Bally's Corporation has recently entered into a new term loan credit facility due 2031, which will provide the company with $1.1 billion of funded term loans. These term loans are provided by Ares Management Credit Funds, King Street Capital Management, and TPG Credit. In addition to this, the company completed its previously announced sale and leaseback of the real estate assets of its Twin River Lincoln casino resort, which provided the company with total consideration of $700 million, before transaction expenses and provisions for taxes.
The initial cash rent for the Twin River Lincoln property is $56 million per annum, with customary annual escalators. The proceeds from the term loans will be used for general corporate purposes, including the development of Bally's Bronx and Bally's Chicago. The company will also allocate cash on hand from the proceeds of the Intralot transaction (completed in October 2025) and the Lincoln sale leaseback, along with portions of the proceeds from the term loan issuance to repay in full the company’s outstanding $1.47 billion in term loans maturing in 2028.
It's important to note that the term loans are secured by substantially all material assets of the company and its wholly-owned subsidiaries, including the equity of Bally's Intralot S.A. held by the company, subject to customary exceptions and exclusions.
Citizens Capital Markets served as the financial advisor to Bally’s Corporation. Fried, Frank, Harris, Shriver & Jacobson LLP and Latham & Watkins LLP served as legal advisors to Bally’s Corporation.
About Bally's Corporation, they are a fast-growing global entertainment brand with 19 casinos across 11 US states and one casino in Newcastle, UK, along with a golf course in New York and a horse racetrack in Colorado. Bally's also owns Bally Bet, a first-in-class sports betting and iGaming platform licensed in 13 jurisdictions in North America. They hold a majority interest in Bally's Intralot S.A., a leading lottery solutions supplier and iGaming operator. Their casino operations include approximately 17,700 slot machines, 630 table games, and 3,950 hotel rooms. Bally's also has rights to developable land in Las Vegas at the site of the former Tropicana Las Vegas, has been awarded a license to build a full-scale casino and resort in the Bronx, New York, and is developing an integrated destination resort in Chicago, Illinois. Bally's has approximately 10,800 employees across the world. As a result of these announcements, the company's shares have moved -1.53% on the market, and are now trading at a price of $16.77. For more information, read the company's full 8-K submission here.
