing up in both financial metrics. On a second quarter run-rate, this is a digital business generating over $250 million of annualized revenue that is contributing positively at the segment level. "On the international interactive side, our Bally’s Intralot B2C segment achieved solid performance in the second quarter of 2026, which was the first quarter to reflect the UK gaming tax increase from 21% to 40% (effective April 1, 2026). Against that backdrop, our top line in the UK continues to strengthen as constant currency year-over-year growth accelerated from 10.5% in the first quarter to 11.6% in the second quarter, and that momentum has carried into July when we saw year-over-year growth of approximately 13.0%. Importantly, we have delivered this quarter-on-quarter growth acceleration without incremental marketing spend - a real testament to the strength of our player base, product offering and the team behind it. The gross negative impact of the UK gaming tax change on our B2C segment EBITDAR was approximately $39 million in the quarter. We have been able to offset close to 65% of this impact through top-line growth and disciplined cost control, with our marketing reductions still to begin as planned into the second half. We remain firmly on track against the margin management commitments we previously disclosed to investors. "It is worth flagging that market consolidation in the UK has not moved quite as quickly as we originally expected. We see that as an opportunity still ahead of us rather than a concern, particularly as smaller operators come under increasing pressure post-World Cup and through the fall tax season. We are already delivering double-digit growth ahead of that consolidation, which gives us confidence in our position. "On the lottery side, we are making deliberate investments as we win and renew contracts, several of which are landing together at the same time. In April, we announced the award of a 15-year electronic gaming machine monitoring license in Victoria, Australia and a new contract of up to 12 years with the State Lottery of Chile. In May, we announced a new contract with Hellenic Lotteries in Greece, and in June, we were selected by OLG (Ontario Lottery & Gaming Corporation) as its new lottery technology solution provider. We are bringing in the right leadership and technology capability, including utilizing expertise from the legacy Gamesys business, to optimize the service and technology we deliver for our lottery partners. "In June, we announced our binding offer to acquire evoke plc, with regulatory approvals from the relevant competition and gaming authorities currently underway. Our accomplishments during the quarter strengthen our confidence in the value we can create together. The same playbook of cost discipline and organic growth translates directly to a business of evoke's scale and customer reach. "In summary, our strategic initiatives are creating a highly scaled, growing, global omni-channel provider of retail and online experiences and we are aggressively pursuing and executing on the many growth opportunities before us." Second Quarter Financial Review Second quarter 2026 Casinos & Resorts revenue of $401.0 million rose 2.0% year-over-year, with growth most notably at Bally’s Baton Rouge (formerly the Belle of Baton Rouge) which opened landside in December 2025, as well as Marquette that moved landside in February 2026. Casinos & Resorts also saw solid growth in the Company’s properties in Chicago and Quad Cities, partially offset by elevated competition impacting Atlantic City and East Saint Louis. Our overall portfolio recorded 4.3% growth in rated visitation, reflecting our ability to effectively engage and drive data base performance. The Casinos & Resorts Segment Adjusted EBITDAR grew 3.4% year-over-year to $109.6 million reflecting the second quarter 2026 revenue increase, partially offset by the allocation of approximately $1.6 million of additional shared services costs from Corporate to Casinos & Resorts to better align with our business structure. Second quarter 2026 Bally’s Intralot B2C revenue reflects continued strength in our U.K. operations. U.K. online revenue rose 11.6% in constant currency versus the second quarter of 2025, driven by organic growth and our strong player base. During the quarter, we mitigated the impact of the UK gaming tax increase through top line growth and disciplined cost reductions. Revenues in Spain delivered robust 15.1% year-over-year growth in constant currency, driven by an increase in new player volumes. Year-over-year growth in the Bally’s Intralot B2C segment was further supported by the inclusion of Intralot’s B2C business (sports betting in Turkey) starting in the fourth quarter of 2025. Bally’s presentation of Bally’s Intralot B2C Segment Adjusted EBITDAR under US GAAP includes approximately $5 million of negative IFRS to US GAAP adjustments due primarily to different accounting treatment of leases. The Bally’s Intralot B2B segment includes Intralot’s B2B and B2G operations following the completion of the Intralot transaction in the fourth quarter of 2025. Prior year second quarter revenue and Segment Adjusted EBITDAR represent a royalty cash flow stream related to a divested business. Bally’s presentation of Bally’s Intralot B2B Segment Adjusted EBITDAR under US GAAP includes approximately $7 million of negative IFRS to US GAAP adjustments due primarily to different accounting treatment of software development costs and leases. Revenue for our North America Interactive segment of $66.1 million rose 16.9% year-over-year in the second quarter with Segment Adjusted EBITDAR of $3.0 million, a $0.5 million improvement over prior year. The business continues to demonstrate heathy, sustainable growth, with strong momentum across the U.S. and Canada. Reconciliation of GAAP Measures to Non-GAAP Measures To supplement the financial information presented on a generally accepted accounting principles ("GAAP") basis, Bally’s has included in this earnings release non-GAAP financial measures for consolidated Adjusted EBITDA and Segment Adjusted EBITDAR, which exclude certain items described below. The reconciliations of these non-GAAP financial measures to their comparable GAAP financial measures are presented in the tables appearing below. "Adjusted EBITDA" is earnings, or loss, for Bally’s, or where noted Bally’s reportable segments, before, in each case, interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, acquisition and other transaction related costs, share-based compensation, and certain other gains or losses as well as, when presented for Bally’s reportable segments, an adjustment related to the allocation of corporate costs among segments. "Segment Adjusted EBITDAR" is Adjusted EBITDA (as defined above) for Bally’s reportable segments, plus rent expense associated with triple net operating leases for the real estate assets used in the operation of the Bally’s casinos. For the Bally's Intralot B2B, Bally's Intralot B2C, North America Interactive, and Other segments, Segment Adjusted EBITDAR and segment Adjusted EBITDA are equivalent due to a lack of triple net operating lease for real estate assets used in those segments. Management has historically used consolidated Adjusted EBITDA and Segment Adjusted EBITDAR when evaluating operating performance because Bally’s believes that these metrics are necessary to provide a full understanding of Bally’s core operating results and as a means to evaluate period-to-period performance. Management