Bally's Corporation has disclosed substantial doubt about its ability to continue as a going concern without securing new financing, according to The Wall Street Journal. The casino operator warned it could violate liquidity and leverage requirements within a year as it funds a $4 billion Bronx casino resort and a $1.34 billion Chicago casino, while selling assets, issuing stock and taking on new debt. Second-quarter revenue rose 20% year over year to $792.2 million, and Gaming and Leisure Properties has committed up to $2.07 billion across construction funding and other financing arrangements. Fitch Ratings maintains a B- rating with a negative outlook, and roughly $400 million of contractual spending remains on the Chicago project. Hedge fund interest is minimal, with just 4 funds holding a stake at the end of the second quarter, down from 5 in the first, for a combined position value of about $41 million.
Apple Inc.
Bally's Corp
Gaming & Leisure Properties