Bally's Secures $560m Financing To Keep Bronx Casino On Schedule
Bally's Corporation announced on September 14, 2026, that it has secured new financing led by WhiteHawk Capital Partners to fund further development of its Bally's Bronx casino project and for general corporate purposes.
The company entered into the senior secured loan and security agreement on September 4, 2026, through its indirect subsidiary, Bally's New York Operating Company and related guarantor entities.
The new facilities comprise $400 million in closing-date term loan commitments and $160 million in delayed-draw term loan commitments, for a combined $560 million.
The financing is expected to close in the third quarter of 2026, subject to regulatory approval and other customary closing conditions.
Proceeds will fund pre-construction costs and expenditures tied to the Bally's Bronx development, with a portion of the money available to the company for general corporate purposes.
The loans will bear interest at Term SOFR plus 8.50% once funded, subject to a customary floor, and will mature 18 months after their initial funding.
"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," said Bally's Chairman of the Board, Soo Kim. "Furthermore, the additional liquidity provides us greater flexibility for other capital opportunities."
Bob Louzan, managing partner at WhiteHawk Capital Partners, said the firm was glad to back the next phase of the project. "We are pleased to partner with Bally's on this important next phase of the Bronx project," he said.
"This financing reflects our ability to structure flexible capital solutions for complex transactions and will support the project's pre-construction work as Bally's advances its broader financing plan."
Citizens Capital Markets acted as financial advisor to Bally's on the deal, with Fried, Frank, Harris, Shriver & Jacobson serving as legal advisor.
A Familiar Financing Partner
WhiteHawk and Bally's have worked together before. In May 2026, the private credit firm finalised a $390 million refinancing for The Star Entertainment Group, the Australian casino operator Bally's acquired earlier this year.
Los Angeles-based WhiteHawk typically finances companies with annual revenues ranging from roughly $25 million to more than $1 billion.
The Bronx development, planned on the site of the former Ferry Point public golf course, is one of Bally's largest and most expensive US developments, encompassing a proposed 3-million-square-foot casino resort with a 500-room hotel and a 2,000-person event centre.
Bally's acquired the site from New York City for $156.6 million in February 2026.
This financing does not cover the full capital cost of the Bronx build.
It gives Bally's runway to continue pre-construction planning while it works to complete the remaining financing package for the project, which has faced delays after some earlier financing partners were reluctant to commit fully to a New York development of this scale.
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Why it matters for the market
The deal lands only weeks after Bally's flagged "substantial doubt" about its ability to continue as a going concern in a filing with the Securities and Exchange Commission, making WhiteHawk's willingness to commit new capital a meaningful vote of confidence in the Bronx project specifically, even as the wider company continues to manage its balance sheet.
Keeping pre-construction on schedule matters for New York, where the state's three downstate casino licences remain a closely watched prize, and any sign of a leading bidder slipping its timeline draws scrutiny from regulators and rival applicants alike.
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