also believes that consolidated Adjusted EBITDA and Segment Adjusted EBITDAR are measures that are widely used for evaluating operating performance of companies in Bally’s industry and a principal basis for valuing such companies as well. Adjusted EBITDAR is used outside of our financial statements solely as a valuation metric. Management believes Adjusted EBITDAR is an additional metric traditionally used by analysts in valuing gaming companies subject to triple net leases since it eliminates the effects of variability in leasing methods and capital structures. Consolidated Adjusted EBITDA and segment Adjusted EBITDAR should not be construed as alternatives to GAAP net income as an indicator of Bally’s performance. In addition, Adjusted EBITDA or Segment Adjusted EBITDAR as used by Bally’s may not be defined in the same manner as other companies in Bally’s industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. About Bally’s Corporation Bally’s (NYSE: BALY) is a fast-growing global entertainment brand with 20 casinos across 11 U.S. states and one casino in Newcastle, UK, along with a golf course in New York and horse racetracks in Colorado and forthcoming in Wyoming. Bally’s also owns Bally Bet, a first-in-class sports betting and iGaming platform licensed in 16 jurisdictions in North America. Bally’s holds a majority interest in Bally’s Intralot S.A. (ATSE: BYLOT), a leading lottery solutions supplier and gaming operator active in 39 jurisdictions worldwide. Bally’s casino operations include approximately 17,700 slot machines, 630 table games, and 3,950 hotel rooms. Bally’s also has rights to developable land in Las Vegas at the site of the former Tropicana Las Vegas, has been awarded a license to build a full-scale casino and resort in The Bronx, New York, and an integrated destination resort in Chicago, Illinois. Bally’s is the first publicly traded gaming company to achieve Minority Business Enterprise (MBE) certification through the National Minority Supplier Development Council (NMSDC). Bally’s has over 12,000 employees across the world, recognized for their innovation, energy, and dedication to creating thrilling gaming experiences. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intend," "plan" and "will" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by Bally’s in this press release, its reports filed with the Securities and Exchange Commission ("SEC") and other public statements made from time-to-time speak only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for Bally’s to predict or identify all such events or how they may affect it. Bally’s has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include those included in Bally’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by Bally’s with the SEC. These statements constitute Bally’s cautionary statements under the Private Securities Litigation Reform Act of 1995. Revenue and Segment Adjusted EBITDAR (unaudited) Supplemental Unaudited Condensed Combined Financial Information The supplemental unaudited financial information below combines the historical results of operations of Bally’s and Queen for the periods presented and has been prepared to reflect the merger as if they had occurred on January 1, 2025. 2025 CONDENSED COMBINED INCOME STATEMENT INFORMATION Selected Financial Information (unaudited) View source version on businesswire.com: https://www.businesswire.com/news/home/20260814945151/en/ Contacts Investor Contact Mira MirchevaChief Financial [email protected] Media Contact Joseph Jaffoni, Christin [email protected]

Melco Resorts (MLCO) came out with quarterly earnings of $0.06 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.23 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this casino company would post earnings of $0.13 per share when it actually produced earnings of $0.21, delivering a surprise of +61.54%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Melco, which belongs to the Zacks Gaming industry, posted revenues of $1.25 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 2.93%. This compares to year-ago revenues of $1.33 billion. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Melco shares have lost about 27.1% since the beginning of the year versus the S&P 500's gain of 13.2%. While Melco has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Melco was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.09 on $1.33 billion in revenues for the coming quarter and $0.51 on $5.35 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Gaming is currently in the bottom 18% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Bally's (BALY), has yet to report results for the quarter ended June 2026. This casino operator is expected to post quarterly loss of $2.10 per share in its upcoming report, which represents a year-over-year change of +44.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Bally's' revenues are expected to be $778.5 million, up 18.4% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Melco Resorts & Entertainment Limited (MLCO) : Free Stock Analysis Report Bally's Corporation (BALY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Take-Two Interactive (TTWO) came out with quarterly earnings of $0.36 per share, beating the Zacks Consensus Estimate of $0.31 per share. This compares to earnings of $0.61 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +16.13%. A quarter ago, it was expected that this publisher of "Grand Theft Auto" and other video games would post earnings of $0.56 per share when it actually produced earnings of $0.8, delivering a surprise of +42.86%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Take-Two, which belongs to the Zacks Gaming industry, posted revenues of $1.39 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.30%. This compares to year-ago revenues of $1.42 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Take-Two shares have lost about 9.2% since the beginning of the year versus the S&P 500's gain of 12.6%. While Take-Two has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Take-Two was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.90 on $1.81 billion in revenues for the coming quarter and $6.86 on $8.56 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Gaming is currently in the bottom 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Bally's (BALY), has yet to report results for the quarter ended June 2026. This casino operator is expected to post quarterly loss of $2.10 per share in its upcoming report, which represents a year-over-year change of +44.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Bally's' revenues are expected to be $778.5 million, up 18.4% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Take-Two Interactive Software, Inc. (TTWO) : Free Stock Analysis Report Bally's Corporation (BALY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Gaming and Leisure Properties, Inc.? Here are five stocks we like better. Second-quarter performance strengthened: GLPI reported a 10% year-over-year increase in AFFO, driven by acquisitions, lease escalators and development funding. The company raised its quarterly dividend 5% to $0.82 per share. 