Bally’s Chosen to Operate $1.7 Billion Chicago Casino

Bally’s Chicago has been selected as the preferred bidder to operate a $1.7 billion casino following a request for proposals process. Other contenders, including Rush Street Gaming and Hard Rock, were also in the running, but their proposals focused on different locations and were eliminated earlier in the selection process. Bally’s proposed an upfront payment of $40 million to the city, accompanied by annual payments of $4 million. The construction of the resort is expected to create 3,000 jobs, with an additional 3,000 permanent positions once the casino is operational. The casino will be situated on a 30-acre site at the intersection of Chicago Avenue and Halstead Street, previously home to the Chicago Tribune Publishing Center. As part of Bally’s Community Investment Programme, 25% of the equity in Bally’s Chicago will be allocated to a matched financing scheme that enables local investor communities to acquire a stake in the development. Soo Kim, chairman of Bally’s Corporation’s board, expressed gratitude to Mayor Lightfoot and her office for the rigorous selection process, stating, “Our vision is that Bally’s Chicago will be of the people, by the people and for the people of Chicago.” He added that the project aims to drive the local economy, support local labor, create multigenerational wealth for minority investors, and highlight the best of the city. This announcement coincided with Bally’s rejection of a takeover bid from investment fund Standard General, which currently holds a 20% stake in the company. Additionally, Bally’s reported revenues of $548.2 million for Q1 2022, nearly tripling the revenue from Q1 2021, primarily due to the acquisition of UK online operator Gamesys completed last year.