Published on: December 8, 2025, at 03:35h.
Updated on: December 8, 2025, at 03:35h.
- Twin River Lincoln Casino real estate sale projected for Q1 following Bally’s acquisition of new funding
- Casino operator secures $1.1 billion from private credit firms
- Funding could support New York casino development
Today, Bally’s announced it has revised its term facility to $1.1 billion, setting the stage for the regional casino operator to sell the Twin River Lincoln Casino Resort’s real estate in Lincoln, RI, to Gaming and Leisure Properties (NASDAQ: GLPI) by the first quarter of 2026.
Just three months ago, Bally’s intended to transfer the Twin River Lincoln Casino Resort’s real estate to Gaming and Leisure for $735 million. However, this plan faced difficulties due to creditor demands that the gaming firm provide collateral unrelated to the under-construction Chicago casino for a $1.9 billion term loan.
The revised Commitment Letter enhances the financing commitments to $600 million in initial term loan (referred to as the ‘Initial Term Loan’) and up to $500 million as a delayed draw term loan (collectively known as the ‘Term Loans’),” the gaming company stated.
Ares Management Credit, King Street Capital Management, and TPG Credit — recognized as alternative or private creditors — are providing new funding to Bally’s.
Bally’s Risking a Significant Investment
Partially due to its B- credit rating and rising scrutiny from traditional lenders, Bally’s turned to private credit sources to facilitate the real estate sale of the Rhode Island casino. The borrower is taking considerable risks to secure these term loans, which are set to mature within five years.
In its announcement, the gaming entity noted that these term loans are secured by “nearly all significant assets of the company,” including equity stake in Intralot, the recently acquired Star Entertainment of Australia, and interests associated with the operator’s Bronx, NY casino venture.
“Funds from the Delayed Draw Term Loan will be allocated to cover or restore liquidity for licensing fees associated with the Company’s New York State casino license and related costs,” the company added.
Recently, Bally’s inched closer to launching a casino in New York City when the New York Gaming Facility Location Board approved its proposal, alongside plans from competitors Hard Rock International and Resorts World New York.
Gaming and Leisure Set for a Smart Acquisition
The planned purchase of Twin River Lincoln’s property seems like a strategic move for Gaming and Leisure, which has been actively pursuing new deals.
“GLPI will acquire the property for approximately $750 million at an 8% cap rate, with expected initial cash rent of $58.8 million. We anticipate coverage for this singular asset will align with GLPI’s historical coverage range of about 1.8x-2.0x. Notably, Twin River’s gross gaming revenue (GGR) showed an increase of +3% year-over-year in Q3 2025,” said Truist Securities analyst Barry Jonas in a recent report.
As one of only two publicly traded casino real estate investment trusts (REITs), GLPI serves as Bally’s primary landlord.