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Bally’s Corporation secured a $560 million loan from WhiteHawk Capital Partners on Sept. 14 to fund pre-construction work on its Bronx casino. The announcement came about a month after Bally’s warned of substantial doubt about its ability to continue as a going concern.
The financing complements a $1.1 billion term loan package Bally’s arranged in late 2025. While that facility was designed to support the company’s broader operations, the new loan is earmarked mainly for pre-construction work on the roughly $4 billion Bronx casino, which Bally’s is developing on 16 acres at the former Trump Golf Links at Ferry Point.
Two tranches fund Bally’s Bronx pre-construction
The financing consists of two tranches, allowing Bally’s Casino to draw $400 million at closing and access an additional $160 million later through delayed-draw commitments. The proceeds will primarily fund pre-construction work, though a portion may also be used for general corporate purposes.
Once funded, the loan will bear interest at Term SOFR plus 8.5% and mature 18 months after the initial funding date. Bally’s expects the transaction to close during the third quarter, subject to regulatory approval.
Chairman of the Board Soo Kim said the financing lets Bally’s advance pre-construction planning so it can complete “the remainder of the capital raise” and stay on schedule, adding that the added liquidity gives the company more flexibility for other capital plans.
WhiteHawk Managing Partner Bob Louzan described the deal as the next step in the two companies’ relationship and said it reflects the firm’s ability to structure flexible financing for complex transactions, according to the company’s press release.
WhiteHawk and Bally’s have worked together before. In June, WhiteHawk provided a $390 million refinancing package for Australia’s The Star Entertainment Group, of which Bally’s has since become the largest shareholder.
A narrower, shorter-term loan for Bally’s Bronx
The WhiteHawk loan follows financing Bally’s secured in December 2025, when it amended a commitment letter with funds managed by Ares Management Credit, King Street Capital Management and TPG Credit. That amendment increased Bally’s available term loans to $1.1 billion, including up to $500 million in delayed-draw loans earmarked for potential New York casino license fees.
That facility closed in February and matures in 2031. Bally’s said the proceeds would support company-wide needs, including its New York and Chicago casino developments, and refinance existing term loans.
Unlike that broader package, the WhiteHawk loan is tied specifically to the Bronx project. The debt is guaranteed by Bally’s New York subsidiaries and secured by substantially all of their assets, and it carries a significantly shorter maturity than the 2031 facility. Bally’s bought the Bronx site from New York City for $156.6 million in February, ahead of the current buildout.
Leadership change and Chicago plans
The financing gives Bally’s fresh capital as the company works through concerns raised by its second-quarter earnings report, which disclosed substantial doubt about its ability to continue as a going concern. Days before the WhiteHawk announcement, Bally’s said Chief Financial Officer Mira Mircheva would step down. The board named George Papanier, Bally’s president, as interim CFO effective Sept. 4 while it searches for a permanent successor.
Financial concerns have also extended to Bally’s Chicago casino project, where reports suggested construction had stalled because of funding issues. Speaking on the same Sept. 14 call, Kim rejected those reports, saying Bally’s is still targeting an early 2027 opening for the Chicago casino and remains on track to fulfill its $1.34 billion capital commitment.
He added that the company continues to discuss the impact of video gaming terminals with city officials.
Bally’s still must close the WhiteHawk loan and raise the remaining capital the Bronx project requires.
