Bally’s Secures $400 Million Financing For $4 Billion Bronx Casino Project
The operator has completed the first draw from its WhiteHawk financing facility, with a further $160 million available for the New York development.
Bally’s Corporation has secured $400 million in financing for its planned $4 billion casino resort in the Bronx, completing the first draw from a funding agreement with WhiteHawk Capital Partners.
The $400 million in term loans was fully funded on 1 October after Bally’s New York Operating Company and several related subsidiaries entered into an amended and restated loan and security agreement with WhiteHawk. A further $160 million remains available through delayed-draw commitments to support future project expenses.
The financing facility was initially disclosed in September after Bally’s New York subsidiaries signed the original loan agreement on 4 September. Funding remained subject to regulatory approval and other closing conditions at that stage, with the latest filing confirming that the initial commitments have now been converted into funded debt.
Financing To Support Pre-Construction Costs
Bally’s said proceeds from the facility will be used towards certain pre-construction costs and other expenditure connected to the Bronx casino development. A portion of the initial $400 million can also be used for general corporate purposes, including transaction fees and expenses associated with the financing.
While the full first tranche has now been received, the funding should not be viewed as $400 million already committed directly to construction. The facility provides Bally’s with capital for a range of project-related and permitted corporate expenses as it progresses development of the resort.
The financing has an 18-month maturity from the date of initial funding and carries interest at Term SOFR plus 8.50%. Bally’s said the remaining material terms are consistent with those disclosed when the agreement was originally announced, with the complete amended agreement expected to be filed alongside its third-quarter Form 10-Q.
Even if Bally’s ultimately draws the additional $160 million, the WhiteHawk facility would provide $560 million against the resort’s estimated $4 billion development cost. That represents approximately 14% of the overall budget, meaning additional sources of capital will be required to fund the project through completion.
Bally’s Targets 2030 Bronx Opening
Bally’s plans to develop an integrated casino resort spanning approximately three million square feet in the Bronx. Current plans include a 500-room hotel, a 2,000-capacity event centre and an 18-hole golf course, with the company continuing to target an opening by 2030.
The project cleared a major hurdle in December 2025 when Bally’s secured one of three New York City casino licences awarded by state regulators. Resorts World and the Hard Rock-backed Metropolitan Park development were also selected for licences.
Securing the initial WhiteHawk funding moves Bally’s into the next stage of financing the Bronx development following that regulatory approval. The $400 million already drawn represents approximately 10% of the stated project cost, while the remaining $160 million gives the company additional funding capacity as pre-construction work and other preparations progress.
The facility nevertheless represents only one part of the financing required for the development, with Bally’s yet to detail how the remainder of the estimated $4 billion investment will be funded.
