Bally’s Secures $560M Loan for Bronx Project

Bally’s Corp. announced Monday that it secured a $560 million loan for its $4 billion Bronx project in New York from American private credit firm WhiteHawk Capital Partners, a move that might temporarily put to rest rumors surrounding the financial woes of the Rhode Island-based casino operator.

The financing from California-based WhiteHawk is expected to flow in two chunks, with $400 million front-loaded upon closing and another $160 million expected on a staggered timeline, according to the company’s latest SEC filing.

The casino operator is expecting to close the financing in the third quarter of 2026, subject to regulatory approval.

“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,” Chairman of the board Soo Kim said in a press release on Monday.

Bally’s purchased the parkland at 450 Hutchinson River Parkway in the Bronx for its planned casino and entertainment complex from the city for $156.6 million after buying out Trump Organization’s 20-year lease of the space in 2023. Bloomberg reported in August that Bally’s had already put more than $800 million into the New York project, with more in the pipeline. The company was one of three proposals to receive the New York Gaming Facility Location Board’s recommendation to conditionally receive a casino license in the city.

The 16-acre parcel is part of a wider 300-acre golf course, Bally’s Golf Links at Ferry Point.

“Chicago project on track”

Financial woes for Bally’s emerged in August when a regulatory filing from the company warned investors of “substantial doubt” that it will be able to continue as a going concern owing to a liquidity crunch. This hung over the company’s project in Chicago, where construction had reportedly stopped on the surrounding casino complex. Bally’s is also in a standoff with the city of Chicago over video gambling terminals. Amid the liquidity issues, Bally’s chief financial officer stepped down earlier this month.

The Chicago project includes a 2,000-foot Riverwalk extension, a 34-story hotel and convention center, a two-acre park and a smattering of restaurants and other attractions. Kim dismissed claims that construction had stalled in Chicago.

“We’re committed to opening in early 2027,” Chairman Soo Kim said on a conference call Monday. He added that the company expects to meet its $1.34 billion capital commitment and is in dialogue with city officials over the legalization of video gaming terminals and its impact on the Chicago project.

In June, WhiteHawk had provided a $390 million refinancing lifeline for Star Entertainment Group in Australia, which was experiencing significant operational and financial challenges.