Ballys-Chicago-Casino

Bally’s Releases Updated Plan for $1.7 Billion Casino Project in Chicago

by Hayden Spiess

Chicago — Bally’s Corp. (NYSE: BALY) has released an updated permanent site plan for its $1.7 billion casino project in Chicago, a redevelopment of the former Chicago Tribune printing plant that will now be developed in a single phase. The property is located at 777 W. Chicago Ave. in the city’s River West neighborhood.

Project plans now include a 34-story, 500-room hotel tower situated at the southern end of the 30-acre gaming and entertainment destination. The hotel — which was initially expected to be located elsewhere in the development — will feature a pool, spa, fitness center, sundeck and rooftop restaurant and bar. 

In addition to the hotel, the Bally’s Chicago Casino will include a 3,000-seat theater, six restaurants, a food hall and a two-acre public park. The casino will comprise 3,300 slot machines, 173 table games and VIP gaming areas. Additionally, a 2,000-foot extension of the riverwalk will connect the property to the riverbank. Design firm HKS prepared the new renderings. 

In May 2022, Bally’s was selected over competitors including Hard Rock International and Rush Street Gaming as the preferred developer of the project. Bally’s took possession of the land last week, and Brandenburg Industrial Service Co. is now preparing the site for demolition. The project is scheduled for completion in September 2026. 

Bally’s has also entered into an agreement with Gaming and Leisure Properties Inc. (GLPI), with the latter providing $940 million in construction financing for the project. An affiliate of GLPI will acquire the real estate underlying the project and enter into a new master lease with Bally’s Chicago Operating Co. Bally’s will pay $20 million annually in rent. 

GLPI will also acquire and lease back select real estate at the Bally’s properties in Kansas City, Missouri, and Shreveport, Louisiana. In total, the company will provide up to $2.1 billion in financing to Bally’s. 

— Hayden Spiess

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