Bally’s Corporation has secured a $1.1 billion term loan facility from Ares Management Credit, King Street Capital Management and TPG Credit, comprising an initial $600 million term loan and up to $500 million in a delayed‑draw tranche. The facility is structured to mature five years after closing, with an earlier maturity date of March 1, 2029 that is contingent on the status of the company’s 2029 unsecured bonds.
The proceeds will be used for general corporate purposes, repayment of existing term debt, and payment of fees associated with Bally’s New York State casino license. The financing will also provide a buffer for the company’s liquidity position, which as of the most recent quarter was underpinned by a debt burden of $5.66 billion and a current ratio of 0.68, indicating short‑term obligations exceed liquid assets.
Bally’s has been pursuing a multi‑city expansion strategy that includes the Chicago permanent casino, a Las Vegas resort development, and the highly competitive New York City casino license. The new term loan facility is intended to support these capital‑intensive projects while reducing reliance on short‑term credit and improving the company’s balance‑sheet profile.
"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," said Soo Kim, Chairman of the Board. The comment underscores the company’s focus on maintaining financial flexibility as it moves forward with its high‑profile development projects.
The loan’s structure, secured by Bally’s material assets, signals confidence from the lenders in the company’s ability to service debt and execute its growth agenda. By refinancing and extending its debt maturity, Bally’s positions itself to capitalize on opportunities in both its physical casino portfolio and its expanding online gaming business, while mitigating the risk of liquidity shortfalls during the construction and ramp‑up phases of its new projects.
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