{"id":359291,"date":"2026-09-28T23:10:08","date_gmt":"2026-09-28T23:10:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/359291\/"},"modified":"2026-09-28T23:10:08","modified_gmt":"2026-09-28T23:10:08","slug":"ballys-secures-540-million-loan-for-bronx-casino","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/359291\/","title":{"rendered":"Bally’s Secures $540 Million Loan For Bronx Casino"},"content":{"rendered":"

\"A\"A<\/p>\n

Despite growing concerns about the company\u2019s solvency, Bally\u2019s Corp. has secured a $560 million loan to help it complete construction on its Bronx casino.<\/p>\n

Private credit lender WhiteHawk Capital Partners is providing the funds. The project will use the money on pre-construction costs, with financing expected to close in the third quarter.<\/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 Bally\u2019s Chairman of the Board Soo Kim said.<\/p>\n

Financial Uncertainty<\/p>\n

New York granted the license<\/a> to Bally\u2019s in December. Plans call for a $4 billion property adjacent to the Ferry Point golf course. The waterfront property will feature a 500,000-square-foot casino, 500-room hotel, spa, meeting space, a 2,000-seat event center, shopping options, and more.<\/p>\n

The financing comes at a time when Bally\u2019s is experiencing significant financial turmoil. The company faces $4.5 billion in debt and Executive Vice President and CFO Mira Mircheva resigned in August.<\/p>\n

That move came after the company issued a solvency warning in its second quarter report to the Securities and Exchange Commission (SEC) in August. \u201cThe conditions and events raise substantial doubt about the company\u2019s ability to continue as a going concern,\u201d the filing said.<\/p>\n

The SEC filing caused the company\u2019s stock to fall significantly. Fitch Ratings gave the company a negative outlook<\/a>, according to the Wall Street Journal.<\/p>\n

\u201cLeverage is not sustainable at current levels,\u201d Fitch said.<\/p>\n

Bally\u2019s already had junk-rated credit. The debt load, cash-flow deficits, and financing uncertainty over ongoing projects only adds to that murkiness, the Journal reported.<\/p>\n

Despite those concerns, management remains confident the Bronx project will reach completion.<\/p>\n

\u201cThe additional liquidity provides us greater flexibility for other capital opportunities,\u201d Kim said.<\/p>\n

Bally\u2019s Other Casino Projects<\/p>\n

Some analysts have warned the company\u2019s debt load could jeopardize other casino projects it\u2019s working on.<\/p>\n

The company recently paused construction<\/a> on the hotel adjacent to a casino it is building in Chicago. Bally\u2019s, however, said they slowed work because the city approved video gaming terminals (VGTs). VGTs are slots-like machines that are hosted by businesses, not casinos.<\/p>\n

Bally\u2019s claims VGTs violate its 2022 agreement with the city to build the permanent casino and amenities. Aldermen included the terminals in the budget over the objections of Mayor Brandon Johnson (D). He has also said legalizing VGTs violates the agreement.<\/p>\n

\u201cThe potential for an uncontrolled proliferation of video gambling terminals is in breach of the city\u2019s commitment not to expand gaming in the Host Community Agreement and creates uncertainty that could be harmful for Bally\u2019s Chicago prospects,\u201d the company said.<\/p>\n

Bally\u2019s is also working on a project in Las Vegas. The company is reportedly running behind schedule<\/a> on its plans to build a casino adjacent to the future MLB stadium on the Strip.<\/p>\n","protected":false},"excerpt":{"rendered":"Despite growing concerns about the company\u2019s solvency, Bally\u2019s Corp. has secured a $560 million loan to help it…\n","protected":false},"author":2,"featured_media":359292,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[128,9,24,63,129,131,130],"class_list":["post-359291","post","type-post","status-publish","format-standard","has-post-thumbnail","category-the-bronx","tag-bronx","tag-new-york","tag-new-york-city","tag-nyc","tag-the-bronx","tag-the-bronx-headlines","tag-the-bronx-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/359291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=359291"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/359291\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/359292"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=359291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=359291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=359291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}