2026 outlook remains positive: GLPI guided to AFFO of $1.219 billion to $1.225 billion, or $4.10 to $4.12 per share, including $400 million to $450 million of expected development funding over the next two quarters. Growth pipeline is active but selective: Management highlighted projects involving Bally’s, Penn Entertainment and other regional gaming operators, while remaining cautious about high-cost financing, early-stage projects and competitive acquisitions. Look To REITs For Reliable Yield Even In Recessionary Environment Gaming and Leisure Properties (NASDAQ:GLPI) reported second-quarter 2026 growth in adjusted funds from operations, or AFFO, as acquisitions, lease escalators and development funding increased cash income. Chairman and Chief Executive Officer Peter Carlino said AFFO rose 10% from a year earlier and described the company’s near- and medium-term growth pipeline as highly visible. Carlino said the regional gaming market remained strong despite concerns expressed elsewhere about the sector’s outlook. He said GLPI’s tenants were seeing same-store growth and attractive returns on investments in new properties and expansions. The company also raised its quarterly dividend 5% to $0.82 per share, bringing its three-year compounded dividend growth rate to 4.4%, according to Carlino. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now 3 High-Yield Dividend Stocks That Are Probably Not On Your Radar “We can finance everything that we’ve got announced with what we have available today,” Carlino said, adding that the company did not need to access capital markets if it chose not to do so. Chief Financial Officer and Treasurer Desiree Burke said total income from real estate exceeded the prior-year second quarter by more than $35 million. Cash income increased by about $43 million, driven by acquisitions and contractual escalations. → Microsoft Just Flipped the AI Spending Narrative Overnight The 10 Top-Rated Stocks by Wall Street Analysts in August 2021 Among the principal contributors were GLPI’s acquisition of Bally’s Lincoln real estate, which added $14 million of cash income; the Bally’s Chicago lease, which contributed $9 million; and the Belle development project, which added $2.4 million. Funding for Penn Entertainment projects in Joliet, Aurora and at M Resort collectively added $5.8 million, while the Sunland Park acquisition contributed $3.8 million. Loans associated with Dry Creek, Ione and Cordish Virginia added $4 million of cash income, Burke said. Lease escalators and percentage-rent adjustments provided an additional approximately $4 million. Non-cash items, including revenue gross-ups, investment and lease adjustments, and straight-line rent adjustments, reduced income by $7.2 million. → Carrier Earnings Could Send the Stock to a New All-Time High Operating expenses declined by $54 million, mainly because of non-cash adjustments and the provision for credit losses, Burke said. GLPI guided to 2026 AFFO of $1.219 billion to $1.225 billion, or $4.10 to $4.12 per diluted share and operating partnership unit. The guidance excludes potential future transactions but includes an estimated $400 million to $450 million of additional development funding expected to be deployed relatively evenly over the next two quarters. That would bring total projected development spending to $750 million to $800 million, unchanged from the prior quarter’s forecast. The company’s leverage ratio stood at 4.8 times, below its stated target range of five to 5.5 times. GLPI also settled a forward contract, issuing 7.6 million shares and generating net proceeds of $351 million. Burke said the development-funding guidance includes Bally’s Chicago, Ione, Dry Creek and Live! Virginia projects. The range reflects uncertainty over the timing of when project sponsors will request funding, rather than changes to the company’s overall commitments. Management said higher borrowing costs can raise GLPI’s own cost of debt and influence the pricing of future transactions. However, Chief Development Officer Steve Ladany said rising financing costs for casino operators may also encourage them to consider alternative capital sources. Regarding the Las Vegas stadium site, President and Chief Operating Officer Brandon Moore said the timing of GLPI’s remaining $125 million commitment remains uncertain. He said the Athletics’ stadium construction was progressing and that Bally’s was developing plans for infrastructure supporting the venue, including accessways, a podium and utility conduits. GLPI may evaluate further investment in that infrastructure but has not committed to fund more than $125 million. Moore said GLPI remains interested in Bally’s New York opportunity but does not believe it makes sense for the REIT to participate in the project’s early financing stages at its current cost of capital. GLPI has a right of first refusal on certain aspects of the project and intends to remain involved as the development and its financing plans advance. Management discussed recent announcements involving potential take-private transactions among gaming operators. Carlo Santarelli, senior vice president of corporate strategy and investor relations, said the developments supported GLPI’s view that gaming operators have been undervalued in public markets. Caesars represents about 7% of GLPI’s cash rent, while GLPI has no relationship with MGM, he said. Ladany said GLPI was not assuming that meaningful divestitures or derivative acquisition opportunities would result from those transactions, but the company would be receptive to discussions. He also said GLPI was aware of Churchill Downs’ process to explore sales of most of its gaming assets and expects to evaluate any broader sale process. Management said its underwriting process for transactions continues to emphasize long-term operating stability, tenant credit quality, competitive conditions, diversification and lease structure. Carlino said the company would not pursue transactions simply to win competitive auctions. GLPI also said it remains engaged in discussions with tribal gaming operators regarding development financing, refinancings and other potential uses of capital. Moore cautioned that tribal transactions can move slowly and that the timing of any potential deals is uncertain, but said the company expects future activity in the sector if it can resolve remaining hurdles. On online gaming legalization, Moore said GLPI sees legislative activity in Virginia, Maryland and Indiana but believes most states remain cautious about expanding internet gaming. He said the presence of online gaming has slowed growth in brick-and-mortar casino operations in Pennsylvania but has not impaired tenants’ ability or willingness to pay rent. Management said capital improvements have produced strong returns in several regional markets. Executives cited Boyd Gaming’s Treasure Chest project, Penn’s recent investments, Live! Virginia’s temporary facility and the Belle redevelopment in Baton Rouge. Carlino said the Belle project transformed two existing properties and expanded demand in what had been considered a stable, established market. Moore said GLPI continues to view its rent-coverage approach as validated by the resilience of regional gaming through changing economic conditions. The company said tenants have increased capital spending in some cases, particularly Penn’s renewed focus on brick-and-mortar investments, and that GLPI receives notice and project information when tenants pursue larger capital improvements. Gaming and Leisure Properties, Inc (NASDAQ: GLPI) is a real estate investment trust (REIT) specializing in the ownership and management of gaming and entertainment properties. Established in 2013 as a spin-off from Penn National Gaming, the company was designed to acquire and hold real estate assets associated with casinos, racetracks and other gaming facilities, while leasing those assets back to operating partners under long-term, triple-net lease agreements. The company's core activities involve identifying attractive gaming real estate, structuring lease agreements that align tenant incentives with property performance, and actively managing its portfolio to enhance asset value. