By
Jane Shaw
Senior Editor Updated: 11/06/2023
We count on Jane to inform our readers about the latest slot games in the US market. With her passion for video games and a degree in engineering, she’s our gambling tech expert. Jane’s also active in our blog section, where she tackles the curiosities and changes in the industry.
Bally’s Casino Gets Permanent Gaming License
It has been reported that, after a year-long wait, Bally’s Corporation has received the green light to open a permanent gaming establishment in Chicago.
The Illinois Gaming Board (IGB) announced on October 25 that Bally’s’ interim operating license had been upgraded to a full casino license, paving the way for the development of the mega casino complex along the Chicago River at 700 W. Chicago Ave.
Bally’s Corporation enjoyed a huge victory in Chicago’s bid to become the sole casino operator in the city for 2022, allowing the company to open a temporary casino at the historic Medinah Temple, located at 600 N. Wabash Ave, back in September.
The temporary casino features two restaurants, 750 slot machines, a café, and 55 table games, providing an exciting gaming experience for Chicago residents and visitors.
In addition to granting the full casino license, the IGB also extended Bally’s Corporation’s lease at Medinah Temple for an additional year, making it an interim casino for a total of two years, until 2026. This extension grants Bally’s more time to complete its permanent casino location, a project estimated at $1.7 million.
Under State Statute regulations, temporary casinos can operate for up to two years, with an option to extend for an additional 12 months. Bally’s Corporation intends to maximize its time at the temporary location, offering casino fans a daily gaming experience from 8 a.m. to 4 p.m.
The future permanent casino, set to be constructed at the current Tribune Publishing location, promises to be a significant investment for the city. It will function as both a resort and a gaming complex, boasting 173 table games, 3,400 slot machines, a 500-room hotel, a 3,000-seat theater, 11 restaurants, and an exhibition hall.
Tribune Publishing has agreed to vacate the premises by July of next year to clear the way for construction, which is scheduled to commence in 2024 and conclude in 2026.
City officials are eager to reap the financial benefits of both the temporary and permanent casino sites, and tax revenue, which will be significant, will be directed towards underfunded firefighter and police pensions.
According to a report in Secret Chicago:
City officials are expecting $35 million in annual tax revenue next year which is predicted to rise to over $200 million a year once it moves into its permanent residence. All revenue has been earmarked for underfunded police and firefighter pension funds.
Bally’s Corporation’s successful transition from an interim license to a full casino license marks a significant milestone in the company’s expansion efforts in Chicago.
With exciting developments on the horizon, including the construction of the mega casino complex along the Chicago River, the city’s gaming landscape is set for a major transformation. This means that both residents and tourists can look forward to a world-class entertainment experience.
The completion of the mega casino will also provide several benefits to other businesses in the area, as it could mean a surge in visitor numbers.
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