- Bally's disclosed substantial doubt about its going-concern status, citing risk of breaching liquidity and leverage requirements within a year without additional financing or planned transactions.
- The casino operator is funding a $4 billion Bronx casino resort and a $1.34 billion Chicago casino while selling assets, issuing stock, and adding debt.
- Q2 revenue rose 20% year over year to $792.2 million, but Fitch Ratings maintains a B- rating with a negative outlook on elevated leverage and expected free-cash-flow deficits.
- Gaming and Leisure Properties committed up to $2.07 billion across construction funding and other financing arrangements, giving Bally's a capital source for its development pipeline.
- The Chicago project has roughly $400 million of contractual spending remaining and total development costs exceed contractual obligations.
Quotes
“substantial doubt”
“B- rating with a negative outlook”
“expected free-cash-flow deficits”