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Gaming and Leisure Properties Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. AFFO Growth: Adjusted Funds From Operations (AFFO) expanded 10% year-over-year in the second quarter of 2026. Dividend: Increased by 5% to $0.82 per share, bringing three-year dividend growth compounded to 4.4%. Total Income from Real Estate: Exceeded the second quarter of 2025 by over $35 million. Cash Income Growth: Increased by approximately $43 million from acquisitions and escalations. Bally's Acquisitions: Lincoln real estate added $14 million; Chicago lease added $9 million; Bell Development Project added $2.4 million in cash income. Penn Funding: Joliet, Aurora, and M Resort funding collectively added $5.8 million in cash income. Strategic Acquisitions: Highland Park added $3.8 million; Dry Creek, ION, and Cordish Virginia loans added $4 million in cash income. Lease Escalations: Recognition of escalators and percentage rent adjustments added approximately $4 million in cash income. Operating Expenses: Decreased by $54 million, mainly due to non-cash adjustments and provision for credit losses. 2026 Guidance: Between $1.219 billion and $1.225 billion, or $4.10 to $4.12 per diluted share in OP units. Development Funding: Additional funding of approximately $400 million to $450 million expected over the next two quarters, bringing total development spend to $750 million to $800 million. Leverage Ratio: At 4.8 times, slightly below the target level of 5 to 5.5 times. Forward Contract Settlement: Issued 7.6 million shares and raised net proceeds of $351 million. Rent Coverage: Master lease rent coverage ranged from $158 to $246 in the quarter. Warning! GuruFocus has detected 5 Warning Signs with GLPI. Is GLPI fairly valued? Test your thesis with our free DCF calculator. Release Date: July 31, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Gaming and Leisure Properties Inc (NASDAQ:GLPI) reported a strong second quarter with AFFO expanding 10% year-over-year. The company increased its dividend by 5% to $0.82 per share, reflecting a three-year compounded dividend growth of 4.4%. Management highlighted that the regional gaming market remains strong, with tenants benefiting from good same-store growth and strong returns on investment. The company's balance sheet remains strong with leverage at 4.8 times, below its target range, providing flexibility to finance all announced projects without needing to access the capital markets. Gaming and Leisure Properties Inc (NASDAQ:GLPI) has a robust development pipeline, including projects like Chicago, Ione, Dry Creek, and Virginia, which provide clear visibility into near and medium-term growth. The company's guidance for 2026 does not include the impact of future transactions, limiting upside visibility from potential new deals. Rising interest rates, as indicated by the 10-year Treasury movement, increase borrowing costs for Gaming and Leisure Properties Inc (NASDAQ:GLPI), which could impact the pricing of future transactions. There is uncertainty regarding the impact of potential iGaming legislation in states like Virginia, Maryland, and Indiana, which could pose a long-term risk to brick-and-mortar gaming revenues. The company acknowledged that its stock is trading at a discount to its perceived value, with a high AFFO yield, reflecting a dislocation between market valuation and the actual strength of its assets. Management noted that the potential for M&A activity, such as take-privates of operators, could reduce public market transparency and make it harder to convey the strength of its portfolio to investors. Q: How is GLPI thinking about the recent trend of gaming operators potentially going private, and what impact could this have on the company? A: Carlo Santarelli (SVP, Corporate Strategy & IR) noted that the take-private transactions involving larger operators validate GLPI's long-held belief that gaming operator businesses have been undervalued in the public markets. Steven Ladany (SVP, Chief Development Officer) added that they do not anticipate forced divestitures from these deals, but GLPI remains open to discussions and would be receptive to any opportunities that arise from them. Q: Can you provide more detail on the $400-$450 million in additional development funding included in guidance, and how has the movement in the 10-year Treasury impacted the pipeline? A: Desiree Burke (CFO) confirmed the funding covers the Chicago, Ione, Dry Creek, and Virginia projects, which are all moving forward. Steven Ladany (SVP, Chief Development Officer) explained that while the higher rate environment impacts GLPI's borrowing costs and pricing, it also creates more interest from operators seeking alternative financing routes, acting as a double-edged sword. Q: What is the outlook for the regional gaming market, and what is driving the current strength? A: Peter Carlino (Chairman & CEO) stated emphatically that the regional gaming market remains strong, calling gaming revenues "bulletproof." He attributed the strength to a robust consumer market and noted that operators are seeing excellent returns on investments in new properties and expansions, such as Penn's new projects and hotel investments, which are performing "off the charts." Q: Could you provide an update on the Las Vegas Stadium site and the potential for additional investment there? A: Brandon Moore (President & COO) stated the stadium is ahead of schedule and will be a spectacular venue. He noted that Bally's is nearing a concrete plan for critical infrastructure like access ways and utilities, and there may be an opportunity for GLPI to invest more in that infrastructure. However, he clarified they are not prepared to commit beyond the $125 million at this time. Q: What is GLPI's view on the potential for iGaming legalization in states like Virginia, Maryland, and Indiana? A: Brandon Moore (President & COO) acknowledged momentum for iGaming in those states but noted that most states are proceeding cautiously due to concerns about the social impact of online gaming and sports betting. He suggested that while there is some momentum, the outcome remains unclear, and the broader trend is one of caution. Q: Can you provide an update on the Bally's New York opportunity and GLPI's potential role? A: Brandon Moore (President & COO) said not much has changed, and GLPI remains optimistic about the project's potential for Bally's. However, he noted it doesn't make sense for GLPI to be involved at the front end given its cost of capital. They remain close to Bally's and could play a role later, but it's too early to determine what that might be. Q: What is driving the strength in regional gaming, and is it sustainable? A: Peter Carlino (Chairman & CEO) attributed the strength to a strong economy and consumer market, noting that people prioritize entertainment. Carlo Santarelli (SVP, Corporate Strategy & IR) added that operators are seeing healthy returns on incremental capital, citing examples like Boyd's Treasure Chest and the temporary facility at Live Virginia, which bodes well for the future. Q: What is GLPI's main value proposition for operators considering funding development through GLPI