Bally’s Corporation closed a financing package tied to its Bronx casino development and drew the first $400 million in term loans at closing.
The company said the initial $400 million will fund pre-construction costs and other development spending for the Bally’s Bronx project, with part of the proceeds also going to general corporate purposes, including transaction fees and expenses. Another $160 million in delayed-draw term loan commitments remains available for future use.
The financing comes as Bally’s advances a $4.0 billion integrated casino project in the Bronx, which the company expects to open by 2030. The project is planned to include 3 million square feet of gaming space, a 500-room hotel, a 2,000-person event center and an 18-hole golf course.
Bally’s said the Bronx project financing is led by WhiteHawk Capital Partners. Citizens Capital Markets & Advisory advised Bally’s on the deal, and Fried, Frank, Harris, Shriver & Jacobson served as legal adviser.
The company said it has 20 casinos across 11 U.S. states and one in Newcastle, U.K., along with a golf course in New York and horse racetracks in Colorado and Wyoming. It also said it operates about 17,700 slot machines, 630 table games and 3,950 hotel rooms. Following these announcements, the company's shares moved 1.68%, and are now trading at a price of $13.95. Check out the company's full 8-K submission here.
