Bally’s Expands Financing to Support New York Casino Development
Bally’s Secures Increased Financing for New York Casino Ambitions
Bally’s Corporation has bolstered its financial resources to advance its plans for a casino in New York State. The company has announced a significant increase in its total loan commitments, bringing the financing package to a total of $1.1 billion.
Expanded Multi-Layer Loan Agreement with Private Credit Providers
The revised financing arrangement expands Bally’s borrowing capacity through a combination of immediate and deferred term loans. This updated agreement, replacing an earlier commitment from mid-2025, involves several private credit firms, including Ares Management Credit, King Street Capital Management, and TPG Credit.
Under the new terms, Bally’s will initially receive a $600 million term loan, with an additional $500 million available through a delayed draw facility. The upfront funds, together with existing cash and proceeds expected from a sale-leaseback transaction involving the Twin River Lincoln Casino property in Rhode Island, will support various corporate needs such as refinancing older debt and reducing reliance on revolving credit lines.
The delayed draw portion is earmarked primarily for covering substantial licensing expenses associated with securing a casino license in New York, as well as replenishing funds spent during this process. The loan agreement includes a repayment term of five years but allows for early repayment by March 2029 if outstanding unsecured bonds are still due.
To secure this financing, Bally’s has pledged a broad range of its assets as collateral, while excluding certain holdings like Intralot S.A., Star Entertainment Group, and specific development entities from this agreement.
Facilitating the Twin River Lincoln Real Estate Transaction
This enhanced credit facility appears to clear the way for completing a pending real estate deal involving the Twin River Lincoln property. Bally’s had previously planned to sell this asset to Gaming and Leisure Properties for approximately $735 million, but the transaction was delayed due to creditor concerns.
With the new financing secured, Bally’s anticipates finalizing the sale in early 2026. This move will enable Gaming and Leisure Properties to add a high-performing asset to its portfolio. Industry observers have noted that this acquisition fits well with Gaming and Leisure’s strategy and highlighted the consistent profitability of the Rhode Island casino.
Company Outlook and Strategic Growth Plans
Bally’s Chairman Soo Kim emphasized that the improved financing arrangement reflects solid lender confidence and will empower the company to continue investing across its diverse business segments. These include online gaming operations and upcoming resort projects.
Bally’s remains focused on rapid expansion, including the planned launch of a casino project in Chicago in the coming years and ongoing efforts to secure a license in downstate New York.
Despite mixed overall performance, Bally’s latest quarterly results exceeded revenue expectations driven by growth in its Casinos & Resorts division and acquisitions, even as some digital operations faced higher costs. Investors and analysts continue to closely monitor how Bally’s manages its growth initiatives alongside its considerable debt obligations.
