Bally’s Corporation Enters into Credit Facility and Completes Twin River Lincoln Sale Leaseback

Fried Frank advised Bally's Corporation (Bally's) on entering a new term loan credit facility due 2031, providing it with $1.1 billion of funded term loans (the Term Loans), which the company announced on February 11. Bally's also completed its previously announced sale and leaseback of the real estate assets of its Twin River Lincoln Casino Resort (the Lincoln Sale Leaseback), pursuant to an agreement with GLP Capital, LP, a subsidiary of Gaming and Leisure Properties, Inc. The proceeds from the Term Loans will be used for general corporate purposes, including, but not limited to, the development of Bally's Bronx and Bally's Chicago. Bally's will also allocate cash on hand from the proceeds of the Intralot transaction - completed in October 2025 - and the Lincoln Sale Leaseback, along with portions of the proceeds from the Term Loan issuance, to repay in full Bally's outstanding $1.47 billion in term loans maturing in 2028. For more on the transaction, read Bally's press release.

This transaction is a continuation of our work advising Bally's corporation on complex, high-value transactions, including previously advising Bally's on the combination of its International Interactive business with Intralot's global lottery and gaming business, which was successfully completed on October 8, 2025.

The Fried Frank team was led by corporate finance partner Ezra Schneck and included M&A and private equity partner Philip Richter.

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