Bally's Corp

For the period ended Dec 31, 2025. Filed Mar 23, 2026.

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FY2025 · Filed Mar 23, 2026

BALY$11.99-3.2%Stored close · as of Nov 9, 2026

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Contents

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis. Financial

assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value

measurement. There were no assets and liabilities measured at fair value on a nonrecurring basis.

	Successor
(in thousands) · Balance Sheet Location · Level 1 · Level 2 · Level 3
Assets:
Cash and cash equivalents	Cash and cash equivalents		$798,423		$—		$—
Restricted cash	Restricted cash		108,263		—		—
Investment in GLPI partnership	Other assets		—		18,946		—
Investment in The Star	Other assets		301,285		—		—
Derivative assets not designated as hedging instruments:
Cross currency swaps	Prepaid expenses and other current assets		—		3,975		—
Cross currency swaps	Other assets		—		1,111		—
Total derivative assets at fair value		—		5,086		—
Total assets			$1,207,971		$24,032		$—
Liabilities:
Contingent consideration	Accrued and other current liabilities		$—		$—		$115,000
Contingent consideration	Other long-term liabilities		—		—		8,885
Derivative liabilities not designated as hedging instruments:
Cross currency swaps	Accrued and other current liabilities		—		17,643		—
Cross currency swaps	Other long-term liabilities		—		51,716		—
Derivative liabilities designated as hedging instruments:
Interest rate contracts	Accrued and other current liabilities		—		9,166		—
Interest rate contracts	Other long-term liabilities		—		29,854		—
Total derivative liabilities at fair value		—		108,379		—
Total liabilities			$—		$108,379		$123,885

	Predecessor
(in thousands) · Balance Sheet Location · Level 1 · Level 2 · Level 3
Assets:
Cash and cash equivalents	Cash and cash equivalents		$171,233		$—		$—
Restricted cash	Restricted cash		60,021		—		—
Investment in GLPI partnership	Other assets		—		20,418		—
Derivative assets not designated as hedging instruments
Cross currency swaps	Prepaid expenses and other current assets		—		4,871		—
Cross currency swaps	Other assets		—		615		—
Derivative assets designated as hedging instruments:
Interest rate contracts	Prepaid expenses and other current assets		—		340		—
Interest rate contracts	Other assets		—		336		—
Cross currency swaps	Prepaid expenses and other current assets		—		148		—
Cross currency swaps	Other assets		—		13,181		—
Total derivative assets at fair value		—		19,491		—
Total assets			$231,254		$39,909		$—
Liabilities:
Contingent consideration	Other long-term liabilities		$—		$—		$59,923
Derivatives not designated as hedging instruments:
Sinclair Performance Warrants	Other long-term liabilities		—		—		58,668
Cross currency swaps	Other long-term liabilities		—		11,174		—
Derivative liabilities designated as hedging instruments:
Interest rate contracts	Accrued and other current liabilities		—		1,855		—
Interest rate contracts	Other long-term liabilities		—		13,372		—
Cross currency swaps	Accrued and other current liabilities		—		1,189		—
Cross currency swaps	Other long-term liabilities		—		1,624		—
Total derivative liabilities at fair value		—		29,214		58,668
Total liabilities			$—		$29,214		$118,591

There were no transfers made among the three levels in the fair value hierarchy for theperiod from February 8, 2025 to

December 31, 2025 (Successor), period from January 1, 2025 to February 7, 2025 (Predecessor) and year ended December 31,

2024 (Predecessor).

The following table summarizes the changes in fair value of the Company’s Level 3 assets and liabilities:

(in thousands)	Sinclair Performance Warrant Liability	Contingent Consideration Liability
Balance as of December 31, 2023 (Predecessor)	$44,703	$58,580
Change in fair value	13,965	1,343
Balance as of December 31, 2024 (Predecessor)	58,668	59,923
Change in fair value	1,180	786
Balance as of February 7, 2025 (Predecessor)	$59,848	$60,709
Balance as of February 8, 2025 (Successor)	$—	$60,709
Change in fair value	—	63,176
Balance as of December 31, 2025 (Successor)	$—	$123,885

The gains (losses) recognized in the consolidated statements of operations for derivative instruments are as follows:

Successor · Predecessor
	Consolidated Statements of Operations Location	Period from February 8, 2025 to December 31, 2025	Period from January 1, 2025 to February 7, 2025	Year Ended December 31, 2024
(in thousands)
Derivatives not designated as hedging instruments
Deal Contingent FX Forwards	Other non-operating income (expense), net	$(774)	$—	$—
Sinclair Performance Warrants	Other non-operating income (expense), net	—	(1,180)	(13,965)
Cross currency swaps(1)	Other non-operating income (expense), net	11,696	50	(9,078)
Derivatives designated as hedging instruments
Interest rate contracts	Interest expense, net	$4,422	$(105)	$(11,031)
Cross currency swaps	Interest expense, net	2,063	7	(3,658)

(1)Amounts during the year ended December 31, 2024 (Predecessor), as a result of the Company’s de-designation of its EUR-GBP cross currency swaps as

net investment hedges, are included in General and administrative.

