Bally's secures $1.1 billion credit facility and completes $700 million sale

Bally's Corporation (NYSE: BALY) entered into a new term loan credit facility providing $1.1 billion in funded term loans due 2031, according to a company statement. The term loans are provided by Ares Management Credit funds, King Street Capital Management and TPG Credit.

The company completed its sale and leaseback of the real estate assets of its Twin River Lincoln Casino Resort for $700 million before transaction expenses and provisions for taxes. Gaming and Leisure Properties subsidiary GLP Capital, L.P. acquired the property. Initial cash rent for the Twin River Lincoln property is $56 million per year with annual escalators.

Bally's will use the term loan proceeds for general corporate purposes, including development of Bally's Bronx and Bally's Chicago. The company plans to allocate cash from the Intralot transaction completed in October 2025, the Lincoln sale leaseback, and portions of the term loan proceeds to repay its outstanding $1.47 billion in term loans maturing in 2028.

The term loans are secured by substantially all material assets of the company and its wholly-owned subsidiaries, including equity of Bally's Intralot S.A., with customary exceptions and exclusions for certain development assets and non-subsidiaries.

Citizens Capital Markets served as financial advisor to Bally's. Fried, Frank, Harris, Shriver & Jacobson LLP and Latham & Watkins LLP provided legal advisory services.

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