Bally's Corporation Enters Into Previously Announced Credit Facility and Completes Previously Announced Twin River Lincoln Sale Leaseback
MWN-AI** Summary
Bally's Corporation (NYSE: BALY) recently announced two significant financial moves that enhance its liquidity and support its growth strategy. The company entered a new term loan credit facility maturing in 2031, securing $1.1 billion from financial entities, including Ares Management Credit, King Street Capital Management, and TPG Credit. These funds will be allocated primarily for general corporate purposes, aiding in the development of Bally's Bronx and Chicago projects, among other initiatives.
In conjunction with this new credit line, Bally's successfully executed a sale and leaseback agreement for its Twin River Lincoln Casino Resort, generating $700 million (pre-expenses and tax provisions) with GLP Capital, L.P., a subsidiary of Gaming and Leisure Properties. Under this deal, the initial cash rent for the property is set at $56 million annually, with standard annual increases.
The proceeds from both the Term Loans and the Lincoln Sale Leaseback will be utilized to fully repay Bally's existing $1.47 billion in term loans due in 2028, enhancing the Company’s financial position. Importantly, the Term Loans are secured by the majority of Bally's material assets, including the equity in Bally's Intralot S.A., while certain exceptions apply.
Bally's Corporation is a rapidly expanding entertainment brand operating 19 casinos across 11 U.S. states and one in Newcastle, UK, along with various gaming and sports betting ventures. This strategic financial maneuvering exemplifies Bally's commitment to fortifying its balance sheet while pursuing lucrative development opportunities in the competitive gaming landscape. The company remains optimistic about future prospects, although it also cautions stakeholders about inherent risks and uncertainties regarding forward-looking statements in its operations.
MWN-AI** Analysis
Bally's Corporation (NYSE: BALY) has recently made strategic moves by entering into a $1.1 billion term loan credit facility and completing the sale-leaseback of its Twin River Lincoln Casino Resort for $700 million. These decisions reflect a proactive approach to optimize its capital structure and fund future growth initiatives.
The term loan, maturing in 2031, is backed by major investment partners including Ares Management and TPG Credit, providing Bally’s with a substantial liquidity boost. The capital will primarily be used for corporate purposes, specifically the development projects in Bronx and Chicago. Importantly, the facility's structure, which secures company assets, enhances investor confidence and stabilizes Bally’s financial footing in a competitive environment.
Simultaneously, the sale-leaseback transaction allows Bally's to unlock the value of its real estate assets while maintaining operational control over the Lincoln property through a $56 million annual rent. This approach not only generates immediate cash but also streamlines its balance sheet by reducing debt—particularly with plans to repay $1.47 billion in term loans due in 2028 using proceeds from these initiatives.
Investors should view these developments as a positive signal of Bally's commitment to financial prudence and growth. The completion of the Term Loans and the Lincoln sale-leaseback should provide the company with more flexibility to capitalize on its ambitious expansion plans while alleviating some of the financial stresses associated with its existing obligations.
However, potential investors must remain cautious. The prevailing market risks affecting the gaming and hospitality sectors, including economic fluctuations and regulatory changes, could impact performance. Therefore, it’s advisable to monitor Bally’s progress on development projects closely and to factor in these risks when making investment decisions. Overall, Bally's appears well-positioned for future growth, but prudent analysis will be key for investors considering entry into this market.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Bally’s Corporation (NYSE: BALY) (“Bally’s” or the “Company”) announced today that it entered into a new term loan credit facility due 2031, providing it with $1.1 billion of funded term loans (the “Term Loans”). The Term Loans are provided by Ares Management Credit funds, as well as King Street Capital Management and TPG Credit. Separately, the Company completed its previously announced sale and leaseback of the real estate assets of its Twin River Lincoln Casino Resort (the “Lincoln Sale Leaseback”), pursuant to an agreement with GLP Capital, L.P. (“GLP”), a subsidiary of Gaming and Leisure Properties, Inc. (NASDAQ: GLPI). The Lincoln Sale Leaseback provided the Company with total consideration of $700 million, before transaction expenses and provisions for taxes. Initial cash rent for the Twin River Lincoln property is $56 million per annum, with customary annual escalators.
The proceeds from the Term Loans will be used for general corporate purposes, including, but not limited to, the development of Bally’s Bronx and Bally’s Chicago. The Company will also allocate cash on hand from the proceeds of the Intralot transaction (completed in October 2025) and the Lincoln Sale Leaseback, along with portions of the proceeds from the Term Loan issuance to repay in full the Company’s outstanding $1.47 billion in term loans maturing in 2028.
The Term Loans are secured by substantially all material assets of the Company and its wholly-owned subsidiaries, including the equity of Bally’s Intralot S.A. held by the Company, but in any event subject to customary exceptions and exclusions, such as the assets held by Bally’s Intralot S.A., and certain development assets, non-subsidiaries, and designated unrestricted subsidiaries.
Citizens Capital Markets served as financial advisor to Bally’s Corporation. Fried, Frank, Harris, Shriver & Jacobson LLP and Latham & Watkins LLP served as legal advisors to Bally’s Corporation.
About Bally’s Corporation
Bally’s (NYSE: BALY) is a fast-growing global entertainment brand with 19 casinos across 11 US states and one casino in Newcastle, UK, along with a golf course in New York and a horse racetrack in Colorado. Bally’s also owns Bally Bet, a first-in-class sports betting and igaming platform, licensed in 13 jurisdictions in North America. Bally’s holds a majority interest in Bally’s Intralot S.A. (ATSE: BYLOT), a leading lottery solutions supplier and igaming operator. Bally's casino operations include approximately 17,700 slot machines, 630 table games, and 3,950 hotel rooms. Bally’s also has rights to developable land in Las Vegas at the site of the former Tropicana Las Vegas, has been awarded a license to build a full-scale casino and resort in The Bronx, New York and is developing an integrated destination resort in Chicago, Illinois. Bally’s has approximately 10,800 employees across the world, recognized for their innovation, energy, and dedication to creating thrilling gaming experiences.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may generally be identified by the use of words such as “anticipate,” “believe,” “expect,” “intend,” “plan” and “will” or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by Bally’s in this press release, its reports filed with the Securities and Exchange Commission (“SEC”) and other public statements made from time-to-time speak only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for Bally’s to predict or identify all such events or how they may affect it. Bally’s has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include those included in Bally’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by Bally’s with the SEC. These statements constitute Bally’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260211282418/en/
Investor Contact
Mira Mircheva
Chief Financial Officer
401-475-8564
ir@ballys.com
Media Contact
Joseph Jaffoni, Christin Armacost
JCIR
212-835-8500
baly@jcir.com
FAQ**
How does Bally's Corporation (NYSE: BALY) plan to allocate the proceeds from the $1.1 billion Term Loans, particularly in relation to the development of its Bronx and Chicago projects?
What impact do the recent financial decisions, including the Lincoln Sale Leaseback, have on Bally's Corporation (NYSE: BALY)'s long-term debt repayment strategy?
Can Bally's Corporation (NYSE: BALY) provide additional details on the expected returns from the newly developed properties in the Bronx and Chicago in relation to its current financial position?
Given the secured nature of the Term Loans, how does Bally's Corporation (NYSE: BALY) ensure the management of risks associated with its material assets and subsidiaries?
**MWN-AI FAQ is based on asking OpenAI questions about Bally's Corporation (NYSE: BALY).
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