versus raising capital themselves? A: Steven Ladany (SVP, Chief Development Officer) explained that operators benefit from depreciation and the potential to sell improvements back to GLPI at a profit later. Desiree Burke (CFO) added that GLPI provides 35-year funding, which is more akin to equity than debt, and is a significant advantage over the typical 10-year bonds operators can access. Q: Are there more opportunities for barge-to-land projects like the ones Boyd has successfully completed? A: Carlo Santarelli (SVP, Corporate Strategy & IR) confirmed GLPI has a list of such boats and believes the success of recent transitions will encourage more. Steven Ladany (SVP, Chief Development Officer) noted that operators like Penn, Bally's, and Boyd have proven the returns, and they will likely continue to look for similar opportunities, with GLPI open to discussions. Q: How does GLPI view the competitive landscape for acquisitions, particularly with private credit funds and other REITs? A: Steven Ladany (SVP, Chief Development Officer) expects VICI and private credit funds like Blue Owl to be active in processes like Churchill Downs. However, Brandon Moore (President & COO) emphasized that GLPI will not change its underwriting approach or chase deals, and Peter Carlino (Chairman & CEO) reiterated that "there's no deal we have to do." Q: Given the stock's high yield, where do stock buybacks fit into the capital allocation strategy? A: Peter Carlino (Chairman & CEO) called buybacks the "last choice" and a sign of "throwing in the towel." He expressed confidence in finding value-add opportunities through GLPI's unique development capabilities, which allow the company to achieve returns that are different from simply winning an auction. Q: How does the potential for iGaming legalization impact underwriting for new investments? A: Brandon Moore (President & COO) stated that iGaming hasn't impacted rent viability in states like Pennsylvania, where it has been present for years. While GLPI is cautious, it doesn't play a significant role in underwriting, though they would consider it if iGaming became detrimental to bricks-and-mortar investments. Carlo Santarelli (SVP, Corporate Strategy & IR) added that iGaming is considered in the "what could go wrong" category when underwriting 30-50 year leases. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

As the Q1 earnings season wraps, let’s dig into this quarter’s best and worst performers in the consumer discretionary - casino operator industry, including Bally's (NYSE:BALY) and its peers. The Consumer Discretionary sector, by definition, is made up of companies selling non-essential goods and services. When economic conditions deteriorate or tastes shift, consumers can easily cut back or eliminate these purchases. For long-term investors with five-year holding periods, this creates a structural challenge: the sector is inherently hit-driven, with low switching costs and fickle customers. As a result, only a handful of companies can reliably grow demand and compound earnings over long periods, which is why our bar is high and High Quality ratings are rare. Casino operators run gaming resorts and facilities that generate revenue from gambling, hospitality, food and beverage, and entertainment offerings. Tailwinds include pent-up travel demand, expansion into new jurisdictions legalizing gaming, and growing interest in integrated resort developments in Asia and the Middle East. However, the industry faces notable headwinds: heavy regulatory and licensing requirements limit operational flexibility, capital expenditure for property development and renovation is substantial, and revenue is highly sensitive to macroeconomic conditions and consumer confidence. Rising competition from online gambling platforms, regional saturation in mature markets, and geopolitical risks in key international jurisdictions add further uncertainty. The 9 consumer discretionary - casino operator stocks we track reported a mixed Q1. As a group, revenues beat analysts’ consensus estimates by 1.6%. Thankfully, share prices of the companies have been resilient as they are up 7.1% on average since the latest earnings results. Headquartered in Providence, Rhode Island, Bally's Corporation (NYSE:BALY) is a diversified global casino-entertainment company that owns and manages casinos, resorts, and online gaming platforms. Bally's reported revenues of $755.7 million, up 23.7% year on year. This print fell short of analysts’ expectations by 1.8%. Overall, it was a slower quarter for the company with a significant miss of analysts’ EPS and EBITDA estimates. Bally's pulled off the fastest revenue growth but had the weakest performance against analyst estimates of the whole group. Unsurprisingly, the stock is up 16.1% since reporting and currently trades at $13.71. Read our full report on Bally's here, it’s free. Established in 1993, Monarch (NASDAQ:MCRI) operates luxury casinos and resorts, offering high-end gaming, dining, and hospitality experiences. Monarch reported revenues of $136.6 million, up 8.9% year on year, outperforming analysts’ expectations by 5.2%. The business had an exceptional quarter with a beat of analysts’ EPS and adjusted operating income estimates. Monarch scored the biggest analyst estimate beat among its peers. The market seems happy with the results as the stock is up 22.1% since reporting. It currently trades at $120.40. Is now the time to buy Monarch? Access our full analysis of the earnings results here, it’s free. Operating several properties on the Las Vegas Strip, MGM Resorts (NYSE:MGM) is a global hospitality and entertainment company known for its resorts and casinos. MGM Resorts reported revenues of $4.45 billion, up 4.2% year on year, exceeding analysts’ expectations by 2%. Still, it was a softer quarter as it posted a significant miss of analysts’ EBITDA and EPS estimates. Interestingly, the stock is up 7.1% since the results and currently trades at $42.06. Read our full analysis of MGM Resorts’s results here. Founded by the former Mirage Resorts CEO, Wynn Resorts (NASDAQ:WYNN) is a global developer and operator of high-end hotels and casinos, known for its luxurious properties and premium guest services. Wynn Resorts reported revenues of $1.86 billion, up 9.2% year on year. This number beat analysts’ expectations by 1.8%. More broadly, it was a slower quarter as it logged a miss of analysts’ EBITDA estimates. The stock is down 5.9% since reporting and currently trades at $100.56. Read our full, actionable report on Wynn Resorts here, it’s free. Run by the Boyd family, Boyd Gaming (NYSE:BYD) is a diversified operator of gaming entertainment properties across the United States, offering casino games, hotel accommodations, and dining. Boyd Gaming reported revenues of $997.4 million, flat year on year. This result met analysts’ expectations. Aside from that, it was a slower quarter as it produced a miss of analysts’ adjusted operating income and EPS estimates. Boyd Gaming had the slowest revenue growth among its peers. The stock is down 8.4% since reporting and currently trades at $81.63. Read our full, actionable report on Boyd Gaming here, it’s free. Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure? These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability. Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate. StockStory’s analyst team — all seasoned professional investors — uses quantitative analysis and automation to deliver market-beating insights faster and with higher quality.

