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- Move likely in response to creditor consortium not approving deal
- Rhode Island casino essentially acting as collateral for financing extended for Bally’s Chicago integrated resort
Bally’s secured some much-needed breathing room in its quest to sell the property assets of the Twin River Lincoln Casino Resort in Lincoln, RI to Gaming and Leisure Properties (NASDAQ: GLPI), extending the deadline to finalize that transaction to 2028 from 2026.
Bally’s Twin River Casino in Lincoln, RI. The company extended the deadline to sell the property to 2028. (Image: Bally’s Twin River Lincoln)Likely in response to a group of creditors balking at the deal, Bally’s noted in a new regulatory filing with the Securities and Exchange Commission (SEC) that the timeline to finish the sale has been pushed out two years.
The Company is filing this Current Report on Form 8-K to voluntarily provide an update that on October 28, 2025, the Company, its applicable subsidiaries and GLP entered into an amendment to the Contribution Agreement that, among other things, extends the Lincoln Open Call Date to October 1, 2028,” said the regional casino operator in a Form 8-K released earlier today.
In September, Bally’s announced plans to sell the real estate of the Twin River Lincoln Casino Resort to Gaming and Leisure for $735 million.
Why New Timeline Matters
Bally’s procuring more time to finalize the Rhode Island sale-leaseback is pivotal to the operator on multiple fronts, not the least of which is landing some breathing room to execute a deal that’s vital to the future of the Chicago project.
Twin River Lincoln is essentially acting as collateral for a gaming venue that’s yet to be constructed, which raised eyebrows in some circles. With the Chicago project being the most expensive in Bally’s history, creditors know they have leverage over the gaming company and are exerting that influence to hold up the Rhode Island transaction while delaying Bally’s efforts to push out $600 million in debt maturities to 2030.
Last week, Deutsche Bank, which was working on amendments to a $1.9 billion term loan for Bally’s, postponed that effort amid pressure from the casino operator’s creditors. For its part, Gaming and Leisure has recently been active on the deal-making front and can likely live with an extended timeline to completion in Rhode Island.
“Construction of Bally’s permanent gaming and entertainment destination resort in downtown Chicago has reached several significant milestones,” said GLPI CEO Peter Carlino in a statement discussing the landlord’s third-quarter earnings. “The project will bring an iconic, world-class entertainment destination to the nation’s third-largest metropolitan area. GLPI’s $1.19 billion investment, inclusive of the $250 million acquisition of the site in 2024, again demonstrates our commitment to supporting our tenants’ growth through innovative projects that deliver long-term shareholder value.”
Bally’s Could Soon Need More Financing
Saddled with a “B-“ credit rating and increasingly ornery group of creditors, Bally’s could soon need to head to capital markets, but the reception awaiting the operator appears murky.
Should it win a New York City casino license — it’s one of three bidders for three permits — it’s believed the company could need to raise capital to pay the $500 million licensing fee and that’s before it plunks down $4 billion to build a casino hotel in the Bronx.
Bally’s is also on the hook for another payment of $115 million to the Trump Organization — the entity from which the gaming company acquired the lease rights to the Bronx property.
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