Bally’s Extends Rhode Island Casino Sale Deadline to 2028
Posted on: October 31, 2025, 01:14h.
Last updated on: October 31, 2025, 01:33h.
- 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.
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 the 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 an 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.
Last Comment ( 1 )
The Casino in Lincoln RI is a dump. The place smells like smoke,weed,and unshowered people. The place cut down cleaners to such a small amount with shift cuts and layoffs there is no way a place that big can be cleaned properly with a handful of cleaning people.They do not wash the chips. The security has been cut down to such a small amount as well and replaced with civilians who do not carry a gun,but look like they do. The safety of guests as well as employees is no concern to management as one gets paid 15 dollars an hour and the ones who carry 25 dollars an hour so lets just get rid of all the armed security. They use to have police from Lincoln around not a lot but around .They stopped paying them detail so now you never see them. Food and beverage union is a joke as they give out water and soda as free beer is not allowed by state law. You want to cashout at a machine .So many times the machines are out of money ,disabled or broken that people come to find a cashier,but when they did the machines they cut cashiers down to 2 cashiers and the lines go 15 deep with people yelling and cursing put more help on . The cashier has to take the abuse even though they did not make the cuts and do not want to work to the point where they can not even go to the bathroom . They can't wait so they close and people start swearing where the fuck are you going and the place allows employees to be treated like this . The cash out machines need to be filled by someone and that job use to be 3 now 1 per shift and they have to bend and lift and push it wears you out so the call outs are like everyday and the machines do not get filled to ease the lines and again the guest says to the cashier why is all your machines down Again ? The cashier tells them management knows they are empty . They were filling the machines half full to not have all that money tied up because it had to go to chicago again while Lincoln has no investment back into the place so equipment can be fixed that is needed to do the job. You win a jackpot that is taxable and when the form is printed w2g the ink is not readable and the cashier has to shake the ink cartridge for it to work and you go days waiting for ink because they order supplies so little the place can not operate. The jet scanners ,machines that count the money are trash and worn out ,but never get cleaned or fixed and the vendor refuses to fix anymore because they do not pay the bill. Cashiers need to run there money before each shift. The last few weeks have been layoffs of long time gaming manager ,and the cage and count director is all done after wed 11/5/2025 who kept the place together . They would of gotten rid of these people long ago based on the salary ,but could not because they can't run the place without these people and now I am scared to see what they will do next without some people who know what they are doing . When you get hired you have to go thru department of business regulation in RI. You have to have no felonies ,finger prints taken and license renewals and they can not hire just anyone and they will never be able to get back what they had in dealers ,cleaners,cashiers,they have job fairs no one comes to apply they know it's not a secure job and the word of mouth about the place is over worked and the pay sucks as they still have this fantasy tips still happen . I have seen people get paid out 80000 in chips and leave the cashier nothing . It's a joke and this place has been going down hill for years,but I have never seen it this bad and RI Lottery should of never let it get this bad as they make revenue big time from gambling and ballys hates the fact the state gets a cut on everything,but hey they knew what they were getting into when they bought it . I could go on for hours,but you want a joke the app people gamble on line and ballys when they come has no one to help the people as they are told scan that bar code and get a live agent ,but no one at the location is their to help and people get angry and again yell at the cashier who only works their not even trained to know how to help the guest trying to get a voucher number to be paid for the app. I am done for now,but this ballys company needs to sell the RI casino's and go play in chicago screw that city and state as they have in RI