Chavdar Vasilev is a journalist covering the casino and sports betting market sectors for CasinoBeats. He joined CasinoBeats in May 2025 and reports on industry-shaping stories across the US and beyond, including legislative debates, market...
Read Full BioBally’s Corporation has secured an amended financing package totaling $1.1 billion, a move that improves its liquidity as the company advances two of its most significant development projects: the permanent Bally’s Chicago casino and its high-stakes bid for a New York State downstate license.
The announcement coincides with the release of newly rendered images of the Chicago property’s gaming floor and poker room, offering the first inside look at the future River West complex.
$1.1B Financing Deepens Bally’s War Chest Ahead of NY Decision
The revised commitment letter dated December 8 increases Bally’s access to capital. The company has secured an initial term loan of $600 million and a $500 million delayed-draw term loan. The latter was provided by Ares Management Credit funds, King Street Capital Management, and TPG Credit.
According to the filing, proceeds from the delayed draw facility will support the payment of New York State casino licensing fees and associated costs.
Earlier this month, the New York Gaming Facility Location Board recommended Bally’s and two other finalists to receive casino licenses from the state’s Gaming Commission.
The Commission is expected to make a final decision by the end of the month. A larger capital cushion improves the company’s positioning as licensing fees and development obligations draw closer.
Meanwhile, the company will use the initial $600 million, combined with cash on hand and funds from the pending Twin River Lincoln sale-leaseback, for general corporate purposes and repayment of existing debt.
The transaction is expected to close in the first quarter of 2026. It is subject to the completion of the sale-leaseback and the retirement of Bally’s current term loan.
The loans will be secured by most of Bally’s material assets. However, they exclude certain development subsidiaries, including the New York project, which remain unpledged.
Bally’s Chairman Soo Kim said the expanded commitments “further strengthen Bally’s liquidity position while enabling continued investment in our strategic growth pipeline—spanning online gaming, our casino portfolio, and our expanding resorts developments.”
New Renderings Reveal Updated Chicago Design
Bally’s also released updated renderings of its permanent Chicago casino, first shared by the real estate news site Chicago YIMBY. The images depict the poker room and interior spaces. They showcase refinements to the aesthetic and spatial layout of the $1.7 billion development planned for River West.
The images show a spacious, open-plan casino floor featuring clusters of slot machines, table games, and branded Bally’s signage integrated throughout the space.
Updated ceiling designs, patterned carpeting, and decorative lighting elements reflect the resort’s evolving aesthetic direction.
A separate rendering highlights the entrance to the high-limit slots. At the same time, additional views reveal the central table-games pit, featuring a curved ceiling, suspended lighting, and a blend of red, blue, and patterned carpeting.
The poker room image showcases rows of poker tables, wall-mounted Bally’s displays, and sculpted wall textures. Another rendering shows the baccarat area with marble finishes, gold-toned columns, and decorative ceiling panels.
The renderings reflect the latest design package submitted to the city. They offer a glimpse into the interior design that Bally’s intends to bring forward as permitting and construction planning continue.
Chicago Challenges: Longstanding Financing Doubts & VGT Threat
The unveiling of new design materials comes amid longstanding questions about Bally’s ability to finance the Chicago resort. That concern has been present from the project’s inception.
While those concerns have persisted, Bally’s capital strategy has evolved over the past year. The company has worked to secure sufficient funding for its development. To strengthen liquidity, Bally’s pursued several parallel measures.
In July, the company launched a $250 million IPO tied to the Chicago project entity. The company has also received direct support from its landlord, Gaming & Leisure Properties Inc. (GLPI), which provided $125 million in project funding in October.
Additionally, Bally’s sold its International Interactive division to Intralot. The transaction unlocked liquidity that the company can deploy across strategic projects.
Even with the progress on financing, Chicago’s long-term outlook now faces another hurdle. The city is considering the legalization of video gaming terminals (VGTs) within its city limits.
Bally’s has warned city leaders that legalization would negatively impact Chicago. The company estimates annual losses of $74 million, which could potentially lead to up to 1,050 job losses.
Three-Front Expansion Strategy
With major initiatives in Chicago, New York, and Las Vegas — where Bally’s recently filed detailed plans for a multi-phase resort integrated with the upcoming A’s ballpark — the company is pursuing one of the most ambitious development pipelines in the U.S. gaming sector.
Together, the expanded financing, the Chicago renderings, and progress in New York move the company closer to realizing Bally’s 2.0 transformation strategy.
As 2026 approaches, Bally’s next milestones — Chicago permitting and construction sequencing, New York’s final licensing decision, and Las Vegas entitlements — will shape the trajectory of its Bally’s 2.0 growth strategy.
