PROVIDENCE – Bally’s Corp. is planning to sell its Twin River Lincoln Casino Resort for $735 million and lease it back from the new owner in a financial maneuver to raise cash that Bally's has performed at many of its properties.
Bally's announced Friday that it received the OK to move forward with the transaction from its lenders, which are providing more than $620 million in revolving credit.
The Providence-based gaming company has agreed to sell Twin River to Gaming and Leisure Properties Inc. with a long-term agreement to lease the property back.
The deal still needs approvals from regulators.
Bally's says it plans to use the cash to pay off loans and notes and reduce its secured debt by about $500 million, and cut its available credit line to about $574 million.
This would shrink Bally’s overall term loans and first-lien notes from $2.4 billion to about $1.94 billion.
Bally's also said Friday that it received permission from lenders to delay the repayment/refinancing of $460 million in revolving credit for two years from Oct. 1, 2026, to Oct. 1, 2028.
The company said Friday that it
continues to make progress toward the sale of its international interactive business to a Greek-based gaming company, Intralot S.A., in a cash and stock deal valued at about $3.18 billion.
Bally’s will receive a cash payment of 1.53 billion euros – about $1.8 billion – and newly issued Intralot shares valued at about $1.33 billion as part of the transaction, which is expected to be finalized in the fourth quarter.
Bally’s had already been Intralot’s largest shareholder. Intralot’s founder, Sokratis Kokkalis, will maintain a significant stake in Intralot, which is expected to remain listed on the Athens Stock Exchange.