Bally’s Lenders Tap Lawyers as Company Eyes Sale-Leaseback (1)

A group of lenders to Bally’s Corp. have hired law firm Willkie Farr & Gallagher to represent their interests after the gaming company asked them to consent to a $1 billion sale-leaseback of two Rhode Island casinos, according to people familiar with the matter.

The lenders, led by Fidelity, hold a majority of Bally’s $1.9 billion senior secured term loan due in 2028, which puts them in a position to block the company from a needed credit amendment, said the people, who asked not to be named discussing the private matter.

That consent, for which Bally’s has offered the lenders ...