Published on: September 30, 2025, at 02:42h.
Last updated on: September 30, 2025, at 02:42h.
- Gaming firm announces approval to expand credit facility to $510 million
- Creditors have greenlit a sale-leaseback deal for the Rhode Island casino
Bally’s has revealed that it has obtained a commitment to enhance its revolving credit facility (RCF) by $510 million, set to mature on October 1, 2028.
This improvement comes after existing RCF lenders, with commitments totaling $670 million, approved Bally’s sale-leaseback (SLB) transaction concerning its Twin River Lincoln Casino Resort located in Lincoln, Rhode Island. The $735 million deal was initially announced earlier this month.
“With the necessary consents for the SLB Transaction received from holders of around $600 million in term loans, constituting about 32% of current amounts, the Company will have garnered adequate approval from its senior secured lenders to advance with the SLB Transaction,” stated Bally’s based in Rhode Island.
The casino landlord, Gaming and Leisure Properties (NASDAQ: GLPI), is set to acquire the property assets of the Rhode Island casino. This real estate investment trust (REIT) serves as Bally’s primary landlord across multiple states.
Importance of Financial Moves for Bally’s
The augmentation of the RCF and the approval to offload the real estate of the Twin River Lincoln Casino Resort are crucial to Bally’s strategy for enhancing financial flexibility and decreasing debt levels.
Upon announcing the sale-leaseback, the gaming company committed to reducing its secured debt and credit facilities by a total of $500 million, starting with a 7.5% permanent reduction in RCF commitments to around $574 million.
In the announcement made on Tuesday detailing these recent commitments, Bally’s indicated it could potentially lower outstanding balances by up to 19%. Furthermore, the sale of its interactive division to Intralot represents another method through which the casino operator could garner capital to diminish debt.
“Should the SLB Transaction be finalized, and assuming the agreed-upon amendments are ratified by Bally’s term loan lenders as well, the overall outstanding balance of Bally’s term loans and first lien notes is anticipated to drop from approximately $2.4 billion to around $1.92 billion,” Bally’s outlined in their press release.
Bally’s Anticipating Significant Expenses
Bolstering Bally’s financial stability is vital, especially in a landscape where interest rates remain elevated. The operator may face substantial expenses as it endeavors to expand its physical casino operations.
While the organization has secured funding to complete its $1.7 billion Chicago casino hotel project, it is also vying for a gaming license in the New York City region. Winning one of those three licenses would require an investment of $4 billion in the Bronx.
In addition, Bally’s could utilize the increased financial flexibility to enhance its existing properties, many of which, according to customer feedback, may benefit from updates.