Exhibit 99.2

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

On July 25, 2024, SG Parent LLC, a Delaware limited liability company (“Parent”), Bally’s Corporation (the “Company”), The Queen Casino & Entertainment Inc., a Delaware corporation and affiliate of Parent (“Queen”), Epsilon Sub I, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub I”), Epsilon Sub II, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub II”, and together with the Company and Merger Sub I, the “Company Parties”), and SG CQ Gaming LLC, a Delaware limited liability company (“SG Gaming” and together with Parent and Queen, the “Buyer Parties”) entered into an agreement and plan of merger (the “Merger Agreement”), which was approved by the Company’s stockholders on November 19, 2024 and subsequently completed on February 7, 2025 (the “Closing Date”). Refer to the “Description of Merger Transactions” below for further detail.

The following unaudited pro forma condensed combined financial information of the Company and Queen as of and for the year ended December 31, 2024 has been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786 “Amendments to Financial Disclosures about Acquired and Disposed Business” as adopted by the SEC on May 20, 2020. The unaudited pro forma condensed combined financial information is provided to aid you in your analysis of the financial aspects of the (a) merger and (b) incremental financing required to fund the cash consideration for the merger to stockholders that did not make a rolling share election (“Other Transaction Adjustments”), which presents the combination of the financial information of the Company and Queen adjusted (the “Pro Forma Adjustments”).

The following unaudited pro forma condensed combined balance sheet as of December 31, 2024 combines the historical consolidated balance sheet of the Company as of December 31, 2024 with the historical consolidated balance sheet of Queen as of December 31, 2024 giving further effect to the Pro Forma Adjustments as if the transactions of the merger and financing had been consummated as of December 31, 2024.

The following unaudited pro forma condensed combined statement of operations for the year ended December 31, 2024 combines the historical consolidated statement of operations of the Company for the year ended December 31, 2024 and the historical consolidated statement of operations of Queen for the year ended December 31, 2024, giving further effect to the Pro Forma Adjustments as if the transactions of the merger and financing had been consummated on January 1, 2024, the beginning of the earliest period presented.

The following unaudited pro forma condensed combined financial information is prepared based on the preliminary information available as of the date of the Current Report on Form 8-K (“Form 8-K”) and management’s preliminary valuation of the fair value of tangible and intangible assets acquired and liabilities assumed. The unaudited pro forma condensed combined financial information reflects shareholders who elected to have such shares remain issued and outstanding following the merger (the “Rolling Share Election”) during the first election period which ended on November 19, 2024, or the second election period which ended on January 17, 2025. For all shareholders who did not make the Rolling Share Election, the Company purchased those shares for cash consideration equal to $18.25 per share. The Company will finalize the accounting for the merger as soon as practicable within the measurement period in accordance with ASC 805, but in no event later than one year from the Closing Date. Accordingly, the final purchase accounting assessment may vary based on final analyses of the valuation of assets acquired and liabilities assumed, particularly in regard to intangible assets, property and equipment, and deferred tax assets and liabilities, which could be material. Refer to the “Accounting for the Merger Transactions” below for further detail.

The unaudited pro forma condensed combined financial information has been derived from, and should be read in conjunction with, the following historical financial statements and the accompanying notes thereto:

The historical financial statements of Queen and the Company have been adjusted in the accompanying unaudited pro forma condensed combined financial information to give effect to the combination adjustments which are necessary to account for the merger in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). These unaudited pro forma condensed combined financial statements do not include any adjustments not otherwise described herein. The unaudited pro forma adjustments are based upon available information and certain assumptions that management believes are reasonable.

