The Bally Manufacturing Corporation was founded by Raymond Moloney on January 10, 1932, when Bally’s original parent, Lion Manufacturing, established the company to make pinball games. The company took its name from its first game, Ballyhoo. The company, based in Chicago, quickly became a leading maker of the games. In the late 1930s, Moloney began making gambling equipment, and had great success developing and improving the mechanical slot machines that were the core of the nascent gaming industry. After manufacturing munitions and airplane parts during WWII, Bally Manufacturing Corporation continued to produce innovations in pinball and slot machines through the late 1950s, and also designed and manufactured vending machines and established a coffee vending service. The company made a brief venture into the music business with their own record label, Bally Records.[1]
Source: WikiPedia