Published on: October 24, 2025, at 12:28 PM.
Updated on: October 24, 2025, at 12:46 PM.
- Completion of Intralot deal aids in debt reduction.
- Bally’s remains at a standstill with creditors concerning sale of Rhode Island casino property.
Regional gaming operator Bally’s has been removed from “rating watch negative” by Fitch Ratings following the successful conclusion of a $3.17 billion deal with the Greek lottery provider Intralot, positioning Bally’s as the majority stakeholder in the newly formed entity.
Fitch has maintained a credit rating of “B-” for Bally’s, indicating that the company’s corporate debt is highly speculative. This rating falls six levels into junk status and is just one notch above the precarious “CCC” tier, which suggests a significant risk of default.
In July, Bally’s revealed plans to merge its international digital operations with Intralot, leading to an influx of $1.76 billion in cash for Bally’s, along with a 60% equity stake in the restructured Intralot. This deal, finalized earlier this month, is anticipated to secure up to $450 million in essential financing for Bally’s proposed $1.7 billion casino hotel in Chicago.
Bally’s has sufficient liquidity to support its Chicago casino project. There are no major debt maturities until 2028. The rating reflects limited access to debt markets, high levels of leverage, and dependence on the execution of projects in Chicago,” noted Fitch.
Fitch’s outlook on Bally’s credit rating is “stable,” but this could fluctuate depending on the developments surrounding the Rhode Island property deal.
On the Topic of Rhode Island …
Last month, Bally’s declared its intention to divest the property of the Twin River Lincoln Casino Resort in Lincoln, RI, to Gaming and Leisure Properties (NASDAQ: GLPI) for $735 million, with plans to lease it back from the buyer.
This casino is part of the collateral supporting the Chicago project, meaning approval from the seller’s creditors is required for the transaction – which remains ungranted. Some of Bally’s lenders have united, engaging the law firm Akin Gump Strauss Hauer & Feld LLP, noted for its expertise in Chapter 11 bankruptcy, to impede Bally’s attempts to modify a term loan.
Earlier this week, Deutsche Bank, which was facilitating adjustments to the gaming company’s $1.9 billion loan, paused the agreement due to the aforementioned coalition among Bally’s creditors. The gaming operator requires creditor consent for the Twin River sale to defer $600 million in upcoming debt maturities until 2030. Fitch predicts that the venue will ultimately be sold, although the timeline remains unclear.
“GLPI can purchase the property even without Bally’s obtaining approvals or refinancing, but this could lead to a term loan default,” stated Fitch.
Bally’s Might Require Additional Financing
Depending on the dynamics in New York and the future of the former Tropicana site in Las Vegas, Bally’s may need further financial backing. According to Fitch, the company has access to capital, but its low credit rating makes acquiring that capital costly.
Fixed-charge coverage is weak due to substantial lease obligations, but Bally’s regional gaming portfolio remains relatively stable, and liquidity should cover minor downturns,” observed the ratings agency. “Fitch believes Bally’s may have limited access to capital markets and may need to secure third-party funding for its development initiatives and various funding requirements.”
Bally’s is among the three remaining candidates for casino licenses in New York City, pledging to invest $4 billion in the Bronx if awarded one of those licenses. Should this occur, the operator is likely to need to seek additional capital.