Description of the Merger Transactions

On February 7, 2025, the Company Parties and the Buyer Parties completed the previously announced acquisition contemplated by the Merger Agreement, dated July 25, 2024. Pursuant to the Merger Agreement, (i) SG Gaming contributed to the Company all shares of Queen (“Queen Contributed Shares”) that it owned in exchange for shares of the Company’s common stock (such shares of Company common stock, the “Company Contribution Shares” and such contribution of Queen Contributed Shares and issuance of shares of Company common stock in exchange therefor, the “Queen Share Contribution”) based on an exchange ratio of 2.45368905950 (the “Queen Exchange Ratio”); (ii) promptly following the Queen Share Contribution, Merger Sub I merged with and into the Company (the “Company Merger”), with the Company surviving the Company Merger; and (iii) promptly thereafter, Merger Sub II merged with and into Queen (the “Queen Merger”), with Queen surviving the Queen Merger as a direct, wholly owned subsidiary of the Company pursuant to which each issued and outstanding share of Queen common stock (other than those held by the Company) were converted into shares of Company common stock based on the Queen Exchange Ratio (such transactions, collectively, the “Merger Transactions”). Upon the terms and subject to the conditions of the Merger Agreement, at the Closing Date, each share of Company common stock issued and outstanding immediately prior to the Closing Date (other than shares of Company common stock owned by: (i) the Company or any of the Company’s wholly owned subsidiaries; (ii) Parent or any of Parent’s affiliates; (iii) holders exercising statutory appraisal rights; (iv) SG Gaming following the Queen Share Contribution; or (v) holders who have validly elected to have such shares remain issued and outstanding following the Company Merger, subject to certain exceptions) was converted into the right to receive cash consideration equal to $18.25 per share of Company common stock. Each holder of shares of Company common stock (other than the Company or its subsidiaries) had the option to make a Rolling Share Election with respect to all or any portion of its shares of Company common stock.

On July 25, 2024, Parent entered into a commitment letter (the “Debt Commitment Letter”) with Apollo Global Securities, LLC (“AGS”) and Apollo Capital Management, L.P., on behalf of one or more investment funds, separate accounts, and other entities owned (in whole or in part), controlled, managed and/or advised by it or its affiliates (in such capacity, “Apollo”, and all such parties, funds, accounts, and entities, collectively, the “Apollo Investors”), pursuant to which Apollo, on behalf of the Apollo Investors, committed to purchase up to $500 million of new first lien notes (the “New First Lien Notes”) issued by the Company in connection with the Company Merger. The New First Lien Notes were issued on February 7, 2025. Pursuant to the terms of the Merger Agreement and the Debt Commitment Letter, the Company assumed Parent’s rights and obligations under the Debt Commitment Letter immediately prior to the Closing Date of the Company Merger and issued the New First Lien Notes in order to (x) fund the Company Merger cash consideration, (y) repay in full all existing indebtedness of Queen outstanding pursuant to Queen’s existing credit facilities, and (z) pay certain costs and expenses incurred or payable in connection with the Merger Transactions.

The New First Lien Notes are guaranteed by the Company’s restricted subsidiaries that guarantee the Company’s existing credit agreement, dated as of October 1, 2021, as amended, among the Company, as borrower, certain of its subsidiaries, as guarantors, Deutsche Bank AG New York Branch, as administrative agent and collateral agent, and the lenders party thereto (the “Credit Agreement”), and are secured on a pari passu basis with the obligations under the Credit Agreement by substantially all of the Company’s and each of the guarantors’ assets that secure the obligations under the Credit Agreement.

The New First Lien Notes mature on October 2, 2028 and are not subject to required amortization prior to maturity. The New First Lien Notes bear interest at a fixed rate of 11.00% per annum, payable quarterly.

Accounting for the Merger Transactions

Parent’s contribution of Queen common stock in exchange for shares of Company common stock is being accounted for as a transaction between entities under common control as a result of the control of the Company and Queen by Parent and its affiliates before and after the Merger Transactions. As a result of the Queen Share Contribution and the mergers, Parent and its affiliates beneficially own 73.8% of the issued and outstanding Company common stock, which qualifies as a business combination pursuant to Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”), as it is a transaction in which an acquirer (Parent and its affiliates) obtained control of the Company. The Company has elected to push down its parent’s basis in its net assets into its consolidated financial statements.

Therefore, due to the Merger Transactions, the following occurs:

The process of valuing the net assets of the Company immediately prior to closing of the Merger Transactions, as well as evaluating Queen’s accounting policies for conformity, is preliminary. Any differences between the estimated preliminary purchase price and the estimated fair value of the assets acquired and liabilities assumed will be recorded as goodwill. Accordingly, the purchase price allocation and related adjustments reflected in this unaudited pro forma condensed combined financial information are preliminary and subject to revision based on a final determination of fair value. The actual accounting may vary based on final analyses of the valuation of assets acquired and liabilities assumed, particularly in regard to definite-lived tangible and intangible assets, which could be material. Refer to Note 1, “Basis of Presentation” for more information.

The unaudited pro forma condensed combined financial information presented is for informational purposes only and is not necessarily indicative of the financial position or results of operations that would have been realized if the Merger Transactions had been completed on the dates set forth above, nor is it indicative of the future results or financial position of the combined company.

The unaudited pro forma condensed combined financial information does not reflect any expected cost savings, operating synergies or revenue enhancements that the combined company may achieve as a result of the Merger Transactions, any termination, restructuring or other costs to integrate the operations of the Company and Queen or the costs necessary to achieve any such cost savings, operating synergies or revenue enhancements. Following the completion of the mergers, the Company is performing a detailed review of Queen’s accounting policies. As a result of that review, the Company may identify differences between the accounting policies of the Company and Queen that, when conformed, could have a material impact on the consolidated financial statements of the combined company. At this time, the Company is not aware of any significant accounting policy differences.

BALLY’S CORPORATION

Unaudited Pro Forma Condensed Combined Balance Sheet

As of December 31, 2024

(in thousands)

See the accompanying notes to unaudited pro forma condensed combined financial information.

BALLY’S CORPORATION

Unaudited Pro Forma Condensed Combined Statement of Operations

For the Year Ended December 31, 2024

(in thousands, except share and per share data)

See the accompanying notes to unaudited pro forma condensed combined financial information.

Notes to the Unaudited Pro Forma Condensed Combined Financial Information

Note 1 –Basis of Presentation

The unaudited pro forma condensed combined financial information and accompanying notes are prepared in accordance with Article 11 of Regulation S-X. The unaudited pro forma condensed combined balance sheet as of December 31, 2024 gives effect to the Merger Transactions and the Other Transaction Adjustments as if they had been consummated on December 31, 2024. The unaudited pro forma condensed combined statements of operations give effect to the Merger Transactions and the Other Transaction Adjustments as if they had been consummated on January 1, 2024, the beginning of the earliest annual period presented.

Parent’s contribution of Queen common stock in exchange for shares of Company common stock is being accounted for as a transaction between entities under common control as a result of the control of the Company and Queen by Parent and its affiliates. As a result of the Queen Share Contribution and the mergers, Parent and its affiliates beneficially own 73.8% of the issued and outstanding Company common stock, which qualifies as a business combination pursuant to Accounting Standards Codification Topic 805, Business Combinations (“ASC 805”), as it is a transaction in which an acquirer (Parent and its affiliates) obtains control of the Company. The total cost of the business acquisition is determined based on the estimated preliminary purchase price to the seller to acquire control, while the cost allocated to the underlying separately identifiable net assets acquired is based on their respective estimated fair values. The excess of the estimated preliminary purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Net assets not separately identifiable are subsumed into goodwill. Fair values are calculated using a variety of methodologies including the cost approach, which uses the concept of replacement as an indicator of market value, and the income approach, which utilizes discounted cash flow models. Determining the fair value of assets acquired and liabilities assumed using the valuation methodologies requires judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows and discount rates, among other items.

The Company has elected to push down its parent’s basis in its net assets into its consolidated financial statements. Under ASC 805, all assets acquired, and liabilities assumed in a business combination are recognized and measured at their assumed acquisition date fair value, while transaction costs associated with the business combination are expensed as incurred. The excess of the estimated preliminary purchase price over the estimated fair value of assets acquired and liabilities assumed, if any, is allocated to goodwill.

The allocation of the estimated preliminary purchase price depends upon certain estimates and assumptions, all of which are preliminary. The allocation of the estimated preliminary purchase price has been made for the purpose of developing the unaudited pro forma condensed combined financial information. The final determination of fair values of assets acquired and liabilities assumed in the Merger Transactions could differ materially from the estimated preliminary purchase price. The final valuation will be based on the actual net tangible and intangible assets of the Company at the acquisition date.

The pro forma adjustments are based on preliminary estimates and currently available information and assumptions that the Company’s management believes are reasonable. The notes to the unaudited pro forma condensed combined financial information describe how such adjustments were derived and presented in the pro forma condensed combined balance sheet and pro forma condensed combined statements of operations. Changes in facts and circumstances or discovery of new information may result in revised estimates. As a result, there may be material adjustments to the unaudited pro forma condensed combined financial information.

