Bally’s Corporation has secured $560 million in private credit financing from WhiteHawk Capital Partners to advance its planned $4 billion casino resort at Bally’s Golf Links at Ferry Point in the Bronx, according to corporate statements issued by the companies. The capital package, expected to close in the current quarter, consists of $400 million in “closing date term loan commitments” and $160 million in “delayed draw term loan commitments.”
Financing Structure for the Bronx Casino Project
According to Bally’s Chairman Soo Kim, the financing allows the company to progress pre-construction planning while completing the remainder of the capital raise on schedule. The development is slated for the site formerly known as Trump Golf Links at Ferry Point. Los Angeles-based WhiteHawk Capital Partners, which provides middle-market loans to companies with $25 million to $1 billion-plus in annual revenue, is extending the required capital to support the regional casino operator’s most expensive project to date.
Corporate Balance Sheet Context and SEC Filings
The financing agreement arrives weeks after Bally’s raised “substantial doubt” about its ability to continue as a going concern in a filing with the Securities and Exchange Commission, according to financial reports. Securing capital for the Bronx hotel and casino complex addresses primary funding needs for the marquee urban development. The transaction follows a prior deal history between the two entities, including a $390 million senior secured financing package extended in June by WhiteHawk to The Star Entertainment Group, an Australian casino operator in which Bally’s and the Mathieson family acquired a controlling stake late last year.
Bally’s Chicago Project Updates
In addition to the Bronx financing announcement, Bally’s held a conference call updating analysts and investors on the $1.7 billion Bally’s Chicago project. Soo Kim stated during the call that construction at the permanent integrated resort site remains underway. Last week, Bally’s paid its $4 million tab as required by the host city agreement, confirming the operator’s ongoing commitment to the Chicago development.
