Bally’s Closes $400M Bronx Casino Financing, With $160M Still Available

Bally’s October 2 announcement represents a new milestone. The company first disclosed the facility on September 14, after its New York subsidiaries signed the original loan agreement on September 4. At that stage, funding still depended on regulatory approval and other closing conditions.

The latest Form 8-K says the $400 million closing-date commitments were fully funded on October 1. Another $160 million remains available through delayed-draw commitments for future project expenses.

The $400M Is Now Funded

Bally’s New York Operating Company and several related subsidiaries entered into an amended and restated loan and security agreement with WhiteHawk on October 1. Additional subsidiaries formed for the Bronx development were also added as obligors.

The company said the proceeds will cover certain pre-construction costs and other spending tied to Bally’s Bronx. Some of the first tranche can also be used for general corporate purposes, including transaction fees and expenses incurred at closing.

That distinction is worth keeping. Bally’s has received $400 million, but it would be inaccurate to treat the entire amount as money already spent on construction.

The financing also carries a relatively short clock. Terms disclosed with the original agreement provide for an 18-month maturity after initial funding, with interest set at Term SOFR plus 8.50%. The October filing says the other material terms remain consistent with that earlier agreement. The full amended agreement is due to be filed with Bally’s third-quarter Form 10-Q.

A 2030 Opening Remains the Target

Bally’s describes the Bronx development as a roughly 3 million-square-foot integrated resort with a 500-room hotel, a 2,000-person event center and an 18-hole golf course. The company continues to target an opening by 2030.

The project already cleared its biggest regulatory hurdle. New York regulators awarded Bally’s one of three New York City casino licences in December 2025, alongside Resorts World and the Hard Rock-backed Metropolitan Park proposal.

Against the headline $4 billion project cost, the initial $400 million draw equals 10%. Even if Bally’s ultimately uses the full $560 million WhiteHawk package, that would represent about 14% of the stated development budget. The WhiteHawk facility therefore covers only part of the project’s overall funding needs.