Bally’s secures $1.1B in new term loans to bolster liquidity, advance New York casino plan

Bally’s Corp has amended and expanded a financing agreement to secure $1.1 billion in term loans, strengthening its balance sheet ahead of a planned casino real-estate sale in Rhode Island and a major commercial casino project in New York.

The financing, disclosed in an amended and restated commitment letter, increases Bally’s borrowing capacity to $600 million in initial term loans and up to $500 million in delayed draw term loans. The commitments are being provided by Ares Management Credit funds, King Street Capital Management and TPG Credit.

Bally’s said the revised agreement “increases the financing commitments to $600 million of initial term loan (the ‘Initial Term Loan’) and up to $500 million of delayed draw term loan (the ‘Delayed Draw Term Loan’ and, together with the Initial Term Loan, the ‘Term Loans’).”

Proceeds from the initial loan, along with cash and funds from a previously agreed sale-leaseback of the Twin River Lincoln Casino in Rhode Island, will support general corporate purposes, including repayment of existing debt. The delayed draw loan will help fund the company’s $500 million licensing fee for a proposed commercial casino in the Bronx, New York.

“The proceeds from the Delayed Draw Term Loan will be used to pay or replenish liquidity used to pay licensing fees in connection with the Company’s New York State casino license and related fees and expenses,” the company said.

The term loans will mature five years after closing, unless Bally’s unsecured bonds due 2029 remain outstanding, in which case they would come due on March 1, 2029. The loans will be secured by “substantially all material assets of the company,” including its stakes in Intralot S.A., Star Entertainment Group and entities linked to the Bronx casino development.

Completion of the financing is expected in Q1 2026, contingent on customary conditions and finalization of the Twin River Lincoln sale-leaseback.

The new capital is expected to clear the way for Bally’s to sell the Lincoln casino property to Gaming and Leisure Properties Inc (GLPI) in early 2026. GLPI is anticipated to buy the asset for roughly $750 million at an 8% cap rate, with expected initial rent of $58.8 million, according to analysts at Truist Securities. Twin River’s gross gaming revenue rose 3% year-on-year in the third quarter of 2025.

Bally’s has increasingly turned to private credit as it faces a B- credit rating and tighter lending conditions from traditional banks. Analysts say the new loans ease pressure on the company’s liquidity and maturity schedule while supporting major development commitments, especially in New York.

Chairman Soo Kim said: “We appreciate the strong support of our lenders, as the A&R Commitment Letter further strengthens Bally’s liquidity position while enabling continued investment in our strategic growth pipeline - spanning online gaming, our casino portfolio, and our expanding resorts developments.”

The company’s proposed $4 billion Bronx project includes a $2.3 billion integrated resort, 3,500 slot machines, 250 table games, a 507-room hotel and community improvements ranging from park upgrades to transportation enhancements. The state’s Gaming Facility Location Board approved Bally’s bid last week, along with proposals from Hard Rock International and Resorts World New York.

Citizens Capital Markets advised Bally’s on the financing, while Fried Frank served as legal counsel.