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the BRONX, New York (Gambling911.com) - Bally's Corporation advised investors this week that its $560M financing package will help its planned $4B Bronx casino resort move forward.
The funds will go toward pre-construction planning and help Bally's (BALY) stay on schedule while it completes the broader capital raise, the company advised.
Plans call for a roughly 3 million-square-foot, 19-story waterfront complex featuring a casino with approximately 3,500 slot machines, 210 table games and poker; a 500-room hotel; more than 10 food-and-beverage venues; a 2,000-person event and convention center; and approximately 4,600 parking spaces.
Questions still loom however.
Bally’s Corporation included a formal “going concern” warning in its second-quarter SEC filing last month as it pertains to a Chicago casino project, which is currently halted.
Christopher Jewett, Bally’s senior vice president, repeatedly defended the firm’s decision to halt construction on the 34-story, 500-room hotel, concert venue and restaurants, claiming the firm needs time to assess what the legalization of video gambling at thousands of bars and restaurants will mean for it’s bottom line.
Jewett also reassured members of the City Council’s License and Consumer Protection Committee that the firm had enough cash on hand to finish the construction on the casino complex.
Bally’s laid off 12% of the 1,500 workers involved with the construction.
Several alderpeople have voiced outrage at Bally’s for what they say is a violation of its agreement with the city by stopping construction.
“This is wholly inappropriate and totally nontransparent,” Ald. Brendan Reilly (42nd Ward) said.
Ald. Marty Quinn (13th Ward) said the much-anticipated hearing had turned into an “absolute circus.”
As of June 30, Bally’s was carrying roughly $4.5 billion in debt. During the first six months of 2026 it recorded approximately $308 million in net losses, about $266 million in negative operating cash flow, and almost $229 million in net interest expense. Those aren't minor liquidity issues.
Bally's told the Securities and Exchange Commission (SEC) that approximately $400 million of its minimum required Chicago development spending remained as of June 30, down from approximately $600 million at the end of March.
The company previously arranged for Gaming and Leisure Properties to provide up to $940 million in construction advances for the Chicago project. Bally's received $274 million in reimbursements for Chicago construction expenditures during the first half of 2026.
- Alejandro Botticelli, Gambling911.com
