Bally’s Lands $560M Financing to Advance Bronx Casino Resort

NEW YORK – Bally’s has secured $560 million in financing commitments to advance pre-construction work on its planned $4 billion Bronx casino resort.

The funding provides additional liquidity as Bally’s works to complete the broader capital raise required for the project amid heightened scrutiny of its financial position.

WhiteHawk Capital Partners is leading the financing, which includes $400 million in closing-date term loan commitments and another $160 million available through delayed draws as project costs are incurred. Bally’s expects the financing to close in the third quarter of 2026, subject to regulatory approval and customary closing conditions.

WhiteHawk Financing Carries 18-Month Maturity

Under the financing agreement, proceeds will primarily support pre-construction costs and other expenditures related to Bally’s Bronx, while a portion can be used for general corporate purposes. The loans will mature 18 months after their initial funding and carry interest at Term SOFR plus 8.50% per year, subject to a customary floor.

The senior secured financing is backed by substantially all assets of Bally’s New York loan entities, subject to certain exceptions. The agreement also restricts additional borrowing, dividends, certain investments, asset sales and liens while imposing development-related covenants on the Bronx project.

Bally’s Chairman Soo Kim said the financing would allow the company to continue pre-construction planning while preparing to complete the remainder of its capital raise. “Furthermore, the additional liquidity provides us greater flexibility for other capital opportunities,” Kim said.

The financing advances a development where Bally’s has already committed substantial capital. The company completed its $156.6 million purchase of the Bronx site from New York City in February after previously acquiring the leasehold interest associated with the property.

Financing Follows Bally’s Liquidity Warning

The WhiteHawk agreement comes one month after Bally’s warned of substantial doubt about its ability to continue as a going concern under forecasts that excluded financing initiatives still being pursued. At the time, the company said it was considering additional debt, equity financing and asset monetization to improve liquidity.

Bally’s reported $390.2 million in cash and cash equivalents at June 30, down from $798.4 million at the end of 2025, while carrying approximately $4.5 billion in long-term debt including current maturities. The company had previously disclosed that it was working on financing specifically intended to support further development of its Bronx project.

The new commitments provide a concrete step in that process but do not represent the full financing required for the resort. Kim said Bally’s still intends to complete the remainder of the capital raise while keeping the project on schedule.

Chicago Project Remains Under Scrutiny

Bally’s financing position has also drawn attention in Chicago, where the company is developing a $1.7 billion permanent casino. Construction continues on the core gaming facility, while work on the hotel and several non-gaming amenities has slowed amid a dispute with the city over video gambling terminals.

Kim said during a Sept. 14 company update that Bally’s remains committed to opening the Chicago casino in early 2027 and meeting its $1.34 billion capital commitment under its agreement with the city.

For the Bronx development, the immediate next step is closing the WhiteHawk financing and continuing pre-construction work while Bally’s arranges the additional capital needed to complete the resort.

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