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Bally’s said it has secured $560 million in financing for its planned Bronx casino hotel, a key step for the company’s proposed $4 billion New York project.
According to Bally’s, WhiteHawk Capital Partners is providing the funding package, which includes $400 million in closing-date term loan commitments and another $160 million in delayed-draw term loan commitments. The company said the transaction is expected to close this quarter.
The planned integrated resort would be built at the site formerly known as Trump Golf Links at Ferry Point in the Bronx.
Financing gives Bally’s more runway on Bronx development
Bally’s Chairman Soo Kim said the financing will help the company move forward with pre-construction planning while it works to complete the rest of the capital raise.
“This 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,” Kim said in the company’s announcement.
Kim also said the added liquidity gives Bally’s “greater flexibility for other capital opportunities.”
The new financing arrives after Bally’s recently disclosed “substantial doubt” about its ability to continue as a going concern in an SEC filing, making the Bronx funding notable for investors and for the status of one of New York’s major casino development efforts.
Bally’s also updated investors on Chicago project
The Bronx financing news came alongside an update from Bally’s on its separate $1.7 billion Chicago casino project. Kim said construction at the permanent Chicago site is continuing, and Bally’s paid its $4 million annual obligation under the host city agreement last week.
For New York readers, the next key item to watch is whether the WhiteHawk financing closes in the current quarter and whether Bally’s provides further detail on the remaining capital needed for the Bronx project.
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Source: As reported by casino.org.
