Bally's Secures Financing for Ambitious .7 Billion Chicago Casino Complex

One week after taking possession of the Freedom Center printing plant, Bally's has secured the necessary financing to replace it with a .7 billion Chicago casino complex on the 30-acre site in River West. The company has announced a deal with Gaming and Leisure Properties to provide 0 million in funding for the construction of the permanent casino, along with a revised site plan that includes a 500-room hotel tower. This financing package and site plan should allay concerns about Bally's ability to deliver the ambitious project as planned.

Unlocking the Potential of Chicago's First Casino

Securing the Financing for a Transformative Project

Bally's has secured a significant financial boost for its Chicago casino project, with a 0 million deal with Gaming and Leisure Properties to fund the construction of the permanent casino. This deal, along with the company's previous sale-leaseback transactions, should provide Bally's with the necessary resources to bring its ambitious vision to life. The financing package also includes the acquisition of the Freedom Center site by Gaming and Leisure Properties, paving the way for the demolition and redevelopment of the property.

Redesigning the Site Plan for Optimal Efficiency

Bally's has also finalized a revised site plan for the Chicago casino complex, which includes a 500-room hotel tower that has been shifted from the north to the south of the casino to avoid potential issues with city water pipes along the Chicago River. This redesign, pending approval from the city's planning department, is expected to deliver a better project in a more efficient manner, addressing concerns raised by analysts, investors, and the city itself.

Navigating Challenges and Maintaining Momentum

The project has faced some hurdles, such as the need to relocate the hotel tower due to infrastructure concerns and the initial funding gap. However, Bally's has demonstrated its commitment to the project by securing the necessary financing and revising the site plan. The company's president, George Papanier, has expressed confidence in the team's ability to meet the September 2026 opening date as planned, despite the challenges.

Unlocking the Potential of Chicago's First Casino

The successful development of the Bally's Chicago Casino and Hotel complex could be a game-changer for the city, as it would become the largest casino in the state. This project holds significant importance for both Bally's and the city of Chicago, as it has the potential to generate substantial revenue and economic activity. The temporary casino facility has already seen promising results, with strong visitor numbers and adjusted gross receipts, indicating the demand for a permanent, world-class casino destination in the city.

Balancing Expansion and Shareholder Concerns

While the financing and site plan developments have been positive steps, Bally's is also navigating some uncertainty related to an ongoing buyout offer from its largest shareholder, Standard General. This situation adds an additional layer of complexity to the company's strategic decision-making, as it must balance its ambitious expansion plans with the interests of its shareholders. Bally's will need to carefully navigate this situation to ensure the successful completion of the Chicago casino project.