US casino [operator] Bally’s Corp has secured $1.1 billion in new term loans that are seen as critical in solving ongoing credit and liquidity concerns, including those related to existing debt and looming payment of a US$500 million license fee to secure a full commercial casino license in New York.
The term loans include a provision for lenders to potentially claim an equity stake in Bally’s New York development, its online arm Intralot and Australia’s Star Entertainment Group of which the company last week secured a 38% interest.
According to information filed by the company, Bally’s has entered into an amended and restated commitment letter with Ares Management Credit funds, King Street Capital Management and TPG Credit to provide it with $600 million of initial term loan and up to $500 million of delayed draw term loan.
