Bally's Corporation has announced that it secured new financing totaling $560m to support the development of its planned casino and resort in the Bronx, New York.
The financing comprises $400m in closing-date term loan commitments and $160m in delayed draw term loan commitments, led by private credit investment manager WhiteHawk Capital Partners.
It is expected to close in the third quarter of 2026, subject to regulatory approval and other customary closing conditions.
Proceeds from the loans will fund pre-construction costs and expenditures associated with the Bally's Bronx development, with a portion of the proceeds available to the company for general corporate purposes.
Soo Kim, Bally's Chairman of the Board, said: "This important financing allows us to progress the pre-construction planning process so that we are ready to complete the remainder of the capital raise and remain on schedule. Furthermore, the additional liquidity provides us greater flexibility for other capital opportunities."
Bob Louzan, Managing Partner at WhiteHawk Capital Partners, said: "We are pleased to partner with Bally's on this important next phase of the Bronx project. This financing reflects our ability to structure flexible capital solutions for complex transactions and will support the project's pre-construction work as Bally's advances its broader financing plan."
Bally's holds a license to build a full-scale casino and resort in the Bronx. The company operates 20 casinos across 11 US states and one in Newcastle, UK, and also holds rights to developable land in Las Vegas and a license for an integrated resort in Chicago.
The financing announcement follows Bally's disclosure earlier this month that CFO Mira Mircheva would resign effective September 30, with the company beginning a search for a permanent successor.
This development will be welcome, as it falls in the wake of previous indicators that the operator is currently fielding severe financial turbulence.
Citizens Capital Markets served as financial advisor to Bally's on the transaction, while Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor
