Bally’s

Origins and Corporate History

Bally's Corporation traces its corporate roots to 2004, when investors acquired the former Lincoln Greyhound Park in Lincoln, Rhode Island, and developed it into the Twin River Casino Hotel. After expansion across Rhode Island and Colorado, the company went public as Twin River Worldwide Holdings. In 2020, it purchased Bally's Atlantic City and acquired the worldwide Bally's brand from Caesars Entertainment, rebranding the entire group as Bally's Corporation. The Bally's name, historically attached to the famous Bally's Las Vegas property, was thereafter applied to the group's expanding casino network and newly launched digital consumer brands.

Digital Expansion and Gamesys

The defining strategic move came in 2022, when Bally's completed a $2.7bn acquisition of UK-listed online gaming software supplier Gamesys Group. Gamesys brought Bally's a proven proprietary casino platform, decades of regulated online gaming experience, and a portfolio of international brands. The combined digital arm, Bally's Interactive, powered the launch of Bally Bet, Bally Casino and Bally Play across a growing list of US states, and also strengthened Bally's online operations in the UK and continental Europe. Former Gamesys CEO Lee Fenton became CEO of Bally's Interactive and later group CEO, before departing in 2024.

Land-Based Portfolio and Chicago

Land-based operations have expanded significantly alongside the digital push. Bally's owns a portfolio of regional casinos and resorts in Rhode Island, Mississippi, Colorado, Louisiana, Nevada and Illinois. In 2021, the company was selected by the city of Chicago to develop the city's first and only casino, a contested process that produced a $1.7bn integrated resort plan. A temporary venue opened at the historic Medinah Temple in September 2023, generating early revenue while construction moved toward the permanent Chicago casino development. The project has since faced friction with city authorities, notably a dispute over video gaming terminal economics that caused Bally's to pause certain amenities at the temporary facility.

Business Model and Market Position

Bally's makes money through traditional land-based casino gaming, hotel operations, and state-by-state online real-money gaming. Its digital model relies on proprietary Gamesys technology for online casino and sportsbook products, while free-to-play Bally Play serves as a market-entry and cross-sell tool. The company has historically grown through disciplined acquisitions of regional properties, often at valuations based on distressed or underperforming assets. Overall, Bally's ranked among the larger US regional gaming companies, with roughly 10,000 employees across land-based and digital divisions.

Leadership

Bally's is chaired by Soo Kim, founding partner of Standard General, who was named chairman after the hedge fund took a controlling stake. Rob DeSalvio, formerly president of Bally's Chicago, became group CEO in 2024, succeeding Lee Fenton. Marcus Glover serves as chief financial officer, and Nick Khin leads Bally's Interactive, the digital division housing Bally Bet and the online casino business.

Financial and Strategic Direction

Financially, the heavy capital commitments of the Chicago project and the costly expansion into online sports betting placed considerable pressure on Bally's balance sheet. A cyber incident in 2024 further disrupted operations. In 2025, after a takeover battle, Standard General completed its acquisition of Bally's and took the company private, delisting the stock from the NYSE. Bally's thus entered a new phase as a private gaming operator, continuing to operate dozens of casinos and a state-by-state online betting and iGaming business under the Bally Bet, Bally Casino and Bally Play brands.