Bally’s has been piling its chips higher than ever on a bet that bricks-and-mortar casinos can thrive even as gambling moves onto phones and computer screens.
Now that stack is wobbling.
Earlier this month, the global casino operator gave investors a big scare about whether its heavily leveraged balance sheet could support major developments in New York, Chicago and Las Vegas. Bally’s warned in a quarterly filing that unless it secured new financing or completed other planned transactions, it might violate liquidity and leverage requirements under its revolving-credit facility within a year.
“The conditions and events raise substantial doubt about the Company’s ability to continue as a going concern,” the filing said.
