Entertainment
The quick-growing global entertainment brand that owns 20 casinos in the US and one casino in Newcastle, UK, Bally’s Corporation has secured $560 million in new financing.
The company will use the money to support further development of its planned Bronx project in New York, allowing it to move ahead with pre-construction work.
Bally’s, On Schedule
The financing, led by WhiteHawk Capital Partners, includes $400 million in term loan commitments available at closing and another $160 million in delayed draw term loan commitments.
The deal is expected to close in the third quarter of 2026, subject to regulatory approval and other customary closing conditions.
Bally’s said the money will primarily be used for pre-construction costs and other expenses connected with the Bronx development.
Part of it will also be available for general corporate purposes, allowing the company to benefit from boosted flexibility while working through its broader capital plans.
For Bally’s, which also owns Bally Bet, a first-in-class sports betting and iGaming platform licensed in 16 jurisdictions in North America, the fresh financing is an important step in keeping work on the Bronx project moving while the company prepares to complete the rest of its planned capital raise.
“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.
A Breath of Fresh Air
The deal comes just a few weeks after the gaming company warned the SEC about “substantial doubt” regarding its ability to continue as a going concern.
Funding the Bronx casino hotel has been a key priority for Bally’s, given the project’s scale and its position as the company’s most expensive development.
Earlier financing partners had shown reluctance to fully fund the New York project, making WhiteHawk’s backing particularly important as Bally’s works to complete its broader capital raise.
The two companies also have a recent history. In May, WhiteHawk finalized a $390 million refinancing for The Star Entertainment Group, the financially troubled Australian casino operator that Bally’s acquired.
Los Angeles-based WhiteHawk is a private credit firm that works across industries, typically providing financing to companies with annual revenues ranging from about $25 million to more than $1 billion.
They Need More Money
The financing does not represent the full capital required for the Bronx development. Instead, it provides Bally’s with funds to continue planning and prepare the project while it works on the remainder of its financing strategy.
WhiteHawk Capital Partners Managing Partner Bob Louzan said the firm was pleased to work with Bally’s on the next stage of the project.
He said the financing is intended to support pre-construction work as Bally’s continues to develop its broader financing plan.
The Bronx project is one of Bally’s largest development efforts and forms part of the company’s wider expansion plans in the US.
The new financing gives the company access to capital for immediate project-related expenses while preserving some funds for broader corporate needs.
Bally’s also confirmed that Citizens Capital Markets acted as its financial advisor for the transaction. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor.
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Melanie Porter