PROVIDENCE, R.I., May 18, 2026--(BUSINESS WIRE)--Bally’s Corporation (NYSE: BALY) ("Bally’s" or the "Company") today reported financial results for the first quarter ended March 31, 2026. First Quarter 2026 and Recent Highlights Consolidated revenue of $755.7 million increased 28.3% year over year Casinos & Resorts revenue of $379.7 million, up 8.1% year over year benefitting from The Queen Casino & Entertainment ("Queen") transaction completed in February 2025, as well as organic growth Bally's Intralot B2C revenue of $239.9 million, up 31.0% year over year driven by strong performance in the UK, as well as the addition of Intralot's B2C business North America Interactive revenue of $60.5 million, up 35.9% year over year, reflecting wagering revenue growth across all verticals In February, Bally’s entered into a new $1.1 billion credit facility due 2031 and completed the previously announced sale and leaseback of the real estate assets of its Lincoln Casino Resort to GLP Capital L.P. Summary of Financial Results Robeson Reeves, Bally’s Chief Executive Officer, commented, "We delivered solid first quarter results across the enterprise and continue to make progress on growing and diversifying our global footprint, delivering on operational synergies and strengthening our balance sheet. We believe economic conditions in areas where we operate remain stable and are confident in our ability to leverage our operational expertise and capital resources to deliver on our highly anticipated growth projects. "Domestically, we continue to make substantial progress on Bally’s Chicago – the only casino in the city limits of Chicago and the largest in the state of Illinois. In April, we celebrated the "topping out" of the project with the completion of the structural steel. The permanent casino will feature approximately 3,400 slots, over 170 table games, a 500-room hotel tower, a 3,000-seat theater, ten food and beverage venues and a river-side public park. "Following the official receipt of our Gaming Facility License from the New York State Gaming Commission, we are thrilled to move forward with Bally’s Bronx. Representing a $4.0 billion investment, this integrated resort is the largest private development in the borough’s history. During the first quarter, we finalized critical capital allocations and land acquisitions to pave the way for construction. This included the $500 million statutory New York license fee payment, a $115 million contingent consideration for the golf course concession, and the securing of approximately 16 acres of parkland designated for the resort's footprint. Expected to open by 2030, Bally’s Bronx will be a world-class destination delivering broad community benefits. The 3-million-square-foot facility will feature a premier gaming floor, a luxury 500-room hotel, a 2,000-seat event center, and an 18-hole golf course. As a landmark project for the region, it will drive tremendous local opportunity – creating thousands of jobs and delivering over $765 million in dedicated community benefits. "We also continue to move forward with our development of Bally’s Las Vegas on the former Tropicana site, sharing a 35-acre campus with Major League Baseball’s Las Vegas Athletics. This multi-phased project will feature an exciting mix of sports, casino, retail, dining, and immersive entertainment experiences with over 500,000 square feet of space and direct access to the ballpark. Construction of the A’s stadium is well underway to support the team’s 2028 season opening, while we are in active discussions with potential partners for exciting entertainment and retail offerings. "On the interactive side, Bally’s Intralot saw strong performance, particularly in our UK region and B2C business. We are now over seven months into the integration of Bally’s International Interactive and Intralot and the teams have come together well, sharing common strategy and priorities while tracking in line with our synergy plan. While the higher UK remote gaming duty went into effect on April 1st, our UK business has been robust, and we remain confident in the gaming tax increase mitigation plan we disclosed last year. In this regard, during the first quarter we saw increasing active player numbers and grew revenue 10.5% year over year in constant currency. "In the fourth quarter of 2025, following confirmation of suitability by Australian regulators, Bally’s converted its loan to The Star Entertainment Group Limited ("Star") into a 38% equity interest. Bally’s management team is lending valuable expertise and support to Star and we’re seeing both revenue and cost initiatives gain good traction. In early May, Star announced the full refinancing of its prior debt with a US$390 million facility from WhiteHawk Capital Partners, substantially increasing the company’s liquidity and setting the stage for a continued recovery. "In summary, our strategic initiatives are creating a scaled, growing, global omni-channel provider of retail and online experiences and we are aggressively pursuing and executing on the many growth opportunities before us." First Quarter Financial Review First quarter 2026 Casinos & Resorts revenue of $379.7 million rose 8.1% year over year, reflecting the addition of our Queen properties in February 2025. Year-over-year growth was notably strong at Bally’s Baton Rouge (formerly the Belle of Baton Rouge) which opened landside in December 2025, as well as Marquette that moved landside in February 2026. Casinos & Resorts also saw strong growth in the Company’s properties in Chicago and Quad Cities, partially offset by elevated competition in Shreveport and Dover. Overall, Bally’s properties grew at a higher rate in the first quarter than competitors in our relevant markets. Casinos & Resorts Segment Adjusted EBITDAR grew 1.2% year over year to $96.2 million reflecting the first quarter 2026 revenue increase, partially offset by elevated competition and allocation of approximately $1.6 million of additional shared services costs from Corporate to Casinos & Resorts to better align with our business structure. First quarter 2025 Bally’s Intralot B2C revenue reflects continued strength in our U.K. operations. U.K. online revenue rose 10.5% in constant currency versus the first quarter of 2025, driven by a significant increase in new player volumes. During the quarter, we saw reduced marketing from weaker operators upon the tax increase announcement and our UK iGaming revenue growth in the first quarter outpaced that of our competitors. Revenues in Spain remained stable delivering 1.7% year over year in constant currency. Year over year growth in the Bally’s Intralot B2C segment was further supported by the inclusion of Intralot’s B2C starting in the fourth quarter of 2025. The Bally’s Intralot B2B segment includes Intralot’s B2B and B2G operations following the completion of the Intralot transaction in the fourth quarter of 2025. Prior year first quarter revenue and Segment Adjusted EBITDAR represent a royalty cash flow stream related to a divested business. Legacy Intralot B2B business saw essentially flat EBITDAR year over year, despite a revenue decline in the US due to softer lottery activity. Bally’s presentation of Bally’s Intralot B2B Segment Adjusted EBITDAR under US GAAP includes $7.5 million of negative IFRS to US GAAP adjustments due to different accounting treatment of software development costs and leases. Revenue for our North America Interactive segment of $60.5 million rose 35.9% year-over-year in the first quarter and recorded negative Segment