Ballys Strengthens Liquidity With Updated $1.18B Term Loan Agreement

Bally’s has expanded its credit access through an amended financing agreement that boosts available borrowing for corporate needs and large-scale development projects. The company outlined the updated structure in a revised commitment letter that confirms access to $1.1 billion in term loans.

Good to Know

• Financing includes $600 million in initial term loans and up to $500 million in delayed draw loans.
• Proceeds will support debt repayment, liquidity, and licensing fees tied to the Bronx casino plan.
• GLPI is expected to purchase the Twin River Lincoln property for about $750 million in early 2026.

Expanded Term Loans Strengthen Bally’s Capital Position

The agreement increases Bally’s lending capacity with support from Ares Management Credit funds, King Street Capital Management and TPG Credit. The company stated that financing commitments now cover $600 million in initial term loans and up to $500 million available on a delayed draw basis. Both facilities carry a five-year maturity, unless certain unsecured notes due 2029 remain outstanding, in which case the loans accelerate to March 1, 2029.

Funds from the initial loan will combine with cash reserves and proceeds from a previously approved sale-leaseback of Twin River Lincoln Casino in Rhode Island. Those resources will be directed toward general corporate purposes, including repayment of existing obligations. The delayed draw loan is positioned for the major New York licensing fee associated with Bally’s proposed Bronx commercial casino.

The company said:

“The proceeds from the Delayed Draw Term Loan will be used to pay or replenish liquidity used to pay licensing fees in connection with the Company New York State casino license and related fees and expenses.”

Collateral for the financing spans nearly all material assets of the organisation, including stakes in Intralot S.A., Star Entertainment Group and development entities linked to the Bronx resort proposal.

Financing Tied to Rhode Island Sale and New York Casino Development

Completion of the amended credit package is expected in the first quarter of 2026, contingent on standard closing conditions and finalisation of the Twin River Lincoln sale-leaseback. Analysts anticipate that Gaming and Leisure Properties Inc will acquire the Lincoln property for an estimated $750 million at an 8 percent cap rate, generating projected first-year rent of roughly $58.8 million. Twin River reported 3 percent year-on-year gross gaming revenue growth in the third quarter of 2025.

Market analysts point out that Bally’s has leaned more heavily on private credit as traditional lenders remain cautious due to the company B- rating. The expanded term loans ease short-term liquidity pressure and reinforce Bally’s ability to meet development commitments, especially in New York, where investment requirements are substantial.

Chairman Soo Kim said:

“We appreciate the strong support of our lenders, as the A&R Commitment Letter further strengthens Bally’s liquidity position while enabling continued investment in our strategic growth pipeline – spanning online gaming, our casino portfolio, and our expanding resorts developments.”

The company Bronx proposal includes a $2.3 billion integrated resort within a broader $4 billion development envelope. Plans call for 3,500 slot machines, 250 table games, a hotel with more than 500 rooms and a range of community improvements, including park upgrades and transportation enhancements. The state Gaming Facility Location Board advanced Bally’s bid, along with projects from Hard Rock International and Resorts World New York.

Citizens Capital Markets advised Bally’s on the financing process, while Fried Frank acted as legal counsel.

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