Bally’s Receives Approval for Chicago Casino Plan

By Jane Shaw Senior Editor Updated: 05/22/2023

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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.

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Bally’s Receives Approval

Bally’s has announced that plans for the building of a $1.7 billion casino resort in central Chicago have been approved by the Chicago Department of Planning and Urban Development. Construction of the venue is planned to start in late 2024 and will be the biggest and most expensive project undertaken by the company.

But there is still one major hurdle to jump through before they can open their casino. If they want to offer gaming at the venue, they will need to have their application approved by the Illinois Gaming Board.

News of the plans being approved comes just a few days after Bally’s reached an important agreement with Tribune Publishing. They are currently occupying the Freedom Center, which has been bought by Bally’s. An agreement has now been reached that Tribune will speed up their exit from the building, in return for cash payments from Bally’s.

The property spans 30 acres and is set on the riverfront in the Fulton River District. Bally’s paid $200 million for the property, although they sold property assets in a sale-leaseback transaction to free up funds for the casino project. Bally’s has the right to repurchase the land eventually.

New Building on the Chicago Landscape

Bally’s, as expected, has been hyping the new building, remarking on the way it fuses hospitality areas with art and entertainment areas, while also incorporating green space. A statement from the company went on to say:

The iconic form of the hotel tower which includes a spa and food and beverages venues, anchors the master plan at the north end of the site and features a shimmering façade that reflects and responds to the movement of the nearby Chicago River.

Bally’s has been keen to underscore the potential benefits for the local community. The venue will bring around 3,000 permanent jobs to Chicago, plus there will be many jobs created during the construction phase. What’s more, the resort should bring an increase in visitors to the area, benefitting other businesses nearby.

A temporary casino will be constructed at Medinah Temple, which is expected to open this summer. This will allow the company to begin courting customers. The temporary casino has permission to be there for three years while the permanent resort is built. As well as being advantageous to Bally’s, the temporary venue also allows the city to begin collecting money through taxation sooner.

Bally’s is already a major player in the US casino industry. They currently have 15 venues spread across 10 states, including the Bally’s Quad Cities Casino & Hotel in Illinois, close to the border with Iowa.

Bally’s Generating Goodwill in Community

As was always going to be the case, not everyone is thrilled at the prospect of a casino landing in the middle of the city. But Bally’s has been working hard to court the local community. The most significant move has been Bally’s filing plans with the SEC for an IPO.

The terms aren’t yet set, but Bally’s has said that it will sell around 25 percent of the interest to stakeholders including business owners, philanthropists, and Chicagoans from minority communities.