{"id":218650,"date":"2022-06-23T14:56:23","date_gmt":"2022-06-23T21:56:23","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=218650"},"modified":"2022-06-23T16:12:27","modified_gmt":"2022-06-23T23:12:27","slug":"ballys-could-face-creditor-battle-in-rhode-island-casino-properties","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/","title":{"rendered":"Bally\u2019s Creditors Hire Lawyers to Possibly Block Rhode Island Casinos Real Estate Deal"},"content":{"rendered":"

Bally\u2019s (NYSE:BALY) creditors, led by Fidelity, have hired legal counsel in a bid to potentially block the gaming company\u2019s plans to engage in a $1 billion sale-leaseback of its two Rhode Island casinos.<\/p>\n

\"Bally's\"
Bally\u2019s Twin River Lincoln Casino in Rhode Island. Creditors could stop the company from selling real estate assets in the state. (Image: Bally’s)<\/figcaption><\/figure>\n

It\u2019s believed holders of $1.9 billion worth of Bally\u2019s debt hired law firm Willkie Farr & Gallagher to represent them in a potential legal tussle with the gaming company. The Providence-based regional casino operator is looking to sell the property assets of Bally\u2019s Twin River Lincoln Casino Resort and Bally\u2019s Tiverton Casino & Hotel, and then leaseback the venues.<\/p>\n

Owners of the debt maturing in 2028 can forbid efforts to amend that credit agreement,<\/a> and Bally\u2019s needs that pact to be altered to proceed with the sale of the Lincoln venue. Citing unidentified sources familiar with the matter, Bloomberg <\/em>reports Bally\u2019s only needs creditors\u2019 approval to sell the Lincoln gaming property.<\/p>\n

The company is reportedly offering a sweetener of 50 basis points to that debt to compel lenders to sign off on the real estate deal.<\/strong><\/p>\n

Bally\u2019s Twin River Lincoln Casino Resort and Bally\u2019s Tiverton Casino & Hotel are two of the 14 casinos the company currently operates across 10 states.<\/p>\n

In Rhode Island Plan, Chicago on Bally\u2019s Mind<\/h2>\n

Assuming lenders approve the Rhode Island transaction, it\u2019s widely expected that Bally\u2019s will use some of those proceeds for a planned Chicago integrated resort.<\/p>\n

\n

Last month, Bally\u2019s was selected as the winning bidder to develop a $1.7 billion casino-hotel<\/a> on the Chicago River on the city\u2019s Near North Side. The gaming company recently doled out a $40 million upfront payment to the city as part of that plan.<\/p>\n<\/div>\n

It\u2019s also possible Bally\u2019s uses some of the proceeds from the Rhode Island land deal to repurchase its own shares or fund other acquisitions.<\/p>\n

Bally\u2019s has an extensive track record of dealmaking<\/a>, including the $2.7 billion buy of Gamesys, the purchases of daily fantasy sports (DFS) firm Monkey Knife Fight (MKF) and free-to-play games provider SportCaller, and the acquisition of Bet.Works, among others.<\/p>\n

Bally\u2019s Could Sell Other Properties<\/h2>\n

Sources indicate that if creditors block the Rhode Island real estate transaction, Bally\u2019s could opt to sell other venues, though specific properties weren\u2019t mentioned.<\/p>\n

The gaming company owns the bulk of its real estate. But it has lease agreements on the Tropicana on the Las Vegas Strip, among other venues. Gaming and Leisure Properties (NASDAQ:GLPI) is the casino landlord with which Bally\u2019s primarily does business.<\/strong><\/p>\n

Sale-leaseback deals, or SLBs, are commonplace in the industry, and are often viewed as win-wins for casino operators and real estate companies. Through these agreements, a gaming company can monetize land assets, often garnering large, upfront sums of cash to use for anything, including more acquisitions, shareholder rewards such as buybacks and dividends, or to reduce debt.<\/p>\n

Likewise, the real estate firm that leases the land back to the operator gets the benefit of long-term tenant agreements. Those often include gradually increasing rates<\/a> without having to be financially responsible for building enhancements.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bally\u2019s (NYSE:BALY) creditors, led by Fidelity, have hired legal counsel in a bid to potentially block the gaming company\u2019s plans to engage in a $1 billion sale-leaseback of its two Rhode Island casinos. It\u2019s believed holders of $1.9 billion worth of Bally\u2019s debt hired law firm Willkie Farr & Gallagher to represent them in a […]<\/p>\n","protected":false},"author":46,"featured_media":218651,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[],"acf":[],"yoast_head":"\nBally's Could Face Creditor Battle In Rhode Island Casino Properties<\/title>\n<meta name=\"description\" content=\"Bally's creditors could block Rhode Island real estate transaction.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bally's Could Face Creditor Battle In Rhode Island Casino Properties\" \/>\n<meta property=\"og:description\" content=\"Bally's creditors could block Rhode Island real estate transaction.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-23T21:56:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-23T23:12:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/ballys.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1800\" \/>\n\t<meta property=\"og:image:height\" content=\"1000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/\",\"url\":\"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/\",\"name\":\"Bally's Could Face Creditor Battle In Rhode Island Casino Properties\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/ballys.jpg\",\"datePublished\":\"2022-06-23T21:56:23+00:00\",\"dateModified\":\"2022-06-23T23:12:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Bally's creditors could block Rhode Island real estate transaction.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/ballys.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/ballys.jpg\",\"width\":1800,\"height\":1000,\"caption\":\"Bally\u2019s Twin River Lincoln Casino in Rhode Island. Creditors could stop the company from selling real estate assets in the state. (Image: Bally's)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Bally\u2019s Creditors Hire Lawyers to Possibly Block Rhode Island Casinos Real Estate Deal\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Bally's Could Face Creditor Battle In Rhode Island Casino Properties","description":"Bally's creditors could block Rhode Island real estate transaction.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/","og_locale":"en_US","og_type":"article","og_title":"Bally's Could Face Creditor Battle In Rhode Island Casino Properties","og_description":"Bally's creditors could block Rhode Island real estate transaction.","og_url":"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2022-06-23T21:56:23+00:00","article_modified_time":"2022-06-23T23:12:27+00:00","og_image":[{"width":1800,"height":1000,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/ballys.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/","url":"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/","name":"Bally's Could Face Creditor Battle In Rhode Island Casino Properties","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/ballys.jpg","datePublished":"2022-06-23T21:56:23+00:00","dateModified":"2022-06-23T23:12:27+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Bally's creditors could block Rhode Island real estate transaction.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/ballys.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/ballys.jpg","width":1800,"height":1000,"caption":"Bally\u2019s Twin River Lincoln Casino in Rhode Island. Creditors could stop the company from selling real estate assets in the state. (Image: Bally's)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/ballys-could-face-creditor-battle-in-rhode-island-casino-properties\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Bally\u2019s Creditors Hire Lawyers to Possibly Block Rhode Island Casinos Real Estate Deal"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/218650"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=218650"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/218650\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/218651"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=218650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=218650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=218650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}