Turbulent times for Bally’s Corporation. The casino company has massive debts, yet two construction projects are still underway. Recently, the CFO resigned.
Bally’s Corporation is one of three operators awarded a casino licence in New York. The company plans to invest $4 billion in the Bronx. To help with this, Bally’s has now secured financing worth $560 million.
The planned casino complex includes 3,500 slot machines, more than 200 table games, and 40 poker tables. The resort will also feature a hotel, an event centre, and various entertainment options.
The cash injection comes at just the right time. Only recently, auditors announced that the company has $4.5 billion in long‑term debt, against a market capitalisation of just $500 million. Shortly afterwards, CFO Mira Mircheva resigned from her position.
In Chicago, Bally’s Corporation has a second construction project underway. Recently, news circulated that work had stopped. Soo Kim, Executive Chairman of the Board, told investors on a call that construction is progressing. There is merely a realignment, he said, and only the order of investments has changed.