Bally's Secures $560M Financing for Bronx Casino Project
BALY is trading near its 52-week low of $8.44 (7.5% above the low).
Summary
Bally's announced a $560 million financing package led by WhiteHawk Capital Partners to fund pre-construction work on its Bronx casino project and general corporate purposes. The deal includes a $400 million term loan and a $160 million delayed draw facility, expected to close in Q3 2026 pending regulatory approval. The loan agreement was signed September 4, 2026; loans mature 18 months after initial funding and bear interest at Term SOFR plus 8.50%, subject to a customary floor. The loans are senior secured, guaranteed by the Bally's New York Guarantors and secured by substantially all of the assets of the Bally's New York Loan Parties, subject to certain exceptions. Mandatory prepayment provisions apply to certain asset sales, casualty events (subject to exceptions), and certain unpermitted debt issuances, and prepayment in full is subject to a customary prepayment fee. Covenants limit additional indebtedness, dividends or certain other restricted payments, asset sales, certain investments, and liens, and include construction and development covenants relating to the Bally's Bronx project. Events of default include payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults, certain events of bankruptcy and insolvency, judgment defaults, or a change of control, and permit acceleration of repayment of loans and termination of unfunded commitments. This follows a liquidity crunch disclosed in late August and the sudden CFO resignation on September 3, making the new capital a critical lifeline for the company's expansion plans. The financing provides immediate liquidity and signals lender confidence despite the going concern warning in the Q2 10-Q. Investors will watch for the closing and any further capital raises needed to complete the Bronx project.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — The loan agreement was signed September 4, 2026; loans mature 18 months after initial funding and bear interest at Term SOFR plus 8.50%.
- Loan Terms
- The loans are senior secured.
- The loans are guaranteed by the Bally’s New York Guarantors and secured by substantially all of the assets of the Bally’s New York Loan Parties, subject to certain exceptions.
- The interest rate is subject to a customary floor.
- Mandatory prepayment provisions apply to certain asset sales, casualty events (subject to exceptions), and certain unpermitted debt issuances.
- Prepayment in full is subject to a customary prepayment fee.
- Covenants — Covenants limit additional indebtedness, dividends or certain other restricted payments, asset sales, certain investments, and liens. The loan agreement includes construction and development covenants relating to the Bally’s Bronx project.
- Events of Default — Events of default include payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults, certain events of bankruptcy and insolvency, judgment defaults, or a change of control. Events of default permit acceleration of repayment of loans and termination of unfunded commitments.
- Advisor — Citizens Capital Markets served as financial advisor to Bally’s Corporation for the transaction.
- Parties — Bally’s New York Operating Company, LLC is an indirect wholly owned subsidiary of Bally’s Corporation. Certain other subsidiaries of Bally’s are Bally’s New York Guarantors.
All 12 details
- Bally’s New York Operating Company, LLC is an indirect wholly owned subsidiary of Bally’s Corporation.
- Certain other subsidiaries of Bally’s are Bally’s New York Guarantors.
- The loans are senior secured.
- The loans are guaranteed by the Bally’s New York Guarantors and secured by substantially all of the assets of the Bally’s New York Loan Parties, subject to certain exceptions.
- The interest rate is subject to a customary floor.
- Mandatory prepayment provisions apply to certain asset sales, casualty events (subject to exceptions), and certain unpermitted debt issuances.
- Prepayment in full is subject to a customary prepayment fee.
- Covenants limit additional indebtedness, dividends or certain other restricted payments, asset sales, certain investments, and liens.
- The loan agreement includes construction and development covenants relating to the Bally’s Bronx project.
- Events of default include payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults, certain events of bankruptcy and insolvency, judgment defaults, or a change of control.
- Events of default permit acceleration of repayment of loans and termination of unfunded commitments.
- Citizens Capital Markets served as financial advisor to Bally’s Corporation for the transaction.
- Loan Terms
At the time of this announcement, BALY was trading at $9.07 on NYSE in the Trade & Services sector, with a market capitalization of approximately $462.8M. The 52-week trading range was $8.44 to $20.74. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: BusinessWire.