Bally's delivered a 20.5% consolidated revenue print in the second quarter and the segment math told a sharper story than the headline. Revenue reached $792.2 million against $657.5 million a year ago, Bally's Intralot B2C grew 22.3% on UK gaming momentum, North America Interactive grew 16.9% on a still-tiny $66.1 million base, and Casinos & Resorts added a more modest 2.0% as two landside moves (Baton Rouge and Marquette) offset Atlantic City softness. GAAP diluted loss per share was $(2.41) against $(3.76), a smaller GAAP loss in dollar terms that is not really a smaller business loss but a different tax calendar: a year-ago $185.4 million tax provision swung to a $13.6 million benefit this quarter, distorting the year-over-year net loss in both directions. The real operating question is whether $39 million of UK gaming-tax headwind (the rate rose from 21% to 40% effective April 1, 2026) gets fully offset by the top-line growth management said it has already covered roughly 65% of. The 23.7% Adjusted EBITDAR margin (non-GAAP) on $187.5 million of Adjusted EBITDAR is the cleaner read, and the answer there is "so far, so good." The harder question lives below the line: Bally's filed a going-concern paragraph in the same quarterly report, conditioned on a revolving credit facility waiver that runs only through the compliance certificate for the quarter ending March 31, 2027. The open question is whether the company lands a non-binding July 2026 term sheet for a pre-construction Bally's Bronx loan plus an August 2026 letter of intent with a potential equity investor before the waiver expires, and the falsification is whether the covenant gets reinstated and trips before then.