Bally’s Secures $1.1B Loan for $2.3B Bronx Casino and Chicago Resort
Bally’s Corp secured $1.1B in private credit loans to fund its 16-acre, $2.3B Bronx casino development and its Bally’s Chicago project, while refinancing bank debt. Priced at SOFR+750bp with Feb 2031 maturity, the loans support a $765M local benefits package and cover a $115M payment to the Trump Organization.
1. Financing Overview
On Feb. 11, Bally’s closed $1.1B in private credit loans priced at SOFR+750bp, maturing February 2031. Ares leads as administrative agent, with King Street Capital and TPG Credit as joint lead arrangers and bookrunners, and proceeds will also refinance existing bank debt.
2. Bronx Casino Development
The $2.3B, 16-acre Bally’s Bronx project sits on a former Jack Nicklaus-designed golf course purchased for $60M and includes a $765M local benefits package for infrastructure, transit, schools, and safety upgrades. An additional $115M is due to the Trump Organization under the purchase agreement.
3. Chicago Resort Project
Bally’s Chicago will occupy the former Tribune Publishing Center lot along the Chicago River, featuring a 500-room hotel tower, approximately 3,400 slot machines, and 170 table games in a new destination resort.
4. Sale-Leaseback Transaction
Concurrent with the loan closing, Bally’s executed a $700M sale-leaseback transaction with Gaming and Leisure Properties by selling its Twin River Lincoln Casino Resort and agreeing to an initial annual rent of $56M, unlocking capital for its casino expansions.