The funds raised will the development of Bally’s permanent casino and resort at the historic former Tribune Publishing site in downtown Chicago.
In May 2022, the Chicago City Council approved Bally’s plan to build the casino resort.
Inclusive investment opportunity
As part of the project, Bally’s signed a Host Community Agreement (HCA) with the City of Chicago.
Under the of the HCA, 25% of the project’s equity is reserved for investors who meet the City of Chicago’s Qualified Investor Criteria.
This initiative prioritises women and people of colour, offering them an opportunity to partner with Bally’s in developing the $1.7bn casino and resort.
Investments are structured in increments ranging from $250 to $25,000.
Development outline
Located at 777 W. Chicago Avenue, Bally’s Chicago casino and resort aims to revitalise the urban riverfront.
The development will feature a 3,000-seat theatre, a 2-acre public park with outdoor spaces, six restaurants, cafes, and a food hall.
Additionally, a 2,000-foot extension of the riverwalk will connect the lower riverbank to the property.
The casino will include approximately 3,400 slot machines, 173 table games, and VIP gaming areas.The adjacent hotel tower will offer 500 rooms. It also includes a pool, a spa, a fitness centre, a sun deck, and a rooftop restaurant and bar with panoramic views of the Chicago skyline.
In its offering documents, Bally’s emphasised the casino’s prime location, strategically positioned with seamless access to Chicago’s major transit routes.
This location ensures easy connectivity for visitors from across the city and beyond.
Moreover, Bally’s highlighted that the property will be the only casino within the city of Chicago. The next closest casino is located 16 miles away and is not easily accessible via public transportation.
Financing and project timeline
In summer, Bally’s secured $2.07bn from REIT Gaming and Leisure Properties, Inc. (GLPI) for the project.
It was agreed that a GLPI will purchase the underlying real estate and amend the rent to $20m per annum, reflecting the land’s purchase price.
The agreement also included a provision enabling GLPI to provide an additional $940m in construction financing. This part of the deal was executed in Q3 2024.
Demolition work is already underway at the site for its permanent location.
Bally’s plans to begin construction in Q1 2025, with the anticipated completion of the public offering by February 2025.
The grand opening of Bally’s casino and resort project is expected in Q3 2026.
