Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
CrossingBridge Advisors David Sherman | “Bally's Corporation (BALY) SOFR+325 Senior Secured Term Loan due 2028 — Bally's is a publicly traded gaming company majority controlled by investor Soohyung Kim. The Company owns 20 regional casinos across 11 states, the Bally's Chicago development project, the International and North American divisions of the Gamesey's iGaming business, and several non-core assets: (i) equity in publicly traded Intralot S.A., (ii) recently cleared land in Las Vegas, (iii) convertible and subordinated debt in Star Entertainment Group Ltd., and (iv) Bally's Golf Links at Ferry Point – site of a proposed $4 billion Bronx casino development. This portfolio has been assembled largely through debt-funded acquisitions. As of 1Q25, Bally's had $2.5 billion in secured debt, $1.5 billion in unsecured notes, and lease obligations, totaling nearly $5.5 billion in indebtedness. Headline leverage exceeds 8.0x Total Debt/EBITDAR and cash burn persists due to construction spend and turnaround investments. Despite distressed optics, CrossingBridge believed the market was mispricing the capital structure due to structural complexity. The core regional casino portfolio generates stable EBITDAR and strong rent coverage; International Interactive is capital-light and high-FCF, potentially covering the secured tranche alone. In April, tariff volatility pushed the Term Loan into the low-80s, creating an opening. In mid-2024, Bally's agreed to sell its flagship Twin Rivers property for $735M, but creditor consent requirements created tension with equity. In July 2025, Bally's announced the $3.2B sale of International Interactive to Intralot, with $1.8B cash earmarked to repay secured debt. CrossingBridge increased its position at 97.50–98.75 with an expected 11.2% realized return. BSD Analysis: Bally's is a turnaround gamble wrapped inside a regional gaming operator trying to reinvent itself as a digital and omnichannel gaming platform. The core casino footprint provides cash flow, but the company's digital ambitions have been harder to execute than expected. Management has begun prioritizing profitability over blitz-scaling, which should stabilize the narrative. Bally's still owns valuable urban casino assets and has optionality around sports betting depending on how aggressively it pushes. Leverage remains the biggest risk, but asset sales and disciplined capex could bring balance-sheet relief. The long-term story hinges on whether Bally's can integrate physical gaming with a coherent digital strategy. If it can, the upside is meaningful — but execution has to improve.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
