Bally’s Corp.'s Bronx casino project is one step closer to its first roll of the dice.
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The Rhode Island-based casino operator has landed a $560M financing agreement from WhiteHawk Capital Partners for the project, it revealed in a Securities and Exchange filing. Bally’s plans to build a $4B casino resort next to its Ferry Point golf course in the East Bronx, along with a hotel and entertainment center.
“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,” Bally’s Chairman of the Board Soo Kim said in a statement.
The loan, which is subject to regulatory approval, is split into $400M that Bally's would get at closing and $160M on a staggered timeline, according to the filing.
Bally’s New York Guarantors will guarantee the loan, which will be “secured by substantially all of the assets of the Bally’s New York Loan Parties, subject to certain exceptions,” according to the SEC filing.
The deal is expected to close in the third quarter of 2026, according to a release, and the loan will mature 18 months after the initial funding is provided.
Bally's, which warned investors last month that it was at risk of defaulting on lending agreements, agreed to pay an interest rate of SOFR plus 8.5%.
“We are pleased to partner with Bally’s on this important next phase of the Bronx project,” WhiteHawk Capital Partners Managing Partner Bob Louzan said in a statement. “This financing reflects our ability to structure flexible capital solutions for complex transactions.”
Citizens Capital Markets served as financial adviser, and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal adviser to Bally’s.
The casino operator was awarded one of three New York State casino licenses in December. The other two licenses went to Steve Cohen and Hard Rock International’s proposal near Citi Field and Resorts World's Genting Group, which has already opened the first legal table games in New York City at its gaming facility complex next to the Aqueduct horse racing track.
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