The beleaguered Xingyi Entertainment Group, in a bid to secure a life-saving investment from the American credit investment management company WhiteHawk Capital, has arranged for its executives to visit its three casinos in Australia. According to sources, WhiteHawk's Managing Director Alex Zackman and his team toured Xingyi's properties to consider signing an agreement to take over its debt and provide additional liquidity. Simply put, Xingyi is barely hanging on and is urgently seizing the last opportunity to bring investors to inspect its assets.
Financial crisis: A$430 million loan pending restructuring, half-year loss of nearly A$1.1 billion
Xingyi is seeking to replace a A$430 million loan with a new agreement by the end of March, although the current lender has waived the covenant, it still charges up to 5% of the loan amount in fees. The group warned of "significant uncertainty" in early March and reported a loss of A$1.097 billion for the second half of 2025. In October last year, Xingyi received its last $300 million strategic investment from Bally's Group and an investment holding company, with Bally's now holding 38% and the investment holding company holding 23%.
Negotiation progress: Non-binding terms signed, March 31 as a critical deadline
On February 26, Xingyi announced that it had signed non-binding terms with WhiteHawk to restructure all debts and provide "incremental liquidity," with both parties striving to reach a binding commitment by the end of March and aiming to complete the transaction by mid-May. Sources say that some existing lenders are willing to join the new financing scheme, but prefer WhiteHawk as the sole provider. Xingyi's chairman Soo Kim is personally leading the restructuring and debt refinancing efforts. Interested in global gaming company financial dynamics?
