Bally’s secures $1.1 billion term loan, completes $700 million Twin River Lincoln Casino sale-leaseback
Summary
Bally’s Corporation has closed a previously announced $1.1 billion term loan facility due 2031 provided by Ares Management Credit funds, King Street Capital Management and TPG Credit, and completed a $700 million sale‑and‑leaseback of the Twin River Lincoln Casino Resort with GLP Capital, L.P., a subsidiary of Gaming and Leisure Properties, Inc.
The sale‑leaseback yields initial cash rent of $56 million per year with customary annual escalators. Proceeds from the term loan, the Lincoln transaction and prior Intralot proceeds will be used for general corporate purposes, including development projects in the Bronx and Chicago, and to repay in full Bally’s outstanding $1.47 billion term loans maturing in 2028. The new loans are secured by substantially all material assets of the company and its wholly owned subsidiaries.
Key Points
- $1.1 billion term loan facility secured; maturity 2031.
- Term loans provided by Ares Management Credit funds, King Street Capital Management and TPG Credit.
- $700 million sale‑leaseback of Twin River Lincoln Casino Resort completed with GLP Capital, L.P. (Gaming and Leisure Properties subsidiary).
- Initial cash rent for Twin River Lincoln set at $56 million per year, with annual escalators.
- Proceeds will fund Bally’s corporate needs, development of Bally’s Bronx and Bally’s Chicago, and repay $1.47 billion in 2028‑maturing term loans.
- New loans secured by substantially all material company assets, subject to customary exceptions.
- Citizens Capital Markets acted as financial advisor; Fried, Frank, Harris, Shriver & Jacobson LLP and Latham & Watkins LLP served as legal advisors.
Context and relevance
This transaction is a major refinancing and balance‑sheet reshuffle for Bally’s. By replacing nearer‑term debt with a longer maturity facility and monetising real estate via sale‑leaseback, Bally’s frees liquidity to pursue development projects while addressing upcoming maturities. For investors, lenders and competitors in the US gaming and casino real‑estate markets, it signals how operators are using financial engineering to fund expansion while retaining operational control of key assets.
Why should I read this
Quick and simple: if you follow casino operators, gaming real estate or corporate debt moves, this tells you how Bally’s is funding growth and handling a chunky 2028 maturity. It affects developers, creditors and anyone tracking consolidation/expansion in the US land‑based casino market — so worth a skim if that’s your beat. We read it so you didn’t have to.