Star savior Bally’s Corp secures financial position after obtaining US$1.1 billion in new term loans
Summary
Bally’s Corp has secured US$1.1 billion in new term loans (US$600m initial term loan plus up to US$500m delayed draw) from Ares Management Credit funds, King Street Capital Management and TPG Credit. The funding aims to shore up liquidity, address existing debt, and finance the US$500m licence fee and other up-front costs tied to the company’s planned New York development in the Bronx. Lenders may have provisions to seek equity stakes in certain Bally’s assets, including its New York project, its online arm Intralot and its newly acquired 38% stake in Australia’s Star Entertainment Group.
Key Points
- US$1.1bn facility: US$600m initial term loan and up to US$500m delayed draw term loan.
- Lenders include Ares Management Credit funds, King Street Capital Management and TPG Credit.
- Proceeds will repay existing debt, bolster liquidity and cover fees/expenses related to the Bronx development licence.
- Delayed draw is expressly available to pay or replenish liquidity used for the US$500m New York licence fee and associated investments.
- Lenders may have rights to claim equity in Bally’s New York project, Intralot and the Star Entertainment Group stake.
- CBRE notes the loans remove several credit overhangs and let management focus on development execution.
- The Bronx integrated resort is a US$4bn plan (including a US$2.3bn IR) with 3,500 slots, 250 tables and a 507-room hotel.
Content Summary
The amended and restated commitment letter provides immediate liquidity and a standby delayed-draw facility to cover major upcoming obligations — most notably the US$500m licence fee for a full commercial casino licence in New York. Bally’s will combine the loan proceeds with available cash and proceeds from a sale-and-leaseback of Twin River Lincoln Casino to manage refinancing and corporate needs. The deal contains provisions giving lenders potential equity claims in certain assets, reflecting creditor protection amid the company’s heavy development pipeline. Management says the financing strengthens Bally’s balance sheet and supports continued investment in online gaming, its casino portfolio and resort developments.
Context and Relevance
This financing comes at a pivotal moment: Bally’s is pursuing a major Bronx development that requires substantial up-front capital beyond the licence fee — including community benefits, park and transport upgrades and the integrated resort build. The loans reduce short-term liquidity risk and answer key investor questions around maturities and funding sources, while also signalling lender confidence. For the wider industry, it’s a reminder that large US casino projects increasingly combine traditional lending, asset sales and strategic equity arrangements to secure transformational builds.
Author style
Punchy: This is a rescue-style financing with real teeth — it stabilises Bally’s short-term credit story and lets the company pivot back to execution on big development plans. Read the detail if you follow casino project finance or New York gaming competition.
Why should I read this?
Quick take: Bally’s just bought itself breathing room and a shot at the Bronx prize. If you care about who wins and how mega-casino projects get funded, this shows the exact mix of loans, asset deals and lender protections used to keep big builds alive. We skimmed the filings so you don’t have to — here’s the bit that matters.
