Bally\u2019s Corporation has secured $560 million in new financing for its Bronx casino development while reaffirming plans to open its permanent Chicago resort in early 2027. The two updates arrived on the same day as the company works through major development commitments in New York and Illinois.<\/p>\n
According to Bally\u2019s September 14 announcement<\/a>, WhiteHawk Capital Partners is leading the financing package for Bally\u2019s Bronx. The facilities include $400 million in term loan commitments available at closing and another $160 million through delayed draw term loan commitments.<\/p>\n Bally\u2019s plans to direct proceeds toward pre-construction costs and other expenditures connected with the Bronx development<\/a>. Part of the financing will also be available for general corporate purposes. The transaction is expected to close during the third quarter of 2026, pending regulatory approval and other customary closing conditions.<\/p>\n Meanwhile, Bally\u2019s addressed questions surrounding its $1.7 billion permanent Chicago casino<\/a> after reducing the pace of work on certain parts of the development. Chairman Soo Kim said construction remains active and maintained that the casino remains scheduled to open in early 2027.<\/p>\n New Financing Moves Bronx Development Forward<\/p>\n The Bronx financing supports further preparations for Bally\u2019s planned $4 billion New York resort. The company secured one of three New York City casino licences<\/a> last year, alongside Resorts World New York City and Hard Rock\u2019s Metropolitan Park.<\/p>\n The funding will cover certain pre-construction expenses while Bally\u2019s continues working toward the remainder of the capital required for the development.<\/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. Furthermore, the additional liquidity provides us greater flexibility for other capital opportunities,\u201d Kim said.<\/p>\n WhiteHawk Capital Partners Managing Partner Bob Louzan also addressed the agreement.<\/p>\n \u201cWe are pleased to partner with Bally\u2019s on this important next phase of the Bronx project,\u201d Louzan said. \u201cThis financing reflects our ability to structure flexible capital solutions for complex transactions and will support the project\u2019s pre-construction work as Bally\u2019s advances its broader financing plan.\u201d<\/p>\n Citizens Capital Markets served as Bally\u2019s financial adviser for the transaction, while Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal adviser.<\/p>\n Bally\u2019s previously stated in its New York application materials that construction would begin \u201ceight to nine months\u201d after receiving its licence. Under the current development schedule, the Bronx resort is planned for a single-phase opening in 2030.<\/p>\n Bally\u2019s Defends Chicago Construction Schedule<\/p>\n In Chicago, Bally\u2019s used a brief conference call on Monday to reaffirm its commitment to the permanent casino development after questions emerged<\/a> about changes to the construction schedule.<\/p>\n The company announced in August that it was \u201cresetting the pace of construction of elements of Bally\u2019s Chicago permanent casino.\u201d Bally\u2019s linked the decision to Chicago\u2019s legalisation of video gaming terminals, arguing that the change affects the Host Community Agreement signed with the city in 2022.<\/p>\n Kim described the construction reset as something that \u201cis not a pause or stoppage.\u201d<\/p>\n \u201cThere have been inaccurate reports suggesting that construction has stopped to a pause. It has not. Construction continues every day,\u201d Kim said. \u201cWe are aligning the sequencing of our investment and development requirements and timelines established under the HCA.\u201d<\/p>\n During a separate update, Kim said there were approximately 1,000 skilled tradespeople working on the permanent resort. Christopher Jewett, Bally\u2019s senior vice president of corporate development, previously put the September workforce at between 1,100 and 1,150. Before the August construction changes, the site had approximately 1,300 trade workers.<\/p>\n \u201cConstruction continues every day, and there are approximately 1,000 skilled tradespeople working on the construction of the permanent Bally\u2019s Chicago resort,\u201d Kim said during Monday\u2019s call.<\/p>\n Bally\u2019s maintains that the casino remains on schedule for an early 2027 opening. The company has changed the order in which some parts of the development will proceed while it assesses the effect of VGTs on the Chicago gaming market.<\/p>\n \u201cInvestors should view our actions through a straightforward lens: We are protecting the value of significant investments we\u2019re making in Chicago while faithfully executing our contractual obligations,\u201d Kim said. \u201cAnd let me say this again \u2013 we remain fully committed to Chicago.\u201d<\/p>\n VGT Dispute Affects Parts of Resort Plan<\/p>\n