Bally’s Corporation has closed an initial $400 million term loan financing led by WhiteHawk Capital Partners to fund pre-construction work on its planned $4 billion integrated casino resort in the Bronx, New York.
The financing also includes $160 million of delayed-draw term loan commitments that remain available to support continued development of the Bally’s Bronx project, giving the company access to as much as $560 million under the financing arrangement.
Bally’s said proceeds from the initial $400 million funding will primarily cover pre-construction costs and development expenditures associated with the Bronx project. A portion will be used for general corporate purposes, including transaction fees and expenses incurred at closing.
The capital provides Bally’s with additional liquidity as it advances one of the largest projects in its development pipeline. The company has been awarded a license to develop a full-scale casino and resort in the Bronx and expects the property to open by 2030.
Plans call for a 3 million-square-foot integrated casino development featuring gaming facilities, a 500-room hotel and a 2,000-person event center. The project will also include an 18-hole golf course.
The financing structure allows Bally’s to access additional capital as development progresses rather than drawing the entire commitment immediately. The remaining $160 million of delayed-draw capacity is specifically intended to support continued development of the Bronx property.
WhiteHawk Capital Partners led the financing. The private credit investment manager specializes in asset-based financing for middle-market public and private companies, providing capital for growth, acquisitions, recapitalizations, refinancings and other corporate purposes.
The closing moves Bally’s from securing its development rights toward funding the pre-construction phase of the Bronx resort. With an estimated development cost of $4 billion, the project represents a substantial capital commitment and will require additional financing beyond the WhiteHawk facility as it moves toward construction and completion.
Bally’s did not provide details in the closing announcement on the interest rate, maturity or other economic terms of the term loans.
The Bronx project is part of a broader development pipeline that is reshaping Bally’s portfolio. In addition to its existing casino operations, the company holds development rights for the former Tropicana Las Vegas site and is pursuing an integrated destination resort in Chicago.
Bally’s currently operates 20 casinos across 11 U.S. states and one casino in Newcastle, U.K. Its portfolio also includes a New York golf course and horse racetracks in Colorado, with another planned in Wyoming.
The company’s existing casino operations include approximately 17,700 slot machines, 630 table games and 3,950 hotel rooms. Bally’s also owns Bally Bet, its sports betting and online gaming platform licensed across 16 North American jurisdictions.
Beyond its casino and digital gaming businesses, Bally’s holds a majority interest in Bally’s Intralot S.A., a lottery technology supplier and gaming operator active across 39 jurisdictions.
The Bronx development would add a large-scale New York resort to that portfolio and materially increase Bally’s presence in one of the country’s largest gaming and entertainment markets. The planned combination of gaming, lodging, events and golf is designed to create a destination property rather than a standalone casino.
For Bally’s, securing the WhiteHawk financing provides capital for the early stages of that development while preserving additional borrowing capacity for upcoming project expenditures.
Citizens Capital Markets & Advisory served as financial advisor to Bally’s on the financing, while Fried, Frank, Harris, Shriver & Jacobson provided legal counsel.
With the initial $400 million now funded and another $160 million available through delayed draws, Bally’s has established an early financing base for advancing pre-construction work on the Bronx resort. The company’s next phase will center on deploying that capital toward a project expected to require approximately $4 billion of total investment before its targeted opening by 2030.