Bally’s Secures $560 Million Bridge Financing to Advance Bronx Casino Project

Bally’s Corporation has secured $560 million in new financing led by WhiteHawk Capital Partners. The proceeds will fund pre-construction costs for the company’s Bronx casino development in New York while it completes a broader capital raise.

The package includes $400 million in term loan commitments available at closing and $160 million in delayed draw term loan commitments. The transaction is expected to close in the third quarter of 2026, subject to regulatory approval and other customary conditions.

Bridge Financing Terms and Allocation

Bally’s will direct the majority of the funds toward pre-construction expenses tied to the Bronx project, one of the company’s largest and most costly developments. The balance remains available for general corporate purposes, providing added liquidity at a time when earlier financing partners had shown reluctance to fully back the New York effort.

“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 Soo Kim said. Kim added that the additional liquidity gives the company greater flexibility for other capital opportunities.

The announcement arrives weeks after Bally’s warned the SEC of “substantial doubt” about its ability to continue as a going concern. WhiteHawk Capital Partners Managing Partner Bob Louzan said the firm was pleased to work with Bally’s on the next stage of the project. Louzan said the financing is intended to support pre-construction work as Bally’s continues to develop its broader financing plan.

The Los Angeles-based private credit firm previously arranged a $390 million refinancing for The Star Entertainment Group, the Australian operator Bally’s acquired. Citizens Capital Markets acted as financial advisor to Bally’s on the deal, with Fried, Frank, Harris, Shriver & Jacobson LLP serving as legal advisor.

Remaining Capital Needs and Execution Risks

This facility does not cover the full capital required for the Bronx development. Bally’s must still close the remainder of its financing to move the project past planning without slippage.

As reported by GamblingNews, the bridge provides essential near-term runway but leaves the company exposed until the larger raise concludes. Timely execution will determine whether the schedule holds for a project that forms a central piece of Bally’s U.S. growth strategy.

Reporting: GamblingNews

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