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Bally\u2019s Golf Links at Ferry Point Park in the Bronx, NY. Bally\u2019s procured $560 million for its casino project there. (Image: Bally\u2019s Golf Links at Ferry Point Park)<\/p>\nBally\u2019s (NYSE: BALY) announced today that it landed $560 million in financing critical to completing its planned $4 billion casino hotel in the Bronx, New York.<\/p>\n
Bally\u2019s Golf Links at Ferry Point Park in the Bronx, NY. Bally\u2019s procured $560 million for its casino project there. (Image: Bally\u2019s Golf Links at Ferry Point Park)<\/p>\n
WhiteHawk Capital Partners, a private credit asset manager that makes middle market loans to private and public companies, is extending the capital to the regional casino operator. The financing package consists of $400 million in \u201cclosing date term loan commitments\u201d and $160 million in \u201cdelayed draw term loan commitments,\u201d according to a statement issued by the companies.<\/p>\n
\u201cThis 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,\u201d said Bally\u2019s Chairman Soo Kim in the press release. \u201cFurthermore, the additional liquidity provides us greater flexibility for other capital opportunities.\u201d<\/p>\n
The transaction is expected to close in the current quarter. Bally\u2019s is aiming to build an integrated resort in the Bronx at the site of what was formerly known as Trump Golf Links at Ferry Point<\/a>.<\/p>\n Bally\u2019s, Investors May Be Breathing Sighs of Relief<\/p>\n News of Bally\u2019s procuring financing from WhiteHawk emerges just weeks after the gaming company raised \u201csubstantial doubt\u201d about its ability to continue as a going concern<\/a> in a filing with the Securities and Exchange Commission (SEC).<\/p>\n Securing capital for the Bronx casino hotel was at the heart of Bally\u2019s financing needs because it\u2019s a marquee project and also because it\u2019s the operator\u2019s most expensive to date. Some of the gaming company\u2019s previous financiers appeared reluctant<\/a> to meet all of the operator\u2019s New York needs, indicating that Bally\u2019s and its investors are likely relieved WhiteHawk stepped up to the plate.<\/p>\n Bally\u2019s and the private credit firm share some recent history. In June, the asset manager extended $390 million in senior secured financing to The Star Entertainment Group \u2014 the financially ailing Australian casino group recently acquired by Bally\u2019s.<\/p>\n Los Angeles-based WhiteHawk, which is industry agnostic, typically makes loans to companies with $25 million to $1 billion-plus in annual revenue.<\/p>\n Bally\u2019s Provides Chicago Update<\/p>\n In addition to news of the Bronx financing, Bally\u2019s also held a brief conference earlier today on which it update analysts and investors on the $1.7 billion Bally\u2019s Chicago project.<\/p>\n Delivering prepared remarks on the call, Kim didn\u2019t overtly mention controversy around Chicago potentially allowing video gaming terminals (VGTs), but he did say construction at the permanent site of the integrated resort is continuing and that the company is \u201cover-delivering on our promises\u201d to the third-largest U.S. city.<\/p>\n