Bally’s Corporation has taken a significant stride in pursuing its casino ambitions in New York State, announcing an expanded financing package that elevates its total loan commitments to $1.1 billion.
Bally’s Engages Private Credit Providers for Enhanced Multi-Layer Loan Arrangement
The revised agreement, outlined in a new commitment letter that replaces a previous deal from mid-2025, enhances the company’s borrowing capacity through a combination of immediate and future term loans. Private credit institutions such as Ares Management Credit, King Street Capital Management, and TPG Credit will provide these loans.
The new arrangement includes a $600 million initial term loan and an additional $500 million via a delayed draw option. Bally’s plans to combine the upfront loan with existing cash reserves and proceeds expected from selling and leasing back the Twin River Lincoln Casino property in Rhode Island.
This funding will assist with general corporate needs, including repaying an older loan and reducing reliance on its revolving credit line. The delayed draw component is earmarked to cover the substantial licensing fees involved in securing a casino license in New York, and to replenish funds utilized during this process.
The loan has a five-year repayment period, but it could conclude sooner, by March 2029, if the company’s unsecured bonds due that year remain outstanding. To secure this financing, Bally’s has pledged a wide range of its assets as collateral. However, they excluded certain holdings from this agreement, including Intralot S.A., the Star Entertainment Group, and specific development entities.
New Credit Arrangement Aligns Bally’s to Finalize Twin River Lincoln Real Estate Transaction
The enhanced facility appears to facilitate a real estate transaction involving Twin River Lincoln that had been delayed. Bally’s had already agreed to sell the property 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 closing the sale in early 2026, enabling GLPI to acquire another high-performing asset. Observers of this transaction note that it aligns well with GLPI’s historical performance and emphasize that the Rhode Island location continues to generate strong revenue.
Bally’s Chairman Soo Kim stated that the enhanced financing agreement demonstrates robust support from lenders and would allow the company to continue investing in its various ventures, from online gaming to forthcoming resort projects. The company remains focused on rapid expansion, including its Chicago project, set to launch in the coming years, along with recent efforts to obtain a license in downstate New York.
The overall business has delivered mixed outcomes: Bally’s latest quarterly report revealed higher-than-expected revenue, attributed to gains in its Casinos & Resorts sector and several acquired properties, despite increased costs impacting some digital operations. Investors and analysts continue to closely monitor how the
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