Bally’s Corporation has taken a significant stride forward in their ambitious New York State casino aspirations by unveiling a substantial financing package that elevates its total loan commitments to an impressive $1.1 billion. Detailed in a new commitment letter, a more expansive agreement than the earlier mid-2025 deal now gives the company an elevated borrowing capacity, leveraging a unique blend of immediate and delayed term loans. Prominent private credit providers such as Ares Management Credit, King Street Capital Management, and TPG Credit will be responsible for these crucial loans.
The restructured deal includes a $600 million initial term loan and an additional $500 million through a delayed draw option. Bally’s intends to utilize the upfront loan in conjunction with existing cash reserves and anticipated funds from selling and leasing back its Twin River Lincoln Casino property in Rhode Island. This influx of capital will address general company needs, including settling older loans and reducing reliance on their revolving credit line. The delayed draw portion is earmarked to cover the hefty licensing fees associated with securing a casino license in New York, and to reimburse expenses incurred during the application process.
With the loan structured for a five-year repayment period, Bally’s could potentially settle this debt by March 2029, if the company’s unsecured bonds are
With the loan structured for a five-year repayment period, Bally’s could potentially settle this debt by March 2029, if the company’s unsecured bonds are still unpaid by then. To secure this financing, Bally’s agreed to leverage a wide array of its assets as collateral while strategically keeping certain holdings out of the deal, such as Intralot S.A., Star Entertainment Group, and specific development entities. This careful allocation underscores Bally’s calculated approach to balancing risk and opportunity.
The updated financing deal seems to signal a green light for a significant real estate transaction involving Twin River Lincoln. Bally’s had planned to sell this property to Gaming and Leisure Properties for about $735 million, a deal previously stalled due to creditor apprehensions. Now, with the new financing secured, Bally’s anticipates closing the transaction by early 2026. This move aligns well with GLPI’s past performance, as the Rhode Island property continues to be a substantial money-maker, adding another high-caliber asset to GLPI’s portfolio.
Bally’s Chairman, Soo Kim, emphasized that the enhanced financing deal demonstrates robust support from lenders and allows the company to continue investing in a broad range of business ventures, from online gaming to future resort projects. Bally’s remains committed to swift growth
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