Bally’s Corporation (NYSE: BALY) announced today that it closed the previously announced financing led by WhiteHawk Capital Partners, LP.
The Company received initial funding of term loans in an aggregate principal amount of $400 million, the proceeds of which will be used to pay certain pre-construction costs and expenditures associated with the development of the Bally’s Bronx project, with a portion applied to general corporate purposes, including payment of transaction fees and expenses incurred at closing.
Additional delayed draw term loan commitments in an aggregate amount of $160 million remain available for future draws to support the continued development of the Bally’s Bronx project.
The $4-billion Bally’s Bronx integrated casino project is expected to open by 2030 and will feature three million square feet of gaming facilities, a 500-room hotel, a 2,000-person event center, and an 18-hole world-class golf course.
Bally’s claims to be a fast-growing global entertainment brand with 20 casinos across 11 U.S. states and one casino in Newcastle, England, along with a golf course in New York and horse racetracks in Colorado and forthcoming in Wyoming. Bally’s also owns Bally Bet, a first-in-class sports betting and igaming platform licensed in 16 jurisdictions in North America.
BALY shares acquired 30 cents, or 2.2%, to $14.25.
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