Bally’s Chicago Casino to be a World-Class Destination
Bally’s Chicago Casino, which will be located at the former site of the Tribune Tower on the Chicago River, will be a world-class destination that will showcase Chicago’s diverse culture and serve as a major economic driver for the city. The project will include:
- A 150,000-square-foot casino with 2,000 slot machines, 100 table games, a poker room, a sportsbook, and a VIP lounge
- A 650-room luxury hotel with a spa, a fitness center, a rooftop pool, and a sky bar
- A 250,000-square-foot entertainment complex with a theater, a concert hall, a comedy club, a bowling alley, and a cinema
- A 100,000-square-foot convention and meeting space with a ballroom and a banquet hall
- A 300,000-square-foot retail and dining area with a food hall, a market, and a variety of restaurants and bars
- A 10,000-square-foot museum dedicated to the history of the Tribune and the Chicago media industry
- A 5,000-square-foot interactive gaming zone with virtual reality, augmented reality, and esports
- A 50,000-square-foot outdoor plaza with a riverwalk, a fountain, and a public art installation
Bally’s Chicago Casino will also feature the theme “The Best of Chicago”, incorporating elements of the city’s iconic architecture, landmarks, sports, music, and cuisine. The project will also have a strong focus on sustainability, using renewable energy sources, green building materials, and water conservation measures.
Bally’s Chicago Casino to Provide Significant Benefits to the City and the Community
Bally’s Chicago Casino will provide significant benefits to the city and the community, according to the company’s proposal. The project will:
- Generate more than $800 million in stabilized gaming revenue annually, a substantial portion of which will support the city’s obligations toward its fire and police union pensions
- Pay an upfront fee of $40 million and annual payments of $4 million to the city
- Create more than 3,000 annual construction jobs and 3,000 permanent jobs upon completion
- Reserve 25% of the equity in the project for local and underrepresented communities of investors, allowing them to own a piece of “The Best of Chicago”
- Partner with local and minority-led businesses, such as the Chicago Community Builder’s Collective, a construction management company, to complete the project
- Implement programs to incentivize players and guests to support local businesses, promote career opportunities, and sponsor charitable organizations
- Enter into a neutrality agreement with the Chicago Federation of Labor, ensuring high-paying roles for Chicago’s organized labor groups
Bally’s Corporation has the financial resources to complete the project and will not require additional equity financing to fulfill its obligations. The company has secured commitments from several lenders, including Credit Suisse, Deutsche Bank, and Jefferies, to provide $1.2 billion in debt financing for the project. The company will also use $500 million of its own cash and equity to fund the project.
Bally’s Chicago Casino to Await Final Approval from State and City Authorities
Bally’s Chicago Casino will await final approval from the state and city authorities before it can proceed with the construction and operation of the project. The company has submitted its financing plan to the Nevada Gaming Control Board, which regulates Bally’s Corporation as a Nevada-based gaming company. The board will review the plan and conduct a suitability hearing for the company and its key executives.
The company will also need to obtain approval from the Illinois Gaming Board, which oversees the gaming industry in Illinois. The board will evaluate the company’s suitability, financial stability, and compliance with the state’s gaming laws and regulations. The board will also conduct a background investigation and a public hearing for the company and its key executives.
Additionally, the company will need to finalize a host community agreement with the City of Chicago, which will outline the terms and conditions of the project, such as the revenue sharing, the licensing fees, and the community benefits. The agreement will also need to be approved by the Chicago City Council, which will vote on the ordinance authorizing the project.
Bally’s Corporation expects to receive all the necessary approvals by the end of 2022 and to begin construction in early 2023. The company aims to complete the project and open the casino resort by the end of 2025.
