Bally’s Lands $560M Loan From WhiteHawk for Bronx Casino Development 

Gambling and entertainment giant Bally’s has landed a $560 million debt package from WhiteHawk Capital Partners to fund its casino development in the Bronx, the company announced Monday. 

The financing from WhiteHawk, a private credit investment manager, will be broken up into a $400 million frontloaded loan and $160 million from delayed-draw term debt with the deal slated to close in the third quarter, according to Bally’s.  

The loans will fund pre-construction and other expenditures associated with the planned 3 million-square-foot casino development at the Bally’s Golf Links at Ferry Point, which will include a 500-room hotel and a 2,000-person event center. Bally’s acquired the Bronx site — formerly leased as a public golf course to Donald Trump — for $156.6 million from New York City in February, Commercial Observer previously reported.

“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,” Soo Kim, chairman of the board at Bally’s, said in a statement. “Furthermore, the additional liquidity provides us greater flexibility for other capital opportunities.”

Bob Louzan, managing partner at WhiteHawk Capital Partners, said in a statement that the financing “will support the project’s pre-construction work as Bally’s advances its broader financing plan.”

Bally’s Bronx casino proposal at 450 Hutchinson River Parkway was one of three gambling projects approved by New York State in December. The other two selected were Resorts World New York City at the former Aqueduct Raceway in Jamaica, Queens, and Hard Rock’s Metropolitan Park next to Citi Field in Flushing, Queens, to be developed in partnership with New York Mets owner Steve Cohen.

Andrew Coen can be reached at acoen@commercialobserver.com.