Derivative Instruments

The fair values of interest rate contracts and cross currency swap assets and liabilities are classified within Level 2 of the fair

value hierarchy as the valuation inputs are based on estimates using currency spot and forward rates and standard pricing

models that consider the value of future cash flows as of the balance sheet date, discounted to a present value using discount

factors that match both the time to maturity and currency of the underlying instruments. These standard pricing models utilize

inputs that are derived from or corroborated by observable market data such as interest rate yield curves as well as currency spot

and forward rates. When designated as hedging instruments, changes in the fair value of these contracts are reported as a

component of other comprehensive income (loss). When not designated as hedging instruments, changes in fair value of these

contracts are reported within Other non-operating income (expense), net in the consolidated statements of operations.

Sinclair Performance Warrants

Sinclair Performance Warrants were accounted for as a derivative instrument classified as a liability within Level 3 of the

hierarchy through February 7, 2025 (Predecessor) as the warrants are not traded in active markets and are subject to certain

assumptions and estimates made by management related to the probability of meeting performance milestones. These

assumptions and the probability of meeting performance targets may have a significant impact on the value of the warrant. The

Performance Warrants were valued using an option pricing model, considering the Company’s estimated probabilities of

achieving the performance milestones for each tranche. Inputs to this valuation approach include volatility between 40% and

67%, risk free rates between 3.84% and 4.79%, the Company’s common stock price for each period and expected terms

between 1.5 and 6.3 years. In connection with the Queen Merger, as of February 7, 2025, all outstanding Performance Warrants

became immediately exercisable at a price of$0.01 per share and were reclassified out of liabilities and into equity and are no

longer measured at fair value. The fair value is recorded within “Other long-term liabilities” of the consolidated balance sheets

as of December 31, 2024 (Predecessor).

Contingent consideration

In connection with the acquisition of Bally’s Golf Links on September 12, 2023 (Predecessor), the purchase price included

future cash payments totaling up to$125 million to the seller, based upon future events, which were uncertain at the time of

acquisition. The Company recorded contingent consideration at fair value as a liability on the acquisition date, which was

subsequently remeasured at each reporting date within “Other, non-operating expenses, net” in the consolidated statements of

operations. The contingent consideration was valued at$59.9 million as of December 31, 2024 (Predecessor) and$123.9

million as of December 31, 2025 (Successor). As of December 31, 2024 (Predecessor), Level 3 inputs to this valuation

approach included the Company’s estimated probabilities of achieving the conditions for payment, expected terms between 1.5

and 3 years, and discount rates between 7.2% and 7.8%. As of December 31, 2025 (Successor), the contingency related to

$115 million of the$125 million total payments was resolved and is payable in 2026. As such, that contingency was marked to

its fair value of$115 million and is classified as a current liability.

Fair Value Option Equity Method Investments

The Company has long-term investments in unconsolidated entities which it accounts for under the equity method of

accounting. The Company has elected the fair value option allowed by ASC 825, with respect to these investments. Under the

fair value option, the investments are remeasured at fair value at each reporting period through earnings. The Company

measures fair value using quoted prices in active markets that are classified within Level 1 of the hierarchy, with changes to fair

value included within Other non-operating (expense) income, net of the consolidated statements of operations.

Investment in GLPI Partnership

The Company holds a limited partnership interest in GLP Capital, L.P. (“GLP”), the operating partnership of GLPI. The

investment is reported at fair value based on Level 2 inputs, with changes to fair value included within “Other non-operating

income (expense), net” in the consolidated statements of operations.

Long-term debt

The fair value of the Company’s Term Loan Facility and senior notes are estimated based on quoted prices in active markets

and are classified as Level 1 measurements. The fair value of the Revolving Credit Facility approximates its carrying amount as

it is revolving, variable rate debt, and is also classified as a Level 1 measurement. In the table below, the carrying amounts of

the Company’s long-term debt is net of debt issuance costs, debt discounts and fair value adjustments. Refer to Note 14 “Long-

Term Debt” for further information.

Successor · Predecessor
	December 31, 2025		December 31, 2024
(in thousands)	Carrying Amount	Fair Value	Carrying Amount	Fair Value
Term Loan Facility	$1,408,953	$1,458,438	$1,858,800	$1,792,804
Intralot British Term Loan	537,234	519,315	—	—
Intralot Greek Term Loan	234,962	230,370	—	—
Intralot 6.00% Retail Bond due 2029	157,214	155,022	—	—
5.625% Senior Notes due 2029	580,494	562,500	738,517	587,813
5.875% Senior Notes due 2031	517,458	484,181	721,456	535,631
Intralot 6.75% Senior Secured Notes due 2031	708,787	699,706	—	—
Intralot Supplemental Indenture	2,436	2,436	—	—
Intralot Floating Rate Senior Notes due 2031	353,119	347,858	—	—

ACCRUED AND OTHER CURRENT LIABILITIES

As of December 31, 2025 (Successor) and 2024 (Predecessor), accrued and other current liabilities consisted of the following:

	Successor	Predecessor
(in thousands)	December 31,2025	December 31, 2024
New York gaming license fee	$500,000	$—
Gaming liabilities	232,804	187,233
Contingent consideration	115,000	—
Compensation	82,352	66,356
Interest payable	87,081	60,792
Insurance reserve	32,829	23,898
Other	277,733	143,013
Total accrued and other current liabilities	$1,327,799	$481,292

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