Ballys Corporation (NYSE: BALY) updates financing with $1.1B loan commitments

Rhea-AI Filing Summary

Bally’s Corporation reported that it has entered into an amended and restated commitment letter that replaces a financing commitment originally arranged in July 2025. The new agreement provides up to $600 million of initial term loan commitments and up to $500 million of delayed draw term loan commitments from Ares Management Credit funds, King Street Capital Management, and TPG Credit. The company expects this new financing to be completed in the first quarter of 2026, subject to customary closing conditions, including completing the Twin River Lincoln Casino sale-leaseback transaction and repaying all of its existing term loan.

Insights

Credit & capital structure analyst

Bally’s secures up to $1.1B in new term loan commitments, reshaping its debt stack.

Bally’s has amended and restated a prior financing agreement to secure up to $600 million of initial term loan and up to $500 million of delayed draw term loan commitments. The lenders are Ares Management Credit funds, King Street Capital Management, and TPG Credit, indicating participation from large institutional credit investors.

The company expects the new financing to close in the first quarter of 2026, subject to conditions that include completing the Twin River Lincoln Casino sale-leaseback and repaying all of its existing term loan. This points to a broader balance sheet transaction that combines asset-level monetization with a refinancing of current term debt.

Actual impact will depend on the final terms of the new loans, the execution of the Twin River Lincoln Casino sale and leaseback, and the timing and mechanics of repaying the existing term loan as described for the expected first-quarter 2026 completion.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 8, 2025

BALLY’S CORPORATION

(Exact name of Registrant as Specified in its Charter)

Delaware		001-38850		20-0904604
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification No.)

100 Westminster Street Providence, RI		02903
(Address of Principal Executive Offices)		(Zip Code)

(401) 475-8474

Registrant’s telephone number, including area code

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a.12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, $0.01 par value		BALY		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

On December 8, 2025, the Company issued a press release announcing the entry into an amended and restated commitment letter (the “A&R Commitment Letter”) which amends and restates the previously announced commitment letter entered into in July 2025. The A&R Commitment Letter increases the financing commitments under the commitment letter to up to $600 million of initial term loan and up to $500 million of delayed draw term loan. The commitments are provided by Ares Management Credit funds as well as King Street Capital Management and TPG Credit.

The completion of the new financing is expected to occur in the first quarter of 2026, subject to customary closing conditions, including the completion of the Twin River Lincoln Casino Sale and Leaseback and the repayment of all of the Company’s existing term loan.

A copy of the press release is filed as Exhibit 99.1 and incorporated by reference into this Item 8.01.

Item 9.01 Financial Statements and Exhibits.

Exhibit Number		Description
99.1		Press Release, dated December 8, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BALLY’S CORPORATION
Date: December 8, 2025	By:	/s/ Vladimira Mircheva
		Vladimira Mircheva
		Chief Financial Officer

2

FAQ

What financing did Ballys Corporation (BALY) announce in this 8-K?

Ballys announced an amended and restated commitment letter providing up to $600 million of initial term loan commitments and up to $500 million of delayed draw term loan commitments.

Who are the lenders under Ballys Corporations new term loan commitments?

The term loan commitments are provided by Ares Management Credit funds, King Street Capital Management, and TPG Credit.

When is Ballys expecting to complete the new financing?

Ballys expects completion of the new financing in the first quarter of 2026, subject to customary closing conditions.

What conditions must be satisfied before Ballys new financing closes?

Closing is subject to conditions including the completion of the Twin River Lincoln Casino sale and leaseback and the repayment of all of Ballys existing term loan.

What prior arrangement does this amended and restated commitment letter replace for Ballys?

The new amended and restated commitment letter amends and restates a financing commitment originally entered into in July 2025.

Did Ballys Corporation issue any additional materials with this financing announcement?

Yes. Ballys filed a press release dated December 8, 2025 as Exhibit 99.1 discussing the amended and restated commitment letter.