Adjusted EBITDAR of $7.1 million, a $0.9 million improvement over prior year. This reflected the impact of top line growth across all verticals. Revenue, customer retention and cost management initiatives implemented by the new North America Interactive leadership team are bearing the positive results we anticipated. Reconciliation of GAAP Measures to Non-GAAP Measures To supplement the financial information presented on a generally accepted accounting principles ("GAAP") basis, Bally’s has included in this earnings release non-GAAP financial measures for consolidated Adjusted EBITDA and Segment Adjusted EBITDAR, which exclude certain items described below. The reconciliations of these non-GAAP financial measures to their comparable GAAP financial measures are presented in the tables appearing below. "Adjusted EBITDA" is earnings, or loss, for Bally’s, or where noted Bally’s reportable segments, before, in each case, interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, acquisition and other transaction related costs, share-based compensation, and certain other gains or losses as well as, when presented for Bally’s reportable segments, an adjustment related to the allocation of corporate costs among segments. "Segment Adjusted EBITDAR" is Adjusted EBITDA (as defined above) for Bally’s reportable segments, plus rent expense associated with triple net operating leases for the real estate assets used in the operation of the Bally’s casinos. For the Bally's Intralot B2B, Bally's Intralot B2C, North America Interactive, and Other segments, Segment Adjusted EBITDAR and segment Adjusted EBITDA are equivalent due to a lack of triple net operating lease for real estate assets used in those segments. Management has historically used consolidated Adjusted EBITDA and Segment Adjusted EBITDAR when evaluating operating performance because Bally’s believes that these metrics are necessary to provide a full understanding of Bally’s core operating results and as a means to evaluate period-to-period performance. Management also believes that consolidated Adjusted EBITDA and Segment Adjusted EBITDAR are measures that are widely used for evaluating operating performance of companies in Bally’s industry and a principal basis for valuing such companies as well. Adjusted EBITDAR is used outside of our financial statements solely as a valuation metric. Management believes Adjusted EBITDAR is an additional metric traditionally used by analysts in valuing gaming companies subject to triple net leases since it eliminates the effects of variability in leasing methods and capital structures. Consolidated Adjusted EBITDA and segment Adjusted EBITDAR should not be construed as alternatives to GAAP net income as an indicator of Bally’s performance. In addition, Adjusted EBITDA or Segment Adjusted EBITDAR as used by Bally’s may not be defined in the same manner as other companies in Bally’s industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. About Bally’s Corporation Bally’s (NYSE: BALY) is a fast-growing global entertainment brand with 19 casinos across 11 U.S. states and one casino in Newcastle, UK, along with a golf course in New York and horse racetracks in Colorado and forthcoming in Wyoming. Bally’s also owns Bally Bet, a first-in-class sports betting and igaming platform licensed in 14 jurisdictions in North America. Bally’s holds a majority interest in Bally’s Intralot S.A. (ATSE: BYLOT), a leading lottery solutions supplier and gaming operator active in 39 jurisdictions worldwide. Bally's casino operations include approximately 17,700 slot machines, 630 table games, and 3,950 hotel rooms. Bally’s also has rights to developable land in Las Vegas at the site of the former Tropicana Las Vegas, has been awarded a license to build a full-scale casino and resort in The Bronx, New York, and an integrated destination resort in Chicago, Illinois. Bally’s is the first publicly traded gaming company to achieve Minority Business Enterprise (MBE) certification through the National Minority Supplier Development Council (NMSDC). Bally’s has over 12,000 employees across the world, recognized for their innovation, energy, and dedication to creating thrilling gaming experiences. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intend," "plan" and "will" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by Bally’s in this press release, its reports filed with the Securities and Exchange Commission ("SEC") and other public statements made from time-to-time speak only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for Bally’s to predict or identify all such events or how they may affect it. Bally’s has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include those included in Bally’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by Bally’s with the SEC. These statements constitute Bally’s cautionary statements under the Private Securities Litigation Reform Act of 1995. Revenue and Segment Adjusted EBITDAR (unaudited) Supplemental Unaudited Condensed Combined Financial Information The supplemental unaudited financial information below combines the historical results of operations of Bally’s and Queen for the periods presented and has been prepared to reflect the merger as if they had occurred on January 1, 2025. 2025 CONDENSED COMBINED INCOME STATEMENT INFORMATION Selected Financial Information (unaudited) View source version on businesswire.com: https://www.businesswire.com/news/home/20260518394176/en/ Contacts Investor Contact Mira MirchevaChief Financial [email protected] Media Contact Joseph Jaffoni, Christin [email protected]

Management reiterated mid- to high-single-digit AFFO growth and issued full-year 2026 AFFO guidance of $1.212 billion to $1.223 billion (or $4.08 to $4.12 per diluted share), while signaling a $1.8 billion capital commitment runway expected to be mostly deployed by year-end 2027 that includes $750M–$800M of 2026 development spend and the planned $225 million Aurora acquisition. Q1 total income from real estate rose by more than $24 million year-over-year, driven by about $33 million of cash rent increases from acquisitions and escalators (including Bally’s Lincoln, Chicago, Baton Rouge and others), partially offset by $8 million of non‑cash items and with operating expenses down roughly $49.8 million. Balance-sheet and market backdrop: GLPI ended the quarter at a 5x leverage ratio with $275 million cash, roughly $230 million of annual free cash flow and forward equity settling June 1 to fund the pipeline, and management said cap rates are normalizing to levels it views as accretive (around an “8” in front of the cap rate). Interested in Gaming and Leisure Properties, Inc.? Here are five stocks we like better. Look To REITs For Reliable Yield Even In Recessionary Environment Gaming and Leisure Properties (NASDAQ:GLPI) reported what management described as a “terrific quarter” in its first-quarter 2026 earnings call, citing mid- to high-single-digit growth in adjusted funds from operations (AFFO) and AFFO per share and pointing to a multi-year development and acquisition pipeline. Chairman and CEO Peter Carlino said the company continues to have “a clear and well-documented line of sight toward a very healthy multi-year AFFO growth” across its acquisition and development pipelines. Carlino said that with the February acquisition of Bally’s Lincoln and progress across development projects, GLPI’s future capital commitments stand at roughly $1.8 billion, “nearly all of which we expect to deploy by year-end 2027.” → Pipelines and Automation: 2 Energy