The unaudited pro forma condensed combined financial information is not necessarily indicative of what the Company’s consolidated statements of operations or consolidated balance sheet would have been had the Merger Transactions been completed as of the dates indicated or will be for any future periods. The unaudited pro forma condensed combined financial information does not purport to project the future financial position or results of operations of the Company following the Merger Transactions. The unaudited pro forma condensed combined financial information reflects transaction related adjustments management believes are necessary to present fairly the Company, under the circumstances and given the information available at this time, reasonable, and reflective of adjustments necessary to report the Company’s financial condition and results of operations as a result of the closing of the Merger Transactions. All dollar amounts are presented in thousands, unless otherwise noted.

Note 2- Significant Accounting Policies and Reclassification Adjustments

During the preparation of the unaudited pro forma condensed combined financial information, the Company’s management performed a preliminary analysis of Queen’s financial information to identify differences in accounting policies and financial statement presentation as compared to those of the Company. The Company’s management has preliminarily determined that there were no significant accounting policy differences between the Company and Queen and, therefore, no adjustments were made to conform Queen’s financial statements to the accounting policies used by the Company in the preparation of the unaudited pro forma condensed combined financial statements. There were, however, certain reclassification adjustments that have been made to conform Queen’s historical financial statement presentation to the Company’s financial statement presentation, which are detailed below.

Following completion of the Merger Transactions, as part of the application of ASC 805, the Company is continuing to conduct a more detailed review of Queen to determine if differences in accounting policies require further reclassification or adjustment of the Queen’s results of operations, assets or liabilities to conform to the Company’s accounting policies and classifications. Therefore, the Company may identify additional differences between the accounting policies of the two companies that, when conformed, could have a material impact on the unaudited pro forma condensed combined financial information.

Reclassifications in the Unaudited Pro Forma Condensed Combined Balance Sheet as of December 31, 2024 are as follows ($ in thousands):

Reclassifications in the Unaudited Pro Forma Condensed Combined Statement of Operations for the year ended December 31, 2024 are as follows ($ in thousands):

Note 3. Bally’s Combination Adjustments

Estimated Preliminary Purchase Price

The transaction between Parent and its affiliates and the Company is accounted for as a business combination as it is a transaction in which an acquirer (Parent and its affiliates) obtains control of the Company. The preliminary purchase price is based on each share of Company common stock outstanding immediately prior to the Closing Date of the Merger Transactions, other than (i) any owned Company shares, (ii) any shares of Company restricted stock, (iii) any Rolling Company Shares, (iv) any dissenting Company shares owned by holders properly exercising appraisal rights and (v) any Company Contribution Shares, which were automatically converted into the right to receive cash at share price of $18.25, along with the fair value of the Company shares that made the Rolling Share Election.

The estimated preliminary purchase price of the Company is as follows:

Preliminary Purchase Price Allocation

The estimated preliminary purchase price is based on provisional amounts, and the associated purchase accounting is not final. The preliminary allocation of the purchase price to the acquired assets and assumed liabilities was based upon the preliminary estimate of fair values. The Company has not completed the detailed valuations necessary to finalize the required estimated fair values and estimated useful lives of the Company’s assets acquired and liabilities assumed and the related allocation of the purchase price. The Company anticipates completing its purchase price allocation subsequent to the closing of the Merger Transactions on February 7, 2025, within the measurement period permissible under the acquisition method of accounting, as it completes its assessment about facts and circumstances that existed as of the acquisition date. Accordingly, the final acquisition accounting adjustments may be materially different from the unaudited pro forma adjustments reflected herein.

The following table summarizes the preliminary purchase price allocation, as if the Merger Transactions had been completed of December 31, 2024, with excess recorded to goodwill:

Balance Sheet

Assets

The fair value for owned real property was estimated using the cost approach. Under this approach, a direct cost approach was utilized to value the land improvements and building improvements, and a market approach was utilized to value the fee simple land. As applicable, an income approach (direct capitalization) was utilized as a secondary approach in support of the concluded values via the cost approach. The fair value of leasehold interests were estimated using the following methods: (i) for properties that have been subject to sale-leaseback transactions, assessing current contractual rent compared to market rent based on the Company’s recent cap rates and rent coverage ratios from recently closed sale-leasebacks and sale-leaseback term sheets; (ii) fair value of leasehold interests in ground leases were estimated via the income approach via the differential cash flow method, whereby the differential between contractual rent and estimated market rent are discounted at a market rate of return. Market ground rent is estimated by first estimating the fee simple value of the underlying land and then applying an estimated rate of return (capitalization rate) to the fair value of the land.

