Bally’s Boosts Financing to Advance New York Casino Plans

Bally’s Corporation has taken a big step to secure its New York State casino dreams, revealing a bigger financing package that increases its total loan commitments to $1.1 billion. 

Bally’s Taps Private Credit Providers for Expanded Multi-Layer Loan Deal

The updated agreement, detailed in a new commitment letter that replaces an earlier deal from mid-2025, expands the company’s borrowing power through a mix of immediate and delayed term loans. Private credit providers, including Ares Management Credit, King Street Capital Management, and TPG Credit, will supply these loans.

The new structure has a $600 million initial term loan and an extra $500 million through a delayed draw option. Bally’s plans to use the upfront loan with cash it already has and money it expects to get from selling and leasing back the Twin River Lincoln Casino property in Rhode Island.

This money will help with general company needs, like paying off an older loan and using less of its revolving credit line. The delayed draw part is set aside to pay for the big licensing costs that come with winning a casino license in New York, and to replace money spent during that process.

The loan has a five-year payback period, but it could end sooner, by March 2029, if the company’s unsecured bonds due that year are still unpaid. To get this financing, Bally’s agreed to use a wide range of its assets as collateral. However, they kept some holdings out of this deal, including Intralot S.A., the Star Entertainment Group, and specific development entities.

New Credit Deal Positions Bally’s to Finalize Twin River Lincoln Real Estate Deal

The upgraded facility seems to open the door for a real estate deal involving Twin River Lincoln that has been on hold for a while. Bally’s had already agreed to sell the property to Gaming and Leisure Properties for about $735 million, but the deal slowed down because of creditor worries. Now that the new financing is in place, Bally’s thinks it will close the sale in early 2026, letting GLPI add another top-performing asset to what it owns. People who monitor this deal say it fits well with how GLPI has done in the past and pointed out that the Rhode Island place keeps making more money.

Bally’s Chairman Soo Kim said the improved financing deal shows strong support from lenders and would let the company keep putting money into its various businesses, from online gaming to upcoming resort projects. The company still aims to grow quickly, including its Chicago venture, planned to launch in the coming years, and a recent push for a license in downstate New York.

The overall business has shown mixed results: Bally’s latest quarterly report showed higher-than-expected revenue, thanks to gains in its Casinos & Resorts division and several bought properties, even as higher costs hurt some digital operations. Investors and analysts keep a close eye on how the company manages its growth plans alongside its large debt.