Bally’s secures $1.1 billion term loan, completes $700 million Twin River Lincoln Casino sale-leaseback

Bally’s Corporation has entered into a previously announced term loan credit facility due 2031, providing $1.1 billion of funded term loans, and completed the previously announced sale and leaseback of the real estate assets of its Twin River Lincoln Casino Resort.

The term loans are provided by Ares Management Credit funds, as well as King Street Capital Management and TPG Credit.

Separately, the company completed the Lincoln sale-leaseback pursuant to an agreement with GLP Capital, L.P., a subsidiary of Gaming and Leisure Properties, Inc. The transaction provided total consideration of $700 million, before transaction expenses and provisions for taxes.

Initial cash rent for the Twin River Lincoln property is $56 million per year, with customary annual escalators.

Proceeds from the term loans will be used for general corporate purposes, including the development of Bally’s Bronx and Bally’s Chicago. The company will also allocate cash on hand from proceeds of the Intralot transaction, completed in October 2025, and the Lincoln sale-leaseback, along with portions of the proceeds from the term loan issuance, to repay in full its outstanding $1.47 billion in term loans maturing in 2028.

The term loans are secured by substantially all material assets of the company and its wholly owned subsidiaries, including the equity of Bally’s Intralot S.A. held by the company, subject to customary exceptions and exclusions. These include assets held by Bally’s Intralot S.A., certain development assets, non-subsidiaries, and designated unrestricted subsidiaries.

Citizens Capital Markets served as financial advisor to Bally’s. Fried, Frank, Harris, Shriver & Jacobson LLP and Latham & Watkins LLP acted as legal advisors to the company.