Bally has already raised 1.1 billion dollars in new capital to fund its New York casino project and is ready to produce the impending 500 million dollar license fee necessary to be approved by the state.
The new capital is a boost to the liquidity of Bally, as it is able to fulfill the regulatory requirements and continue with construction plans for the proposed New York casino resort.
The obtained funds give Bally more certainty in sustaining schedules of development and catering to all the financial obligations by the state towards the project.
The company is about to raise the big payment for the license, which is a critical move towards getting the company name in the competitive casino market in New York.
This financial act is an indication that Bally has plans of increasing its presence in one of the most lucrative gaming markets in the United States.
The capital injection will make the company jumpstart property planning, architectural development, and preparatory construction works of the proposed casino.
Bally points out the New York project as one of the long-term revenue generators, with high growth prospects upon award of the state license.
Having received the financial support, the Bally signals its intentions to become aggressive enough and continue its quest toward a full-scale casino license.
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