Bally’s has secured $560 million in financing from WhiteHawk Capital Partners to support pre-construction work on its planned $4 billion casino resort in the Bronx and for general corporate purposes.
The package comprises $400 million of closing-date term-loan commitments and $160 million of delayed-draw commitments. The company expects the funding to close in the current quarter.
Soo Kim, Bally’s chairman, said the money would allow the company to advance pre-construction planning, complete the remainder of its capital raise and stay on schedule. He said the added liquidity would also give Bally’s more flexibility to pursue other capital opportunities.
WhiteHawk managing partner Bob Louzan said the lender had structured the financing to support the project’s pre-construction work while Bally’s pursues its wider financing plan. The lender provided the required capital as part of the arrangement.
As we reported in August, Bally’s had warned of substantial doubt about its ability to continue as a going concern and was seeking additional capital while construction of the Bronx development had yet to begin.
The proposed resort is planned for Bally’s Golf Links at Ferry Point, the site formerly known as Trump Golf Links at Ferry Point. Commercial Observer reported that the 3 million-square-foot development is intended to include a 500-room hotel and an event centre with capacity for 2,000 people.
Bally’s bought the site at 450 Hutchinson River Parkway from New York City for $156.6 million in February. The Bronx proposal was among three New York gambling projects approved in December, alongside Resorts World New York City at the former Aqueduct Raceway and Hard Rock’s Metropolitan Park near Citi Field.
In its New York application materials, Bally’s said it expected to begin construction eight to nine months after securing a licence. The company has projected a single-phase opening sometime in 2030, provided its timetable holds.
