Bally’s Closes $1.1 Billion Loan and $700 Million Casino Sale-Leaseback

Bally’s Corporation announced the closure of a $1.1 billion term loan facility due in 2031, backed by Ares Management Credit funds, King Street Capital Management, and TPG Credit. The company also finalized a $700 million sale-and-leaseback transaction for its Twin River Lincoln Casino Resort with GLP Capital, L.P., a subsidiary of Gaming and Leisure Properties, Inc. These moves provide critical capital to refinance debt and fuel expansion projects.

Key Terms of the New Financing

The term loan carries a 2031 maturity and stands secured by substantially all material assets of Bally’s and its wholly owned subsidiaries. Lenders include prominent credit funds known for investments in leveraged sectors. The sale-leaseback deal generates initial annual cash rent of $56 million, subject to standard escalators, allowing Bally’s to retain operational control of the Rhode Island property while freeing up equity.

Strategic Deployment of Funds

Proceeds from the loan, the Lincoln transaction, and earlier Intralot payments will support general corporate needs. Primary uses include full repayment of Bally’s $1.47 billion term loans due in 2028, easing near-term obligations. Remaining capital targets development in the Bronx and Chicago, where Bally’s pursues casino projects amid competitive licensing battles.

Positioning Amid Industry Pressures

Sale-leaseback structures have become standard for casino operators, converting real estate value into working capital without disrupting revenue streams. For Bally’s, this refinancing extends debt maturities and bolsters the balance sheet during a phase of aggressive growth. Success in Bronx and Chicago hinges on regulatory approvals, as states weigh economic benefits against community concerns in expanding gaming footprints.