US casino operator and investor Bally’s Corp has secured US$560 million of new financing for the further development of its downstate New York integrated resort project – from the same group that recently refinanced its Australian casino entity Star Entertainment Group.
Bally’s said the new financing led by WhiteHawk Capital Partners, LP comprises term loan commitments totalling US$400 million and delayed draw term loan commitments of US$160 million.
Proceeds of the loans will, it explained, be used to fund certain pre-construction costs and expenditures associated with the development of the Bally’s Bronx project, with a portion of the proceeds available to the company for general corporate purposes. The new financing is expected to close in the third quarter of 2026.
“This important financing allows us to progress the pre-construction planning process so that we are ready to complete the remainder of the capital raise and remain on schedule,” said Bally’s Chairman of the Board, Soo Kim. “Furthermore, the additional liquidity provides us greater flexibility for other capital opportunities.”
Bob Louzan, Managing Partner at WhiteHawk Capital Partners, added, “We are pleased to partner with Bally’s on this important next phase of the Bronx project. “This financing reflects our ability to structure flexible capital solutions for complex transactions and will support the project’s pre-construction work as Bally’s advances its broader financing plan.”
WhiteHawk earlier this year provided a US$390 million refinancing lifeline to Australia’s Star Entertainment Group, the troubled casino operator of which Bally’s and local partner Investment Holdings Pty Ltd acquired a controlling stake late last year. That refinancing was considered crucial to Bally’s efforts to keep Star afloat amid ongoing efforts to reverse its fortunes.
In an overnight note, CBRE Credit Research said the latest financing is the first leg of what it expects to be “multiple layers of financing at Bally’s New York” – keeping the US$54 billion development on track and providing some liquidity to the project as the company moves through the construction planning process and completes other capital raises.
“We still anticipate an equity raise at the project-level given the Letter of Intent (LOI) that was disclosed [alongside Bally’s 2Q26 results in August],” said CBRE’s Colin Mansfield and Connor Parks. “With the pre-construction loans maturing in 18 months, we anticipate this will be taken out with a larger debt financing package that will fund the majority of the capex.”
It also pointed out that the loans ease some pressure on Bally’s, with some of the proceeds likely to make their way up to the Bally’s Corp restricted group given that the group had made material upfront investments in New York.
“Bally’s funded the [initial] US$500 million license payment, the purchase of the land and other related pre-construction costs which has weighed on parent liquidity ahead of a planned step-down in revolver availability,” CBRE said.
“In yesterday’s filing, the company disclosed the additional WhiteHawk liquidity ‘provides us greater flexibility for other capital opportunities.’ We believe this could include multiple projects ongoing across the Bally’s complex, specifically the completion of Bally’s Chicago and the initial investment at the Tropicana Las Vegas where we still await further details.”
Bally’s was one of three companies to secure a full New York casino license late last year, alongside Genting Malaysia for Resorts World New York City (RWNYC) and Hard Rock International for a Metropolitan Park development in partnership with New York Mets owner Steve Cohen.
RWNYC launched New York’s first legal table games in April.
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