Bally’s Corporation has revised and broadened its financing agreement, now securing $1.1 billion in term loans, thereby bolstering its financial position as it prepares for a casino real estate sale in Rhode Island and a substantial commercial casino development in New York.
The financing details, found in an updated and restated commitment letter, enhance Bally’s borrowing potential to $600 million in initial term loans and an additional $500 million in delayed draw term loans. These commitments are backed by Ares Management Credit funds, King Street Capital Management, and TPG Credit.
Bally’s explained that the updated agreement “increases the financing to include $600 million in initial term loans (referred to as the ‘Initial Term Loan’) and up to $500 million in delayed draw term loans” (the ‘Delayed Draw Term Loan’; collectively referred to as the ‘Term Loans’).
Funds from the initial loan, along with cash reserves and proceeds from a prior sale-leaseback of the Twin River Lincoln Casino in Rhode Island, will be utilized for general corporate objectives, including settling existing debts. The delayed draw loan will finance the company’s $500 million licensing fee for a proposed commercial casino in the Bronx, New York.
“The resources from the Delayed Draw Term Loan will be allocated to cover or replenish liquidity expended for licensing fees associated with the Company’s casino license in New York State, along with related fees and expenses,” the company stated.
The term loans are set to mature five years post-closing, unless Bally’s unsecured bonds due in 2029 remain unpaid, in which case the loans will come due on March 1, 2029. The loans will be secured by “essentially all significant assets of the company,” which includes its interests in Intralot S.A., Star Entertainment Group, and entities involved with the Bronx casino project.
The financing completion is projected for Q1 2026, subject to standard conditions and the finalization of the Twin River Lincoln sale-leaseback transaction.
This new capital is anticipated to facilitate Bally’s sale of the Lincoln casino property to Gaming and Leisure Properties Inc (GLPI) in early 2026. Analysts predict that GLPI will acquire the asset for approximately $750 million, yielding an initial rent of $58.8 million, based on calculations from Truist Securities. Twin River’s gross gaming revenue climbed 3% year-on-year in Q3 2025.
Bally’s has increasingly relied on private credit sources as it navigates a B- credit rating and stricter lending standards from conventional banks. Analysts indicate that the newly acquired loans alleviate stress on the company’s liquidity and debt maturity timeline while supporting significant development projects, particularly in New York.
Chairman Soo Kim remarked: “We are grateful for the robust backing of our lenders; the A&R Commitment Letter significantly enhances Bally’s liquidity while enabling consistent investment in our strategic growth initiatives – covering online gaming, our casino portfolio, and expanding resort facilities.”
The proposed $4 billion Bronx project consists of a $2.3 billion integrated resort, 3,500 slot machines, 250 table games, a 507-room hotel, and various community enhancements, including park renovations and transportation improvements. Recently, the state’s Gaming Facility Location Board approved Bally’s bid, along with proposals from Hard Rock International and Resorts World New York.
Citizens Capital Markets acted as an advisor for Bally’s in this financing process, while Fried Frank served as legal counsel.