Bally’s Corporation just pulled off two massive financial moves in one week that give the casino giant fresh firepower and breathing room for years to come.
The company locked in a $1.1 billion term loan and closed the long-awaited $700 million sale-leaseback of its Twin River Lincoln Casino Resort in Rhode Island. These deals, both announced Wednesday, instantly strengthen Bally’s balance sheet and fund its aggressive growth plans.
Bally’s secured the huge term loan from a powerhouse group of lenders led by Ares Management Credit funds, alongside King Street Capital Management and TPG Credit. The facility matures in 2031, giving the company seven years of runway.
The $1.1 billion infusion marks one of the largest gaming credit deals of the year. Industry experts say the money will help Bally’s finish big projects, including its permanent Chicago casino and ongoing upgrades across its 19 properties in 11 states.
The loan replaces older debt and carries better terms than previous facilities, according to company statements. Bally’s executives called the closing a “major milestone” that shows strong investor confidence.
$700 Million Lincoln Deal Closes at Last
At the same time, Bally’s completed the sale-leaseback of the Twin River Lincoln Casino Resort to GLP Capital, a unit of Gaming and Leisure Properties (GLPI). The all-cash deal brings in $700 million before fees and taxes.
Bally’s keeps running the casino under a long-term lease. Starting rent sits at $56 million a year with built-in increases over time.
This transaction lets Bally’s unlock the value of real estate it already owns without losing control of a top-performing property. Twin River Lincoln has been a cash cow for years, regularly ranking among the highest-grossing casinos in New England.
Why These Deals Matter Right Now
The timing could not be better for Bally’s. The company is in the middle of its biggest expansion ever, with the $1.7 billion Chicago project still under construction and new resorts planned in Las Vegas and beyond.
Cash from the Lincoln sale and the new loan give Bally’s more than $1.8 billion in fresh capital in a single week. That kind of liquidity keeps contractors paid and projects on schedule even if interest rates stay high.
| Deal Breakdown | Amount | Key Partner(s) | Maturity/Lease Start |
|---|---|---|---|
| Term Loan | $1.1 billion | Ares, King Street, TPG Credit | 2031 |
| Lincoln Sale-Leaseback | $700 million | GLP Capital (GLPI subsidiary) | Immediate |
| Annual Lincoln Rent | $56 million | Built-in escalators | Year 1 |
What Wall Street Thinks
Investors cheered the news. Bally’s shares jumped more than 8% in early trading Wednesday before settling with solid gains. Analysts praised the company for locking in long-term funding at a time when many gaming firms struggle with debt.
One gaming analyst told reporters the deals “remove major overhangs” that worried the market for months. Another called the Lincoln lease terms “very reasonable” compared to recent casino sale-leasebacks.
Bigger Picture for Bally’s Future
These moves fit a clear pattern. Bally’s has sold and leased back several properties over the past two years, including Black Hawk casinos in Colorado and its Tropicana site on the Las Vegas Strip. Each time the company keeps operating the venues while pulling out hundreds of millions in real estate value.
The strategy mirrors what giants like Caesars and Penn Entertainment have done successfully for years. It turns bricks and mortar into instant cash for new builds and online betting ventures.
Bally’s now has the money and the time it needs to finish its transformation from regional casino operator to national player with a major presence in Chicago, Las Vegas, and interactive gaming.
Two blockbuster deals in one week have turned Bally’s from a company racing against debt deadlines into one with years of flexibility and growth capital. For a gaming industry still shaking off pandemic scars and high interest rates, that kind of financial strength stands out. The big question now is where Bally’s spends all this new money next, and how fast it can turn ambitious plans into profits that reward shareholders.
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