Bally's Secures $1.1B in Term Loans to Boost Liquidity and Fund Casino, Online Gaming Expansion

Bally's Corporation (NYSE:BALY) ("Bally's" or the "Company") announced today that it entered into an amended and restated commitment letter (the "A&R Commitment Letter") which amends and restates the previously announced commitment letter entered into in July 2025. The A&R Commitment Letter increases the financing commitments to $600 million of initial term loan (the "Initial Term Loan") and up to $500 million of delayed draw term loan (the "Delayed Draw Term Loan" and, together with the Initial Term Loan, the "Term Loans"). The commitments are provided by Ares Management Credit funds as well as King Street Capital Management and TPG Credit.

The proceeds from the Initial Term Loan, together with cash on the Company's balance sheet and proceeds of the previously announced Sale and Leaseback of the Company's Twin River Lincoln Casino, will be used for general corporate purposes, including the repayment of the Company's existing term loan or any amounts drawn on the Company's revolving credit facility, and the payment of fees and expenses in connection therewith. The proceeds from the Delayed Draw Term Loan will be used to pay or replenish liquidity used to pay licensing fees in connection with the Company's New York State casino license and related fees and expenses.

The Term Loans will mature five years after the closing of the new financing, unless the Company's unsecured bonds due 2029 remain outstanding as of March 1, 2029, in which case the Term Loans will mature on March 1, 2029. The Term Loans will be secured by substantially all material assets of the Company and its wholly-owned subsidiaries, including the equity of Intralot S.A. held by the Company, but in any event subject to customary exceptions and exclusions such as assets held by Intralot S.A., The Star Entertainment Group Ltd, and certain development assets and subsidiaries including New York. The completion of the new financing is expected to occur in the first quarter of 2026, subject to customary closing conditions, including the completion of the Twin River Lincoln Casino Sale and Leaseback and the repayment of all of the Company's existing term loan.

Bally's Chairman of the Board, Soo Kim, commented, "We appreciate the strong support of our lenders, as the A&R Commitment Letter further strengthens Bally's liquidity position while enabling continued investment in our strategic growth pipeline—spanning online gaming, our casino portfolio, and our expanding resorts developments."

Citizens Capital Markets served as financial advisor to Bally's Corporation. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor to Bally's Corporation.