PROVIDENCE – Bally’s Corporation, a Providence-based casino operating company, has proposed selling its Twin River Lincoln Casino Resort for $735 million as part of a leaseback deal that will provide the company cash to pay down debt and reduce its credit line.
The company announced the plan to sell to Pennsylvania-based Gaming and Leisure Properties Inc. on Friday, stating it had received unanimous consent from its revolving credit lenders for the transaction.
Bally’s also said it secured a two-year extension of the Oct. 1, 2026, maturity of $460 million in revolving credit.
“The amended [revolving credit facility] financing and the proposed [sale and leaseback] transaction are subject to the approval of various regulatory authorities,” the company said.
The Rhode Island Lottery, which oversees gambling in the state, did not immediately return a request for comment on Tuesday.
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Bally’s made a similar move in 2023, when it completed a sale and leaseback transaction with Gaming and Leisure Properties for Bally’s casino and hotel in Tiverton, R.I., and Bally’s Hard Rock Hotel and Casino in Biloxi, Miss., for $635 million to reduce its debt.
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Bally’s did the same last year with its Kansas City, Mo., and Bally’s Shreveport, La., locations.
If the latest proposal is approved, “the combined outstanding balances of Bally’s term loans and first lien notes is expected to be reduced from approximately $2.4 billion to approximately $1.94 billion,” the company said.
Last year, Bally’s announced it would be acquired by Standard General, a hedge fund that previously owned more than a quarter of the sports betting and casino operations at the company, in a deal that valued Bally’s at $4.6 million.
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With 11,500 employees, Bally’s operates 20 casinos around the world, including in 11 states across the United States, along with a golf course in New York and a horse racetrack in Colorado.
Christopher Gavin can be reached at christopher.gavin@globe.com.
