Bally’s Lands $560 Million Loan to Advance $4 Billion Bronx Casino Project
Bally’s Corporation has secured $560 million in new financing for its planned casino resort in the Bronx, a capital injection that comes weeks after the company acknowledged liquidity concerns surrounding the development. The financing, led by private credit firm WhiteHawk Capital Partners, will fund pre-construction work on the $4 billion project, which cleared its final regulatory hurdle late last year when New York regulators awarded it one of three coveted downstate casino licenses.
According to the company’s announcement, the financing package comprises two components: closing-date term loan commitments totaling $400 million and delayed-draw term loan commitments of $160 million. Proceeds will be directed toward pre-construction costs and expenditures associated with the Bally’s Bronx project, as well as general corporate purposes.
The structure gives the developer flexibility as the project moves from planning into active construction. Delayed-draw commitments, which can be accessed at later points during development, are commonly used in large-scale projects to align capital deployment with construction milestones.
Context: A Project Under Scrutiny
The financing arrives at a consequential moment. Bally’s had recently signaled financial strain tied to the Bronx development, and the company has separately slowed construction activity on its casino project in Chicago. For industry observers, the new debt facility suggests that Bally’s is working to reassure stakeholders that its New York ambitions remain on track despite broader pressure on the company’s balance sheet.
The project itself is substantial. Planned for the former Trump-operated golf course at Ferry Point near the Bronx-Whitestone Bridge, the development envisions a roughly 3 million-square-foot gaming and hospitality complex designed by architecture firm HKS. The site sits at 450 Hutchinson River Parkway and forms part of the broader Bally’s Golf Links at Ferry Point property, a 222-acre Jack Nicklaus-designed championship course.
The loan follows a years long and often contentious licensing process. In December, the New York State Gaming Facility Location Board unanimously advanced Bally’s Bronx alongside Resorts World’s Queens project and the Metropolitan Park development, and the state Gaming Commission subsequently approved 15-year licenses for the three bidders. The path was not without obstacles: the company’s land-use application initially faced resistance at the New York City Council before ultimately proceeding, aided in part by a mayoral veto and shifting municipal dynamics.
