Bally’s Corporation has lined up $560 million in term loans from WhiteHawk Capital Partners to fund pre-construction work on its Bronx casino resort, a month after the company warned investors of “substantial doubt” about its ability to continue as a going concern.
The financing gives Bally’s cash to keep the $4 billion New York project moving while it works on the larger capital raise the resort still needs.
How the loan is structured
The package has two parts: $400 million in term loan commitments available at closing, and $160 million in delayed draw term loan commitments that Bally’s can call on later.
Most of the proceeds will go to pre-construction costs and expenditures for Bally’s Bronx. A portion will be available for general corporate purposes. Bally’s did not disclose pricing, maturity or how the money will be split between the Bronx project and the wider business.
The deal is expected to close in Q3 2026, subject to regulatory approval and customary closing conditions. That leaves a window of roughly two weeks before the quarter ends on 30 September.
Citizens Capital Markets acted as financial advisor to Bally’s, with Fried, Frank, Harris, Shriver & Jacobson as legal advisor.
“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,” said Soo Kim, Chairman of the Board at Bally’s.
Kim did not say how much of the capital raise remains or where it will come from.
“This financing reflects our ability to structure flexible capital solutions for complex transactions and will support the project’s pre-construction work as Bally’s advances its broader financing plan,” said Bob Louzan, Managing Partner at WhiteHawk Capital Partners.
The Bronx licence and its costs
The New York State Gaming Commission issued Bally’s its downstate casino licence on 15 December 2025. The other two licences went to Metropolitan Park, backed by Hard Rock and Steve Cohen, and Genting’s Resorts World New York City. Both are in Queens.
Bally’s plans to build the resort at Bally’s Golf Links at Ferry Point Park, a city-owned site in the Bronx. The company has put the total cost at about $4 billion, including a $500 million licence fee, and is targeting a single-phase opening in 2030.
Winning the licence also triggered a $115 million payment to the Trump Organization, owed under the deal that handed Bally’s the golf course’s management contract.
Bally’s disclosed in August that it had signed a non-binding term sheet in July for a pre-construction loan for the project.
Going concern warning in August
The loan comes weeks after Bally’s second-quarter filing. In its 10-Q filed on 14 August 2026, Bally’s said it did not project meeting its liquidity maintenance requirement or its consolidated net leverage ratio covenant over the following 12 months.
The filing stated: “While the company is actively engaged in discussions on several financing alternatives, the conditions and events raise substantial doubt about the company’s ability to continue as a going concern.”
Bally’s reported cash and cash equivalents of $390.1 million at the end of Q2 2026, against long-term debt, net, of $4.46 billion. Its shares fell 26% to close at $10.31 in the first trading session after the disclosure, taking the year-to-date decline to 38%.
“[The language] reflects a forward-looking technical accounting analysis and should be understood in that context,” said Lauren Westerfield, a spokesperson for Bally’s.
Chicago and Las Vegas projects
The Bronx is one of three large development projects on Bally’s books. The company is building a $1.7 billion permanent casino in Chicago, with opening targeted for early 2027.
Bally’s is reassessing around 12% of the planned amenities after Chicago legalised video gaming terminals (VGTs). Kim said construction continues every day, with approximately 1,000 skilled tradespeople on the project. The revised plan keeps an event centre, 100 hotel rooms and the required dining outlets, down from an original concept with a 500-room hotel and a 3,000-seat entertainment venue.
In Las Vegas, Bally’s has a $1.19 billion resort planned for the Strip site of the former Tropicana, which was demolished in October 2024. Progress there has been limited.
What happens next
The first step is closing. Bally’s needs regulatory sign-off and the other closing conditions satisfied before the end of September for the loan to fund on the timeline it has given.
After that, $560 million covers a fraction of a $4 billion build. Bally’s still has to raise the rest of the Bronx capital, fund Chicago through to its 2027 opening, and address the covenant position flagged in August. Its Q3 2026 filing will show whether the new liquidity is enough to change the going concern assessment.
Source: Bally’s Corporation
