Bally’s Secures $400 Million In WhiteHawk Term Loans For Bronx Casino

Bally’s Corporation announced on 2026年10月2日 that it has closed its previously announced financing led by WhiteHawk Capital Partners, LP. The company received initial funding of $400 million in term loans to support development of the Bally’s Bronx casino project, according to the company’s release.

According to the release, the proceeds will pay certain pre-construction costs and expenditures associated with the Bronx development, with a portion applied to general corporate purposes, including transaction fees and expenses incurred at closing. A further $160 million in delayed draw term loan commitments remains available for future draws to support the project’s continued development.

The closing was executed through an amended and restated loan and security agreement entered into on 2026年10月1日, according to a Form 8-K filed with the U.S. Securities and Exchange Commission. Bally’s New York Operating Company, LLC, an indirect wholly owned subsidiary of Bally’s, and certain other subsidiaries entered the agreement with WhiteHawk Capital Partners, LP, as agent for the lenders.

According to the filing, certain additional subsidiaries formed in connection with the Bronx project were added as obligors under the amended agreement, and the closing date term loan commitments were fully funded on 2026年10月1日. The October agreement amended and restated the original loan agreement in its entirety, and its other material terms are consistent with the prior agreement.

Bally’s previously announced the financing on 2026年9月14日, disclosing that its New York subsidiaries had entered the original loan and security agreement dated 2026年9月4日. A Form 8-K filed on 2026年9月14日 stated that the initial funding of the loans was subject to regulatory approval and the satisfaction of other customary conditions precedent.

Terms of the Facility

Under the terms set out in that filing, the loans mature 18 months after their initial funding. They bear interest at a rate per annum equal to Term SOFR for the applicable interest period, subject to a customary floor, plus 8.50%. The loans are guaranteed by the Bally’s New York guarantor subsidiaries and secured by substantially all of the assets of the Bally’s New York loan parties, subject to certain exceptions.

The agreement includes mandatory prepayment provisions requiring the loan parties to prepay the loans upon certain events, including with the proceeds of certain asset sales, casualty events subject to exceptions, and certain unpermitted debt issuances. The loans may be prepaid in whole or in part at any time without premium or penalty, except in the case of a prepayment in full, which is subject to a customary prepayment fee.

The agreement’s covenants, subject to certain exceptions and qualifications, limit the ability of the Bally’s New York loan parties to incur additional indebtedness, pay dividends or make certain other restricted payments, sell assets, make certain investments, and grant liens. It also contains construction and development covenants relating to the Bally’s Bronx project.

Events of default include payment defaults, breaches of representations and warranties, covenant defaults, cross-defaults, certain bankruptcy and insolvency events, judgment defaults, and a change of control. These provisions permit acceleration of the repayment of the loans and termination of the unfunded commitments, together with accrued interest and applicable fees.

The Bronx Development

Bally’s describes the Bronx project as a $4.0 billion integrated casino development that the company expects to open by 2030. According to the company, it will feature 3 million square feet of gaming facilities, a 500-room hotel, a 2,000-person event center, and an 18-hole golf course.

Citizens Capital Markets & Advisory served as financial advisor to Bally’s Corporation on the financing, and Fried, Frank, Harris, Shriver & Jacobson LLP served as the company’s legal advisor.

The full text of the amended and restated loan and security agreement will be filed as an exhibit to Bally’s quarterly report on Form 10-Q for the quarter ended 2026年9月30日, according to the October filing. The Form 8-K was signed by Chief Legal Officer Kim M. Barker, and the company’s 2026年10月2日 press release was furnished as an exhibit to the current report.