Bally’s Secures $1.1 Billion Financing for New York Casino Plans
UPDATE: Bally’s Corporation has secured a significant financing boost, confirming a new loan package totaling $1.1 billion to advance its casino plans in New York State. The company announced this development earlier today, enhancing its financial capabilities through a multi-layer loan structure with private credit providers.
The expanded financing includes an initial term loan of $600 million, along with an additional $500 million available via a delayed draw option. Key backers in this deal include Ares Management Credit, King Street Capital Management, and TPG Credit, positioning Bally’s to address both immediate and future financial needs.
Bally’s plans to utilize these funds for essential company operations, including settling an existing loan and minimizing reliance on its revolving credit line. Crucially, the financing is also earmarked to cover the hefty licensing costs associated with obtaining a casino license in New York.
This urgent financing deal is a game-changer for Bally’s, as it aims to finalize the sale of the Twin River Lincoln Casino property in Rhode Island for about $735 million. The sale, which has faced delays due to creditor concerns, is now expected to close in early 2026, allowing Bally’s to enhance its asset portfolio and streamline its operations.
Bally’s Chairman Soo Kim expressed confidence in this financing arrangement, stating that it demonstrates strong lender support and enables the company to continue investing in its diverse business ventures, including online gaming and upcoming resort projects. The company is also focused on its ambitious growth strategy, which includes a planned launch in Chicago and an active pursuit of a downstate New York casino license.
Recent quarterly reports revealed mixed results for Bally’s, with higher-than-expected revenue attributed to gains in its Casinos & Resorts division. However, rising costs have posed challenges for some of its digital operations. Investors and analysts remain vigilant as they monitor how Bally’s manages its growth trajectory alongside its substantial debt obligations.
As Bally’s continues to navigate this complex financial landscape, the urgency of this financing deal underscores its commitment to establishing a foothold in New York’s competitive casino market. Stay tuned for further updates as this story develops.
