Bally’s to Sell Rhode Island Casino Property in Q1 After Landing $1.1B in Financing

• Sale of Twin River Lincoln Casino real estate expected in Q1 after Bally’s lands new financing
• Private credit firms lending casino operator $1.1 billion
• Some of the proceeds could be used for New York casino project

Earlier today, Bally’s announced it amended a term facility to $1.1 billion, potentially paving the way for the regional casino operator to unload the real estate of the Twin River Lincoln Casino Resort in Lincoln, RI to Gaming and Leisure Properties (NASDAQ: GLPI) in the first quarter of 2026.

Three months ago, Bally’s announced plans to sell the real estate of the Twin River Lincoln Casino Resort to Gaming and Leisure for $735 million, but that plan was stymied by a group of creditors demanding the gaming company put up collateral not linked to the under construction Chicago casino for a $1.9 billion term loan.

The amended and restated Commitment Letter increases the financing commitments to $600 million of initial term loan (the ‘Initial Term Loan’) and up to $500 million of delayed draw term loan (the ‘Delayed Draw Term Loan’ and, together with the Initial Term Loan, the ‘Term Loans’),” said the gaming company in a statement.

Ares Management Credit, King Street Capital Management, and TPG Credit — all of which are considered alternative or private creditors — extending the fresh financing to Bally’s.

Bally’s Putting a Lot on the Line

Likely due in part to a B- credit rating and increasing scrutiny among traditional lenders, Bally’s tapped private credit to push forward the sale of the real estate of the Rhode Island casino. The borrower is putting a lot on the line to procure the term loans, which mature after five years.

“The proceeds from the Delayed Draw Term Loan will be used to pay or replenish liquidity used to pay licensing fees in connection with the Company’s New York State casino license and related fees and expenses,” adds the gaming company.

Last week, Bally’s stepped closer to a New York City casino when the New York Gaming Facility Location Board approved its bid along with proposals from rivals Hard Rock International and Resorts World New York.

Good Deal for Gaming and Leisure

Acquiring the property of Twin River Lincoln looks like a sound move Gaming and Leisure, which has been an active dealmaker of late.

“GLPI will acquire the asset for a total of ~$750 million at an 8% cap rate with initial cash rent of $58.8 million expected. We would expect coverage for the single asset to be within GLPI’s historical coverage range of approximately 1.8x-2.0x. We note that Twin River’s gross gaming revenue (GGR) was up +3% Y/Y in 3Q25,” said Truist Securities analyst Barry Jonas in a report out today.

One of two publicly traded casino real estate investment trusts (REITs), GLPI is Bally’s primary landlord.