Bally’s Corporation has announced the funding for its permanent casino in Chicago, marking a significant milestone in the company’s expansion. The billion-dollar resort, set to open in September 2026, will be located in the River West neighborhood. This development comes after Bally’s was awarded a license for a casino in Chicago, following a competitive bidding process. The project is expected to bring substantial economic benefits to the city, despite some initial challenges and criticisms.
A Major Investment in Chicago’s Future
Bally’s new casino project represents a significant investment in Chicago’s future. The funding for the project is being provided by Gaming and Leisure Properties (GLPI), a real estate investment trust. GLPI will own the real estate and lease the casino operations to Bally’s for a fixed annual rent of $20 million over 15 years. This deal is part of a larger agreement worth approximately $2 billion, which also includes the acquisition of real estate in Kansas City, Missouri, and Shreveport, Louisiana.
The new casino is expected to generate significant revenue for the city and state. In its first 10 months of operation, Bally’s temporary casino in Chicago generated $93.1 million in revenue and paid $22 million in taxes. The permanent casino is projected to bring even more substantial economic benefits once it opens.
Overcoming Initial Challenges
The development of Bally’s casino in Chicago has not been without its challenges. The temporary casino, located in the former Shriners building called the Medina Temple, faced criticism from the local community and media. The location quickly became a contentious issue, with many residents expressing concerns about its impact on the neighborhood.
Despite these challenges, Bally’s has remained committed to the project. The company has been working closely with the city and local stakeholders to address concerns and ensure the project’s success. The new casino is expected to create numerous jobs and boost the local economy, providing a much-needed economic stimulus.
Looking Ahead to a Bright Future
As Bally’s prepares to open its new flagship casino in Chicago, the company is also exploring other opportunities for growth. Bally’s has a strong presence in the gaming industry, with 13 casinos, a racetrack, and online sports betting operations in 14 states. The company’s expansion into Chicago is a testament to its commitment to growth and innovation.
The new casino is expected to be a major attraction in Chicago, drawing visitors from across the region and beyond. With its state-of-the-art facilities and prime location, the casino is poised to become a key player in the city’s entertainment landscape. Bally’s investment in Chicago is a significant step forward for the company and the city, promising a bright future for both.
