10 Pump and Dump Stocks Favored by Hedge Funds

4. Bally’s Corporation (NYSE:BALY)

Number of Hedge Fund Holders: 21

Bally’s Corporation (NYSE:BALY) is a gaming and entertainment company that owns and operates casinos, racetracks, and online gaming platforms. Its portfolio includes land-based casinos across multiple US states, offering slot machines, table games, and sports betting. BALY also operates iGaming and sports betting through Bally Bet and other digital platforms, expanding its presence in the online gambling market. The company generates revenue from gaming operations, hospitality services, and digital gaming, leveraging its brand and infrastructure to compete in both traditional and online gambling industries. The US-based company ranked 12th on our list of 13 Best Vacation Stocks to Buy Now.

Bally’s Corporation (NYSE:BALY) reported relatively stable third-quarter results for 2024, with revenues declining less than 1% YoY to $630 million. The Casinos & Resorts segment saw a 2% decrease in revenue, while the North America Interactive segment grew by 55%. The company’s UK Interactive business performed strongly, generating a 12% increase in revenues, although the overall International Interactive segment experienced a 5% revenue decline due to non-UK operations. BALY is making progress on several development projects, including the construction of its flagship permanent casino in downtown Chicago, which is expected to open in September 2026.

Bally’s Corporation (NYSE:BALY) is also planning developments in Las Vegas at the Tropicana site and pursuing a casino license in New York. In the North America Interactive segment, Bally’s iGaming operations in Rhode Island are ramping up impressively, contributing $9.7 million in gross gaming revenue. The company’s online sports betting platform, Bally Bet, is now live in 10 markets with plans to expand to additional states. Despite some challenges in specific markets like Rhode Island and Atlantic City, management remains confident in the overall resiliency of their customer base and is implementing efficiency-focused initiatives to enhance profitability. With high stock price volatility in the last 52 weeks and 21 hedge funds owning the stock, BALY is one of the pump and dump stocks favored by hedge funds.