The following table summarizes the estimated fair values and useful life by asset class:

A 10% change in the valuation of property and equipment would cause a corresponding increase or decrease in the depreciation expense of approximately $7.6 million for the year ended December 31, 2024. Pro forma depreciation is preliminary and based on the use of straight-line depreciation. The amount of depreciation following the completion of the mergers may differ significantly between periods based upon the final value assigned and depreciation methodology used for each identifiable property and equipment asset.

A 10% change in the valuation of intangible assets would cause a corresponding increase or decrease in the amortization expense of approximately $21.5 million for the year ended December 31, 2024. Pro forma amortization is preliminary and based on the use of straight-line amortization. The amount of amortization following the completion of the merger may differ significantly between periods based upon the final value assigned and amortization methodology used for each identifiable intangible asset.

Liabilities

Equity

Additionally, the adjustment includes the additional paid-in capital impact of $4.2 million for the 1% excise tax on Bally’s share repurchase.

Statement of Operations

Note 4. Queen Combination Adjustments

Estimated Preliminary Purchase Price

Parent’s contribution of Queen common stock in exchange for share of the Company is accounted for as a transaction between entities under common control. The preliminary purchase price is estimated to be Queen common stock outstanding as of the Closing Date of February 7, 2025 at a conversion rate of 2.45 to determine the equivalent Company common stock to be issued at a share price of $18.25, less Fortress debt paid on close.

The estimated preliminary purchase price is based on provisional amounts, and the associated purchase accounting is not final. The estimated preliminary purchase price of Queen is as follows:

Balance Sheet

Equity

The Company considered the impact of the common control transaction and other pro forma adjustments that impact current and deferred taxes, and no adjustments to current or deferred taxes are needed.

Note 5. Other Transaction Adjustments

On July 25, 2024, Parent entered into a commitment letter (the “Debt Commitment Letter”) with Apollo Global Securities, LLC (“AGS”) and Apollo Capital Management, L.P., on behalf of one or more investment funds, separate accounts, and other entities owned (in whole or in part), controlled, managed and/or advised by it or its affiliates (in such capacity, “Apollo”, and all such parties, funds, accounts, and entities, collectively, the “Apollo Investors”), pursuant to which Apollo, on behalf of the Apollo Investors, committed to purchase up to $500 million of new first lien notes (the “New First Lien Notes”) issued by the Company in connection with the Company Merger. The New First Lien Notes were issued on February 7, 2025.

Pursuant to the terms of the Merger Agreement and the Debt Commitment Letter, the Company assumed Parent’s rights and obligations under the Debt Commitment Letter immediately prior to the closing of the Company Merger and issued the New First Lien Notes in order to (x) fund the Company Merger cash consideration, (y) repay in full all existing indebtedness of Queen outstanding pursuant to Queen’s existing credit facilities, and (z) pay certain costs and expenses incurred or payable in connection with the Merger Transactions.

The New First Lien Notes are guaranteed by the Company’s restricted subsidiaries that guarantee the Company’s existing credit agreement and are secured on a pari passu basis by the property of the Company and the guarantors that secure the Credit Agreement.

The New First Lien Notes mature on October 2, 2028 and are not subject to required amortization prior to maturity. The New First Lien Notes bear interest at a fixed rate of 11.00% per annum, payable quarterly.

Balance Sheet

Assets

Equity

Statement of Operations

Note 6. Net loss per share

Upon the terms and subject to the conditions of the Merger Agreement, at the Closing Date, each share of Company common stock issued and outstanding immediately prior to the Closing Date (other than shares of Company common stock owned by: (i) the Company or any of the Company’s wholly owned subsidiaries; (ii) Parent or any of Parent’s affiliates; (iii) holders exercising statutory appraisal rights; (iv) SG Gaming following the Queen Share Contribution; or (v) holders who have validly made a Rolling Share Election, subject to certain exceptions) was converted into the right to receive cash consideration equal to Per Share Price.

Each holder of shares of Company common stock (other than the Company or its subsidiaries) had the option to make a Rolling Share Election with respect to all or any portion of its shares of Company common stock.

The following table summarizes the unaudited pro forma net loss per common share for the year ended December 31, 2024, as if the Merger Transactions occurred on January 1, 2024:

Potentially dilutive shares not included in the computation of pro forma diluted weighted-average common shares outstanding because their effect would have been anti-dilutive were 2,239,859 for the year ended December 31, 2024.