Bally’s has secured $1.1bn in new loan commitments from private credit managers, providing funding to refinance existing debt and meet licensing costs tied to its proposed New York casino project, according to a report by Bloomberg.
Funds managed by Ares Management Credit, King Street Capital Management and TPG Credit have agreed to the amended financing package. The deal follows an earlier attempt to extend maturities that stalled in October after a lender group opposed changes to the company’s $1.9bn term loan.
The new structure includes a $600m term loan and a $500m delayed-draw term loan, maturing in five years — or in March 2029 if the company’s bonds due that year remain outstanding. The facility will be secured against substantially all of Bally’s material assets and subsidiaries, including its majority stake in Intralot, though assets held by Intralot, The Star Entertainment Group and certain development-stage projects are excluded.
Proceeds from the delayed-draw component will support fees associated with Bally’s $4bn plan to develop a hotel and casino at Ferry Point in the Bronx. The proposal received a recommendation last week from the New York Gaming Facility Location Board. The transaction is expected to close in the first quarter of 2026.
