A deal has been agreed to increase Bally’s Corp term loan to $1.1 billion, with the initial term loan becoming $600 million and the delayed draw term loan now being $500 million.
This amendment to the loan, which was entered into in July 2025, will be used for general corporate purposes and to pay or replenish liquidity used to pay licensing fees in connection with the company’s New York State casino license, amongst others.
This comes after the Gaming Facilities Location Board in New York recently chose three casinos to be granted downstate licenses, with each license requiring a $500 million payment. Resorts World New York City, Bally’s New York Casino and Metropolitan Park all won approval.
The term loans will mature five years after the closing of the new financing, unless the company’s unsecured bonds due 2029 remain outstanding as of March 1, 2029. If this is the case, the term loans will mature on March 1, 2029.
Bally’s Chairman of the Board, Soo Kim, commented in the announcement, “We appreciate the strong support of our lenders, as the A&R Commitment Letter further strengthens Bally’s liquidity position while enabling continued investment in our strategic growth pipeline—spanning online gaming, our casino portfolio, and our expanding resorts developments.”
What does the future hold for Bally’s Corp?
Now that Bally’s Corp has been awarded a license for New York, and the term loan proceeds can support the payment, the company can begin with making its Bronx casino a reality.
It was back in mid-June when the city council approved a legislative measure which would see Bally’s able to develop the casino on a section of the former Trump Golf Links site at Ferry Point in the Bronx.
On the site, the major project has been outlined as including a 500,000-square-foot casino complex, a 500-room hotel with a spa and meeting facilities, retail offerings, a 2,000-capacity event center, and parking for up to 4,660 vehicles.
Moving away from the upcoming New York site, Bally’s also has the right to developable land in Las Vegas at the site of the former Tropicana Las Vegas. This was first announced back in 2024 when a ballpark and entertainment resort destination, created in partnership with Bally’s Corporation, was first shared as the plans to move forward.
Featured Image: CC2.0 license, Rob Young on Wikimedia Commons
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