Bally's secures $400M for $4bn Bronx casino project

Bally's Corporation received a term loan of $400 million to advance preconstruction work on the $4,000 million Bronx casino resort, with the financing closing completed on 6 October 2026, the company announced. Good to Know WhiteHawk Capital Partners led the tranche that was fully funded at closing; the company also retains delayed-loan commitments of an additional $160 million that it may draw in future phases.

Financing for Bally's Bronx and key terms

The $400 million injection is primarily allocated to preconstruction costs for the development known as Bally's Bronx, and a portion of the funds may be used for corporate expenses, including transaction fees tied to the debt. The package includes additional commitments of $160 million that Bally's can call as construction progresses.

The financing arrives amid pressure on Bally's Corporation's liquidity. In its second-quarter report the company said current conditions had created “substantial doubt” about its ability to continue as a going concern. Bally's has said it is weighing options to improve its capital position, including asset monetisation, an equity sale and additional debt issuance.

Citizens Capital Markets & Advisory acted as Bally's financial advisor on the transaction. Fried, Frank, Harris, Shriver & Jacobson LLP provided legal counsel to the company.

Project and schedule for the Bally's Bronx resort

The state-approved development is a resort of more than 3 million square feet on the Bally's Golf Links at Ferry Point site. Published plans include a 500-room hotel, an events centre with capacity for 2,000 people, casino facilities and retention of the existing 18-hole golf course. Bally's projects the complex will open in 2030.

The site is part of the former Trump Golf Links property that Bally's took control of in 2023. Development efforts are focused on improving parking, the clubhouse and practice areas rather than fully replacing the golf course.

License and regulatory payments

The New York State Gaming Commission granted Bally's a commercial licence for the project effective 15 December 2025. Subsequently, Bally's paid the licence fee of $500 million during the first quarter of 2026.

Operational risks and other projects in the portfolio

Beyond the Bronx, Bally's operates several major US developments that strain its liquidity. The company faces a separate construction dispute in Chicago, where Bally's slowed non-gaming work on its permanent project valued at $1,700 million after the city approved video gaming terminals in bars and restaurants. Despite that adjustment, Bally's says the permanent Chicago casino remains scheduled to open in early 2027.

The financing package for the Bronx reduces some of the uncertainty the company faced during the bidding phase, but it does not remove the need for additional capital solutions if financial conditions do not improve.

Implications for execution and upcoming milestones

With $400 million available, Bally's can advance hiring, engineering studies and the permits required before heavy construction starts. Likely next steps include availability and initial draws on the additional $160 million in commitments, local certification and permits, and selection of lead contractors for the main structures.

The advisors named in the deal — Citizens Capital Markets & Advisory and the law firm Fried, Frank, Harris, Shriver & Jacobson LLP — will likely remain involved in managing subsequent financing needs and structuring any additional transactions Bally's pursues if it chooses asset sales or equity issuance.

What the industry should watch

• the effective availability of the additional $160 million in commitments and the conditions for those draws;

• progress on permits and contract awards at Ferry Point; [project developments at Ferry Point](/casino)

• resolutions to the Chicago construction dispute and the impact on the 2027 schedule.

Bally's case combines a large urban development with a staged financing structure and the pressure of executing multiple projects simultaneously while managing creditor and investor risk perceptions.

"The new credit facilities will allow preconstruction work to advance in the Bronx," Bally's Corporation said in the financing statement, attributing the operation to a closing led by Good to Know WhiteHawk.

"Citizens Capital Markets & Advisory advised Bally's in obtaining the loan and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal counsel," the official note added.