Bally’s Corporation amended a term loan agreement, providing the company with $1.1 billion in financing just days after securing a downstate casino license in New York.
According to an SEC filing, Bally’s amended a commitment letter, increasing commitments of term loans provided by Ares Management Credit funds, King Street Capital Management and TPG Credit. Bally’s amended its initial commitment letter forged in July to provide an initial $600 million term loan and up to $500 million in delayed draw term loans. The term loans reach maturity in five years but can reach maturity in March 2029 if Bally’s unsecured bonds that are due that year remaining outstanding as of March 1, 2029.
The amended letter also provides term loan lenders with the opportunity to obtain equity in companies recently acquired by Bally’s, which include The Star Entertainment Group. Earlier this year, Bally’s acquired the Australian gaming company for roughly $187 million.
Lenders are also able to acquire a stake in the company’s forthcoming casino in New York.
“We appreciate the strong support of our lenders, as the A&R [amended and restated] 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,” said Bally’s Board Chairman Soo Kim.
Bally’s expects to secure its new financing from lenders in Q1 2026.
How Bally’s plans to use its term loans
Bally’s plans to use the initial term loan for “general corporate purposes,” which includes repaying existing term loans and enhancing the company’s credit infrastructure. The company will combine the initial term loan with proceeds from its looming deal to sell Twin River Lincoln Casino Resort in Rhode Island to Gaming and Leisure Properties, Inc. (GLP) for $735 million. The transaction allows Bally’s to leaseback back the gaming property.
The delayed draw term loans will be used to pay the licensing fees and expenses associated with Bally’s recent approval for a downstate casino license in the Empire State.
Bally’s casino plans in New York
Earlier this month, Bally’s received one of three available downstate casino licenses by New York regulators, ending a years-long application process. Bally’s was awarded a license along with Hard Rock and Resorts World after eight companies vied for a license.
The three winning applicants are required to pay a $500 million licensing fee with a minimum capital investment of $500 million. The group also had to propose their own tax rates for both slot machine gaming and table games.
As part of Bally’s application for a downstate casino license, the company pledged a $2.3 billion total capital investment to bring a new casino to the Bronx. The company plans to build a casino that features 500 hotel rooms, 3,500 slots and nearly 250 table games. Bally’s proposed a 30% tax rate on slot machines and a 10% rate on table games.
Trump Organization to receive payment from Bally’s
Bally’s will also have to pay $115 million to the Trump Organization related to its downstate casino license. In 2023, Bally’s purchased the property it plans to build its new casino on from the Trump Organization. The purchase agreement requires Bally’s to pay the Trump Organization if awarded a downstate casino license. The New York State Gaming Commission will hold formal licensing approval on Dec. 31. The applicants are currently undergoing financial stability and environmental impact checks before final approval.
New Bally’s casino coming to Chicago
Bally’s also plans to bring a new casino to Chicago as part of a project that is expected to cost roughly $1.7 billion. The development includes a 500-room hotel and over 3,000 slots.
It has been an arduous process for Bally’s to develop and open a Chicago casino as funding concerns were raised Mayor Brandon Johnson and Wall Street rating agencies that downgraded Bally’s credit profile over financial “risks” of the project.
Last year, Bally’s reached a $940 million financing agreement with GLP to cover a roughly $800 million funding cap for the construction of the casino.
Bally’s also considered raising $250 million through an initial public offering that was limited to investors who are minorities or women. The IPO received pushback from the American Alliance for Equal Rights, a conservative activist group that sued Bally’s to prevent the offering. The IPO for minorities and women was eventually blocked by the SEC over outdated financial information submitted by Bally’s. The company pledged to sell $195 million in private shares while the SEC evaluated the IPO. Bally’s would later close a separate $250 million IPO in August 2025 to an open pool of investors.
Bally’s currently operates a temporary casino inside the Medinah Temple in Chicago. The company plans to open its new casino in the Windy City in September 2026.
