Bally’s Corporation has secured $560 million in new financing for its Bronx casino development while reaffirming plans to open its permanent Chicago resort in early 2027. The two updates arrived on the same day as the company works through major development commitments in New York and Illinois.

According to Bally’s September 14 announcement, WhiteHawk Capital Partners is leading the financing package for Bally’s Bronx. The facilities include $400 million in term loan commitments available at closing and another $160 million through delayed draw term loan commitments.

Bally’s plans to direct proceeds toward pre-construction costs and other expenditures connected with the Bronx development. Part of the financing will also be available for general corporate purposes. The transaction is expected to close during the third quarter of 2026, pending regulatory approval and other customary closing conditions.

Meanwhile, Bally’s addressed questions surrounding its $1.7 billion permanent Chicago casino after reducing the pace of work on certain parts of the development. Chairman Soo Kim said construction remains active and maintained that the casino remains scheduled to open in early 2027.

New Financing Moves Bronx Development Forward

The Bronx financing supports further preparations for Bally’s planned $4 billion New York resort. The company secured one of three New York City casino licences last year, alongside Resorts World New York City and Hard Rock’s Metropolitan Park.

The funding will cover certain pre-construction expenses while Bally’s continues working toward the remainder of the capital required for the development.

“This important financing allows us to progress the pre-construction planning process so that we are ready to complete the remainder of the capital raise and remain on schedule. Furthermore, the additional liquidity provides us greater flexibility for other capital opportunities,” Kim said.

WhiteHawk Capital Partners Managing Partner Bob Louzan also addressed the agreement.

“We are pleased to partner with Bally’s on this important next phase of the Bronx project,” Louzan said. “This financing reflects our ability to structure flexible capital solutions for complex transactions and will support the project’s pre-construction work as Bally’s advances its broader financing plan.”

Citizens Capital Markets served as Bally’s financial adviser for the transaction, while Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal adviser.

Bally’s previously stated in its New York application materials that construction would begin “eight to nine months” after receiving its licence. Under the current development schedule, the Bronx resort is planned for a single-phase opening in 2030.

Bally’s Defends Chicago Construction Schedule

In Chicago, Bally’s used a brief conference call on Monday to reaffirm its commitment to the permanent casino development after questions emerged about changes to the construction schedule.

The company announced in August that it was “resetting the pace of construction of elements of Bally’s Chicago permanent casino.” Bally’s linked the decision to Chicago’s legalisation of video gaming terminals, arguing that the change affects the Host Community Agreement signed with the city in 2022.

Kim described the construction reset as something that “is not a pause or stoppage.”

“There have been inaccurate reports suggesting that construction has stopped to a pause. It has not. Construction continues every day,” Kim said. “We are aligning the sequencing of our investment and development requirements and timelines established under the HCA.”

During a separate update, Kim said there were approximately 1,000 skilled tradespeople working on the permanent resort. Christopher Jewett, Bally’s senior vice president of corporate development, previously put the September workforce at between 1,100 and 1,150. Before the August construction changes, the site had approximately 1,300 trade workers.

“Construction continues every day, and there are approximately 1,000 skilled tradespeople working on the construction of the permanent Bally’s Chicago resort,” Kim said during Monday’s call.

Bally’s maintains that the casino remains on schedule for an early 2027 opening. The company has changed the order in which some parts of the development will proceed while it assesses the effect of VGTs on the Chicago gaming market.

“Investors should view our actions through a straightforward lens: We are protecting the value of significant investments we’re making in Chicago while faithfully executing our contractual obligations,” Kim said. “And let me say this again – we remain fully committed to Chicago.”

VGT Dispute Affects Parts of Resort Plan

Chicago approved video gaming terminals through its latest city budget, which took effect in January. The Illinois Gaming Board has since approved 65 VGT licence applications in the city.

Bally’s has argued that wider VGT availability could affect revenue at the permanent casino. At a recent City Council hearing, company president and interim chief financial officer George Papanier said the elements being reconsidered are “all in conjunction with the proliferation of VGTs”.

Papanier said wider deployment could cause a “30% to 50% impact on top-line revenue” for Bally’s Chicago. He described continued construction of affected components as “irresponsible” until the company has greater clarity on the market.

The company is reassessing approximately 12% of planned amenities. Papanier said Bally’s will “deliver the event centre, 100 rooms of the hotel and the required food and beverage components” when the casino opens in early 2027. Plans ultimately call for a 500-room hotel, while the original resort concept also included a 3,000-seat entertainment venue.

Bally’s expects to satisfy the $1.34 billion minimum capital commitment required under its Host Community Agreement.

“We remain committed to the project and to fulfilling every obligation of ours under the HCA,” Kim said.

The company also continues discussions with city officials about the VGT issue.

“We continue discussions with Chicago and the Chicago City Council about the impact the legalization of VGTs will have on Bally’s Chicago,” Kim said.

The dispute comes during a financially sensitive period for Bally’s. The company disclosed substantial doubts in August about its ability to continue as a “going concern,” while CFO Mira Mircheva resigned on September 4 after less than a year in the position. Papanier subsequently assumed the CFO role on an interim basis.

Bally’s shares rose 7% on Monday to $9.84 following the latest project updates, after falling approximately 30% over the previous month.

The Chicago development has also encountered earlier construction issues and a funding gap that Bally’s addressed through an agreement with Gaming and Leisure Properties. Changes involving city water infrastructure previously required a redesign of the planned hotel.

Despite those complications and the continuing VGT dispute, Bally’s continues to target an early 2027 opening for the permanent Chicago casino while advancing financing preparations for its larger Bronx development.