Bally’s Corp. introduced Monday that it secured a $560 million mortgage for its $4 billion Bronx project in New York from American non-public credit score agency WhiteHawk Capital Companions, a transfer which may quickly put to relaxation rumors surrounding the monetary woes of the Rhode Island-based on line casino operator.
The financing from California-based WhiteHawk is anticipated to stream in two chunks, with $400 million front-loaded upon closing and one other $160 million anticipated on a staggered timeline, in line with the corporate’s newest SEC submitting.
The on line casino operator is anticipating to shut the financing within the third quarter of 2026, topic to regulatory approval.
“This vital financing permits us to progress the pre-construction planning course of in order that we’re prepared to finish the rest of the capital elevate and stay on schedule. Moreover, the extra liquidity offers us higher flexibility for different capital alternatives,” Chairman of the board Soo Kim mentioned in a press launch on Monday.
Bally’s purchased the parkland at 450 Hutchinson River Parkway within the Bronx for its deliberate on line casino and leisure complicated from the town for $156.6 million after shopping for out Trump Group’s 20-year lease of the house in 2023. Bloomberg reported in August that Bally’s had already put greater than $800 million into the New York undertaking, with extra within the pipeline. The corporate was one in all three proposals to receive the New York Gaming Facility Location Board’s advice to conditionally obtain a on line casino license within the metropolis.
The 16-acre parcel is a part of a wider 300-acre golf course, Bally’s Golf Hyperlinks at Ferry Level.
“Chicago undertaking on observe”
Monetary woes for Bally’s emerged in August when a regulatory submitting from the corporate warned investors of “substantial doubt” that it will likely be in a position to proceed as a going concern owing to a liquidity crunch. This hung over the corporate’s undertaking in Chicago, the place development had reportedly stopped on the encircling on line casino complicated. Bally’s can be in a standoff with the town of Chicago over video gambling terminals. Amid the liquidity points, Bally’s chief financial officer stepped down earlier this month.
The Chicago undertaking features a 2,000-foot Riverwalk extension, a 34-story resort and conference middle, a two-acre park and a smattering of eating places and different sights. Kim dismissed claims that development had stalled in Chicago.
“We’re dedicated to opening in early 2027,” Chairman Soo Kim mentioned on a convention name Monday. He added that the corporate expects to satisfy its $1.34 billion capital dedication and is in dialogue with metropolis officers over the legalization of video gaming terminals and its impression on the Chicago undertaking.
In June, WhiteHawk had offered a $390 million refinancing lifeline for Star Leisure Group in Australia, which was experiencing vital operational and monetary challenges.
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Bally’s buys site for Bronx casino from the city
Bally’s CFO resigns in the midst of spat with Chicago officials, casino resort construction slowdown
Bally’s points finger at video gambling terminals as shutdown culprit in letter
