Bally’s Secures $560M Financing Led by WhiteHawk Capital Partners for Its Bronx Casino Project
Bally’s Corporation has secured new financing led by WhiteHawk Capital Partners, LP to fund further development of its Bronx casino project and general corporate purposes. The financing comprises closing date term loan commitments of $400 million in aggregate principal and delayed draw term loan commitments of a further $160 million, together forming what the company calls the Facilities. It matters because this is the first disclosed capital step behind one of the most closely watched casino licences in the New York market.
What Bally’s Confirmed About the New Financing
The package is led by WhiteHawk Capital Partners as lender. It splits into two parts: $400 million in closing date term loan commitments and $160 million in delayed draw term loan commitments. Proceeds of the loans will fund certain pre-construction costs and expenditures associated with the Bronx development, with a portion available to the company for general corporate purposes. The financing is expected to close in the third quarter of 2026, subject to regulatory approval and the satisfaction of other customary closing conditions.
Why the Bally’s Bronx Project Draws This Kind of Attention
Bally’s has been awarded a licence to build a full-scale casino and resort in The Bronx, New York, one of the standout development opportunities in the region. The operator is a fast-growing global entertainment brand with 20 casinos across 11 US states and one casino in Newcastle, UK, and it has also been awarded an integrated destination resort in Chicago, Illinois, alongside land rights in Las Vegas at the former Tropicana site. Against that footprint, securing dedicated capital for the Bronx build moves the project from award to action.
What This Financing Signals for a Gaming Operator of Bally’s Scale
The read here is measured. This money is pointed at pre-construction, not the full build, and the company has been open about that. Bally’s Chairman of the Board, Soo Kim, commented, “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. Furthermore, the additional liquidity provides us greater flexibility for other capital opportunities.”
Why Bally’s Bronx Financing Is Only the First Tranche
The release is clear that this is an early step. Kim’s own reference to completing the remainder of the capital raise confirms that a larger financing effort sits ahead of the company, and the deal still needs regulatory approval before it closes. Nothing here fixes a total project cost, an interest rate, or a construction start date, so the number to hold onto is what the money does, which is fund the pre-construction phase, rather than the total the Bronx will eventually require.
What Comes Next for Bally’s and the Regulated Gaming Market?
For a listed operator carrying awarded developments in the Bronx, Chicago, and Las Vegas at once, sequencing capital is as important as winning the awards. This facility lets Bally’s start pre-construction planning while the fuller raise takes shape, and Citizens Capital Markets advised on the transaction with Fried, Frank, Harris, Shriver & Jacobson LLP as legal advisor. The meaningful takeaway is that a secured pre-construction facility turns a paper award into a project in motion, and the market’s next question is how quickly the remainder of that capital plan comes together.
Source: Bally’s Corporation
