Bally’s restructures debt with $620 million credit boost and sale-leaseback approval

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Bally’s Corporation has achieved a key milestone in its financial restructuring by obtaining unanimous approval from lenders on a $620 million revolving credit facility. This approval supports the company’s planned sale-leaseback transaction involving its Twin River Lincoln Casino Resort, according to Bally’s Corporation.

The casino operator also announced an extension of $460 million in revolving credit facility commitments by two years, moving the maturity date from October 2026 to October 2028. The sale-leaseback agreement with Gaming and Leisure Properties Inc. (GLPI) is valued at approximately $735 million in cash before expenses and taxes. Upon closing, the transaction is expected to substantially reduce Bally’s secured debt.

Key takeaways:

  • Bally’s gains lender approval for $620 million credit facility
  • The company plans to sell real estate for approximately $735 million
  • International unit sale valued at €2.7 billion advances Bally’s strategic shift

Details on Bally’s Financial Restructuring

The restructuring deal is set to lower Bally’s secured debt and credit facilities by an estimated $500 million. This figure includes a permanent 7.5% reduction in the revolving credit facility to about $574 million, as well as proportional repayments on term loans and first lien notes.

Bally’s anticipates that the combined balances of its term loans and first lien notes will fall from approximately $2.4 billion to around $1.94 billion, marking a near 19% reduction in this portion of the company’s debt. The deal remains subject to regulatory approvals and requires consent from holders of approximately $630 million in term loans, which represents roughly one-third of outstanding balances.

Sale-leaseback arrangements such as Bally’s current deal are utilized in the casino industry as a strategy to monetize real estate assets while maintaining operational control. The recent amendments to Bally’s credit facilities and consent from lending parties illustrate lender support amid the company’s current restructuring and strategic initiatives.

Progress on International Business Transaction

Alongside debt management, Bally’s is advancing the planned sale of its International Interactive unit to Greece-based Intralot S.A. The transaction is valued at €2.7 billion ($3.17 billion) and is expected to close in the fourth quarter of 2025. Bally’s is projected to receive approximately €1.5 billion in cash, with the remaining amount paid in Intralot stock.

The deal is also part of Bally’s broader strategic refocusing, as it allows the company to reallocate cash reserves to fund its land-based casino developments in the US and Australia. Following completion, Bally’s would hold a majority stake exceeding 60% in the combined entity, as well as receiving dividend rights under Greek law.