Article
Ares to Lead $1B-Plus Private Credit Deal for Bally’s NYC Casino Build on Site Formerly Owned by Trump
Ares is expected to lead a more than $1 billion private credit deal for gaming operator Bally’s to partially finance its casino build in New York City, on a site that was formerly owned by President Donald Trump, according to sources.
Structure on Bally’s private credit loan is still being negotiated, but sources close to the deal said it would likely be a unitranche and more than $1 billion in size. Ares is leading the offering, with other private lenders expected to be involved as well. Still, the terms of the deal are not finalized and subject to change, they cautioned.
Proceeds from the private credit deal would help finance Bally’s gaming license in New York, which, along with two other projects, were approved this week by the New York State Gaming Commission, the sources said.
Bally’s gaming project consists of a $4 billion proposal to operate a facility at the site of a Bronx golf course previously developed by Trump.
In Bally’s earnings disclosed in November, the company reported total revenue reached $663.72 million in the third quarter of 2025, representing a 5.36% increase from $629.97 million in the third quarter of 2024.
Bally’s pushed back its commitment deadline for a proposed amend and extend transaction led by Deutsche Bank in October, as reported. The amendment to its credit agreement did not have the support of an ad hoc group of co-op lenders represented by Akin Gump in connection with its sale-leaseback of its Twin Rivers property, as reported.
The company’s $1.9 billion term loan was indicated on Dec. 3 at 90.5/92, according to Solve. A list of CLO lenders to the company can be found HERE.
Ares declined to comment. Bally’s and Standard General did not respond to requests for comment.
An estimate of Bally’s capital structure is shown below:
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