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Bally’s Corp. said it has secured $560 million in new financing to keep its New York City casino project moving forward.
The company said the package includes $400 million in loans, plus another $160 million in loans from WhiteHawk Capital Partners LP. According to Bally’s, the funding is a way to continue advancing the project. The company faces money challenges across three states where it is building new casinos.
Financing Package Backs $4 Billion Resort Plan
The financing is for Bally’s $4 billion resort plan at Bally’s Golf Links at Ferry Point, New York City. As per report, the project would be built on 16 acres now made up of parking lots and practice green space.
Bally’s claims the development would turn a former landfill site into what it describes as the borough’s largest private development.
Why the Update Matters
The announcement shows Bally’s still has access to major capital for a large-scale development project.
The update is also notable for another reason. Bally’s said it is managing funding pressures across multiple states while continuing to push ahead on new casino construction.
The terms of the loans, such as maturity dates or interest rates, are not disclosed.
Source: As reported by CDC Gaming.
