Bally's Chicago, Inc.

CIK:0001935799|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		5 Months Ended	6 Months Ended
	Feb. 07, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2025	Jun. 30, 2026
Revenue
Total revenue	$ 11,487	$ 37,510	$ 34,361	$ 52,157	$ 70,627
Operating costs and expenses:
General and administrative	8,946	19,503	19,717	29,913	34,554
Management fees to Bally's Corporation	6,129	15,000	15,000	23,871	30,000
Depreciation and amortization	1,985	8,261	8,497	13,339	16,516
Total operating costs and expenses	24,359	63,366	64,313	97,841	121,620
Loss from operations	(12,872)	(25,856)	(29,952)	(45,684)	(50,993)
Other expense:
Interest expense, net of amounts capitalized	0	(2,942)	248	0	(5,679)
Total other expense, net	0	(2,942)	248	0	(5,679)
Loss before income taxes	(12,872)	(28,798)	(29,704)	(45,684)	(56,672)
Benefit for income taxes	0	(112)	0	0	(294)
Net loss	(12,872)	(28,686)	(29,704)	(45,684)	(56,378)
Net loss attributable to redeemable non-controlling interest	0	(20,297)	(25,944)	(31,557)	(40,170)
Net loss attributable to Bally’s Chicago, Inc.	$ (12,872)	$ (8,389)	$ (3,760)	$ (14,127)	$ (16,208)
Basic loss per share (in dollars per share)	$ (128,720)	$ (1,196)	$ (1,426)	$ (6,772)	$ (2,310)
Diluted loss per share (in dollars per share)	$ (128,720)	$ (1,196)	$ (1,426)	$ (6,772)	$ (2,310)
Weighted average common shares outstanding, basic (in shares)	100	7,016	2,636	2,086	7,016
Weighted average common shares outstanding, diluted (in shares)	100	7,016	2,636	2,086	7,016
Gaming
Revenue
Total revenue	$ 10,353	$ 34,170	$ 31,083	$ 47,018	$ 64,215
Operating costs and expenses:
Cost of goods and service, excluding depreciation, depletion, and amortization	6,039	17,587	17,646	25,803	34,204
Non-gaming
Revenue
Total revenue	1,134	3,340	3,278	5,139	6,412
Operating costs and expenses:
Cost of goods and service, excluding depreciation, depletion, and amortization	$ 1,260	$ 3,015	$ 3,453	$ 4,915	$ 6,346

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	1 Months Ended	5 Months Ended	6 Months Ended
	Feb. 07, 2025	Jun. 30, 2025	Jun. 30, 2026
Cash flows from operating activities:
Net loss	$ (12,872)	$ (45,684)	$ (56,378)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	1,985	13,339	16,516
Non-cash amortization of right of use assets	415	1,308	2,297
Deferred income taxes	0	0	(294)
Change in operating assets and liabilities:
Accounts receivable	177	(1,036)	(71,504)
Inventory	281	363	(733)
Prepaid expenses and other current assets	68	2,180	3,768
Accounts payable	261	4,235	20,386
Current portion of lease liabilities	(1,986)	154	(2,419)
Accrued and other current liabilities	5,514	(6,518)	16,077
Other assets	0	0	(45,228)
Other operating activities	21	47	15,546
Net cash used in operating activities	(6,136)	(31,612)	(101,966)
Cash flows from investing activities:
Capital expenditures	(10,969)	(57,457)	(810)
Net cash used in investing activities	(10,969)	(57,457)	(810)
Cash flows from financing activities:
Financing from Bally's Corporation, net	22,622	94,974	98,915
Repayment of promissory notes to Bally’s Corporation	0	(83,776)	0
Stock issuance costs	(1,452)	(4,062)	(795)
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	83,912	98,120
Net change in cash	4,065	(5,157)	(4,656)
Cash, beginning of period	14,519	18,584	12,009
Cash, end of period	18,584	13,427	7,353
Non-cash investing and financing activities:
Unpaid property and equipment	11,403	53,639	1,928
Change in unpaid issuance costs	485	1,064	34
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

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash	$ 7,353	$ 12,009
Accounts receivable, net	93,375	64,802
Inventory	3,572	2,839
Prepaid expenses and other current assets	6,541	8,352
Due from related party (Bally’s Corporation)	0	974
Total current assets	110,841	88,976
Property and equipment, net	29,642	35,274
Right of use assets, net	6,493	4,406
Goodwill	32,373	32,373
Intangible assets, net	272,493	280,699
Other assets	224,874	179,035
Total assets	676,716	620,763
Liabilities, Redeemable Non-controlling Interest, and Stockholders’ Deficit
Current portion of lease liabilities	4,723	4,595
Accounts payable	49,066	63,904
Accrued and other current liabilities	68,183	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)	117,574	19,634
Total current liabilities	254,039	158,817
Long-term portion of lease liabilities	1,931	94
Subordinated loans due to related party (Bally’s Corporation) (Note 3)	77,625	77,625
Deferred tax liability	2,641	2,934
Other long-term liabilities	20,001	4,437
Total liabilities	356,237	243,907
Commitments and contingencies (Note 11)
Redeemable non-controlling interest	471,597	511,767
Stockholders’ deficit:
Additional paid-in-capital	82,165	82,165
Accumulated deficit	(233,283)	(217,076)
Total stockholders’ deficit	(151,118)	(134,911)
Total liabilities, redeemable non-controlling interest, and stockholders’ deficit	676,716	620,763
Common Stock
Stockholders’ deficit:
Common stock value	0	0
Common Class A and B
Stockholders’ deficit:
Common stock value	$ 0	$ 0