Bally’s Lands $400M Closing Term Loan in WhiteHawk Bronx Casino Deal

Bally’s Corporation said in an announcement dated 14 września 2026, that it has secured new financing led by WhiteHawk Capital Partners, LP to fund pre-construction work on the Bally’s Bronx casino project and general corporate purposes. The financing comprises closing date term loan commitments in an aggregate principal amount of $400 million and delayed draw term loan commitments in an aggregate principal amount of $160 million.

Proceeds of the loans will be used to fund certain pre-construction costs and expenditures associated with the development of the Bally’s Bronx project, with a portion of the proceeds available to the company for general corporate purposes. Bally’s said it expects the financing to close in the third quarter of 2026, subject to regulatory approval and the satisfaction of other customary closing conditions.

Loan Agreement Terms

A Form 8-K filed with the U.S. Securities and Exchange Commission on 14 września 2026, discloses a loan and security agreement entered into on 4 września 2026. The borrower is Bally’s New York Operating Company, LLC, an indirect wholly owned subsidiary of Bally’s, joined by certain other Bally’s subsidiaries as guarantors, with WhiteHawk Capital Partners, LP acting as agent for the lenders.

Under the agreement, the lenders provide senior secured term loan commitments consisting of the $400 million closing date commitments and the $160 million delayed draw commitments. Initial funding of the loans is subject to regulatory approval and the satisfaction of other customary conditions precedent. The loans will mature 18 months after their initial funding and, once funded, will bear interest at a rate per annum equal to Term SOFR for the applicable interest period, subject to a customary floor, plus 8.50%.

According to the filing, the loans will be guaranteed by the Bally’s New York guarantor subsidiaries and secured by substantially all of the assets of the New York loan parties, subject to certain exceptions.

Mandatory prepayment provisions require 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 voluntarily in whole or in part at any time without premium or penalty, although a prepayment of the loans in full is subject to a customary prepayment fee.

The agreement contains covenants that, subject to certain exceptions and qualifications, limit the ability of the loan parties to incur additional indebtedness, pay dividends or make certain other restricted payments, sell assets, make certain investments and grant liens. It also includes 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, provisions that permit acceleration of the repayment of the loans and termination of the unfunded commitments, together with accrued interest and applicable fees. The filing was signed by Bally’s Chief Legal Officer Kim M. Barker on 14 września 2026, and states that the company issued its press release announcing the agreement the same day, furnished as an exhibit to the filing.

Executive Statements and Deal Advisors

Bally’s Chairman of the Board Soo Kim said the financing advances the project’s pre-construction phase and the company’s broader capital plans. “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,” Kim said. “Furthermore, the additional liquidity provides us greater flexibility for other capital opportunities.”

Citizens Capital Markets served as financial advisor to Bally’s on the transaction. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor.

WhiteHawk Managing Partner Bob Louzan said the financing supports the next phase of the Bronx project. “We are pleased to partner with Bally’s on this important next phase of the Bronx project,” Louzan said. “This financing reflects our ability to structure flexible capital solutions for complex transactions and will support the project’s pre-construction work as Bally’s advances its broader financing plan.”

Bally’s Bronx License History

The New York Gaming Facility Location Board lists the project as Bally’s Bronx, with the applicant named as Bally’s NY Operating Company LLC and the site at Ferry Point, The Bronx, at 450 Hutchinson Parkways.

The Bally’s Bronx Community Advisory Committee voted 5-1 to advance the proposal to the Gaming Facility Location Board on 29 września 2025. The board unanimously voted to select Bally’s Bronx for licensure by the New York State Gaming Commission on 1 grudnia 2025.

The Gaming Commission unanimously approved issuing a commercial casino license to Bally’s Bronx on 15 grudnia 2025.