Published on: October 31, 2025, 01:14h.
Updated on: October 31, 2025, 01:14h.
- Possible reaction to creditor group rejecting deal
- Rhode Island casino essentially serving as collateral for financing related to Bally’s Chicago integrated resort
Bally’s has secured critical time to finalize the sale of the Twin River Lincoln Casino Resort in Lincoln, RI, extending the deadline for the transaction with Gaming and Leisure Properties (NASDAQ: GLPI) to 2028 instead of the previous 2026.
In what appears to be a move prompted by a group of creditors hesitant about the deal, Bally’s has officially notified the Securities and Exchange Commission (SEC) that the timeframe to complete the sale has been extended by two years.
The Company is submitting this Current Report on Form 8-K to voluntarily provide an update that on October 28, 2025, the Company, its respective subsidiaries, and GLP entered into an amendment to the Contribution Agreement that, among other things, extends the Lincoln Open Call Date to October 1, 2028,” Bally’s stated in a recently released Form 8-K.
Last month, Bally’s revealed its intention to sell the Twin River Lincoln Casino Resort real estate to Gaming and Leisure for $735 million.
Importance of the New Timeline
Gaining additional time to finalize the Rhode Island sale-leaseback is crucial for Bally’s on various levels, especially as it allows the operator to navigate a deal that is imperative for the future of the Chicago project.
Twin River Lincoln is effectively serving as a collateral asset for an unbuilt gaming venue, which has raised concerns among some stakeholders. Given that the Chicago project is the most expensive undertaking in Bally’s history, creditors are aware they possess leverage over the gaming company and are using that to stall the Rhode Island transaction, while also delaying Bally’s attempts to extend $600 million in debt maturities to 2030.
Recently, Deutsche Bank, which was involved in amending a $1.9 billion term loan for Bally’s, postponed its efforts due to pressures from the casino operator’s creditors. Meanwhile, Gaming and Leisure appears to be adapting well to the new timeline for the Rhode Island deal.
“Construction of Bally’s permanent gaming and entertainment destination resort in downtown Chicago has achieved several key milestones,” asserted GLPI CEO Peter Carlino in a statement regarding the landlord’s third-quarter earnings. “The project is set to deliver a world-class entertainment experience in the nation’s third-largest metropolitan area. GLPI’s $1.19 billion investment, including the $250 million site acquisition in 2024, underscores our commitment to fostering growth for our tenants through innovative projects that enhance long-term shareholder value.”
Bally’s May Require Additional Financing Soon
With a “B-” credit rating and increasingly demanding creditors, Bally’s might need to explore capital markets shortly, but the outlook for the operator remains uncertain.
If Bally’s secures a New York City casino license — one of three bidders for three available permits — it is anticipated the company might need to raise funds to cover the $500 million licensing fee, not to mention an additional $4 billion required to build a casino hotel in the Bronx.
Additionally, Bally’s owes another $115 million to the Trump Organization — the company from which it acquired the lease rights to the Bronx property.