Plays Built for Any Oil Price 3 High-Yield Dividend Stocks That Are Probably Not On Your Radar Carlino also emphasized what he characterized as steady tenant health despite recent regional gaming volatility, noting that “our rent coverage remains strong, with the vast majority of our leases covered at 1.8x or higher.” He added that GLPI remains active in the market, but reiterated a long-standing discipline around deal selection: “there is no transaction that we have to do.” Chief Financial Officer and Treasurer Desiree Burke said first-quarter 2026 total income from real estate exceeded the first quarter of 2025 by over $24 million. Burke attributed the increase primarily to about $33 million in cash rent increases from acquisitions and escalators, including: Bally’s Lincoln acquisition adding $7.5 million in cash rent Chicago lease increasing cash income by $5.5 million Bally’s Baton Rouge development increasing cash rent by $2.6 million PENN Joliet M funding increasing cash income by $5.4 million Sunland Park increasing cash income by $3.8 million Dry Creek, Ione, and Cordish Virginia loans adding $3.5 million Escalators and percentage rent adjustments contributing approximately $4.6 million → Homebuilder Earnings: D.R. Horton Sticks Out as Pulte & NVR Sales Tank The 10 Top-Rated Stocks by Wall Street Analysts in August 2021 Burke said certain non-cash revenue items partially offset these increases, producing a collective year-over-year decrease of $8 million for those non-cash components. She also noted operating expenses declined by $49.8 million, “mainly due to the non-cash adjustments in the provision for credit losses.” GLPI issued full-year 2026 AFFO guidance of $1.212 billion to $1.223 billion, or $4.08 to $4.12 per diluted share in OP units. Burke said the guidance excludes the impact of future transactions, but includes additional development funding of roughly $590 million to $640 million across the remainder of 2026, bringing total 2026 development spend to $750 million to $800 million. → 3 Stocks Poised to Grow on European Rearmament Spending The company’s guidance also includes the planned $225 million acquisition of PENN’s Aurora facility, which Burke said is expected “late in the second quarter,” and the anticipated settlement of $363 million of forward equity on June 1. Burke said the upward revision to 2026 development spend is “mainly due to our Chicago project,” where GLPI has “greater visibility and a clearer spend cadence” as construction progresses. She said the increased funding guidance reflects timing of spend rather than a change in expected opening dates. Chief Development Officer Steve Ladany added that Chicago is expected to top out both “the podium and the tower next week” and said the project remains “on track for a first half 2027 opening.” Asked about Live! Virginia, Burke confirmed the remaining funding expectations are included in guidance but said the company has not provided month-by-month detail. President and COO Brandon Moore noted that the Cordish structure differs from other projects because “the Cordish equity dollars are all being spent first,” which management said should improve visibility as the project advances. On property performance, Moore highlighted several recent openings and expansions. He said PENN’s Hollywood Joliet has delivered strong early results, referencing PENN’s own recent commentary. Moore also said Live! Petersburg, which opened January 22, has been “incredibly strong,” generating “a little bit over $15 million a month in each of the two months that that’s been open.” He said Bally’s Baton Rouge, which opened in December 2025, has shown a similar pattern with market expansion versus the prior riverboat facility. Carlo Santarelli, SVP of corporate strategy and investor relations, added that GLPI’s first tribal investment with Ione opened in February and had a “very strong opening,” which he said appears to have grown the market. On lease-level dynamics, Burke said the only lease GLPI does not currently expect to receive an escalation on is the Pinnacle lease. She said expected percentage rent adjustments on the Pinnacle lease and a few other leases should represent “a small decrease for 2026,” below $4 million on a full-year basis, with roughly half of that expected to impact 2026. Addressing coverage questions around Caesars, Santarelli said Caesars master lease coverage was 1.59x for the quarter, which he described as “still a very fine, solid coverage.” He attributed some performance pressure to factors including “some hold in Atlantic City” and renovations at a property there, and said GLPI feels it has “our hands around that situation.” On the transaction environment, Ladany said GLPI is in “very active dialogue” on opportunities ranging from large-scale portfolio divestitures to ongoing tribal discussions, though he said the company was not in a position to announce anything. He also said cap rates appear to be “normalizing” at levels “accretive” to GLPI, and suggested that recent 7.5% cap rates are “not indicative” of what he expects going forward. “I think…a regular way down the middle of the fairway transaction is going to go for right now…with an eight in front of it,” he said, while cautioning that each transaction is negotiated and the market can change. Burke said GLPI ended the quarter with a leverage ratio of 5x, “at the low end of our target level.” In response to questions about funding the $1.8 billion pipeline, Burke noted the company has $275 million of cash not yet deployed and free cash flow “in the tune of $230 million or so per year,” as well as forward equity expected to settle June 1. Burke said management expects that after funding the remaining commitments and receiving the associated AFFO contribution, leverage should still be “at the low end of our 5x-5.5x” target range. On longer-term growth visibility, Burke said she can “clearly see through 2027” but said results in 2028 and beyond will depend on future accretive transactions, beyond contractual escalators. Management also addressed several investor topics during Q&A, including potential impacts from Chicago video gaming terminals (VLTs), prediction markets, the status of the Rockford loan (discussions ongoing), and questions about lease durability in the context of media speculation about Caesars. Moore said GLPI’s leases include “qualified or discretionary transferee” provisions, and he indicated that replacement guarantee requirements are among the conditions tied to any tenant transition, while also stating the company does not yet have visibility into transaction structures under discussion publicly. Carlino closed the call by thanking participants and said the company would provide another update next quarter. Gaming and Leisure Properties, Inc (NASDAQ: GLPI) is a real estate investment trust (REIT) specializing in the ownership and management of gaming and entertainment properties. Established in 2013 as a spin-off from Penn National Gaming, the company was designed to acquire and hold real estate assets associated with casinos, racetracks and other gaming facilities, while leasing those assets back to operating partners under long-term, triple-net lease agreements. The company's core activities involve identifying attractive gaming real estate, structuring lease agreements that align tenant incentives with property performance, and actively managing its portfolio to enhance asset value. The article "Gaming and Leisure Properties Q1 Earnings Call Highlights" was originally published by MarketBeat.