Bally’s Planning Chicago Casino Resort
Major casino operator Bally’s Corporation has announced that it has submitted a proposal to build and operate a massive new $1.6 billion land-based casino resort in the city of Chicago, Illinois. The venue, which would be named Bally’s Chicago, is planned to feature a casino, hotel and entertainment facilities, serving as the operator’s new flagship property.
Bally’s Corporation has submitted a proposal to build and operate a new $1.6 billion land-based casino resort in the city of Chicago, Illinois. ©Free-Photos/Pixabay
Venue to be Built in Two Phases
The prominent gambling operator Bally’s Corporation has revealed that it has submitted a bid to develop and operate its own new $1.6 billion land-based casino resort in Chicago, Illinois. Titled ‘Bally’s Chicago’, the development is expected to include a casino, hotel and entertainment facilities, and would serve as the operator’s main new flagship property.
Details of the proposal stipulate that the resort will be built in two distinct phases. The first phase will see $1 billion spent on a physical casino, housing 2,700 slot machines and 95 table games, in addition to an all-suite luxury hotel, outdoor music venue, green space and dining options.
When Bally’s sees its expected investment return threshold following development phase one, a further $600 million will be spent to add up to 4,000 total gaming positions, a 400-room hotel tower with a rooftop pool and bar, an amenity terrace, a 3,000-seat indoor entertainment venue, a 20,000sq ft exhibition space and a comprehensive food and beverage service.
City of Chicago Established Measures for Resort
As part of its proposal, Bally’s has already suggested two potential sites to build its large-scale land-based casino on: the Chicago Tribune Publishing Center, located on the corner of Chicago Avenue and Halsted Street, and the McCormick Place Truck Marshaling Yard.
In April 2021, the City of Chicago released a Request for Proposals related to the building and operation of an integrated casino resort within city limits. It included a series of measures bidders must adhere to in their submitted proposals.
One of these requests asks for a temporary facility to be built while the permanent one is still being developed. Bally’s intends to fulfill this request by operating a temporary venue next door to the Chicago Tribune Publishing Center, with the aim of introducing passersby to the Bally’s Chicago brand and serving as a precursor to the permanent resort.
Bally’s would also like to leverage airport visitation by using part of the 4,000 open gaming positions allocated to its project. It will therefore work with the city’s government to right-size these positions, placing them at the O’Hare and Midway airports.
Bally’s Chicago’s minority investors are expected to feature philanthropists, business owners, sports stars, celebrities, and local Chicago residents. They will hold a 25% ownership stake in the resort project.
Bally’s Touting its Local Connection to Chicago
In a press release accompanying the news of Bally’s bid to develop a land-based casino resort in Chicago, the operator giant’s chairman Soo Kim stressed the project’s local roots:
“Chicago is a dynamic, world-class city, which is why we are committing to make a $1.6bn investment in establishing Bally’s Chicago as our flagship, and the only property in its class in the Chicagoland market. This property will be built, owned, and operated by Chicagoans, with a focus on minority and women investors, contractors, suppliers, consultants, and employees. It will generate tax revenue, create good-paying jobs, and attract international, national, and local visitors for generations to come.”– Soo Kim, Chairman, Bally’s Corporation
The company’s director Wanda Wilson, who herself is a native of the city of Chicago, added that the project will provide a wealth of opportunities and resources for Chicagoans:
“From design and build to operations and ownership, Bally’s Chicago is committed to providing meaningful leadership roles, well-paying jobs, and investment opportunities for all Chicagoans. I have spent my career in gaming and am proud to be a director and investor in Bally’s. Its commitment to innovation, culture and diverse ownership makes it a leader in the industry. Everyone knows the Bally name, and that global recognition will attract visitors to Bally’s Chicago.”– Wanda Wilson, Director, Bally’s Corporation
In June 2021, Bally’s wrapped up its takeover of Jumer’s Casino & Hotel in Illinois from Delaware North Companies Gaming & Entertainment for a grand total of $120 million.
Bally’s-Gamesys Merger Closed in October 2021
Back in September 2021, it was announced that the proposed merger between US casino operator Bally’s and UK-based iGaming operator Gamesys had finally been issued an official closing date of October 1st, 2021.
The deal had an estimated closing date of the end of Q4 2021 when the two companies set out a rough timeline for the acquisition back in May 2021. Prior to the revealing of its closing date, the merger had already received regulatory approval from the Gambling Commission in the United Kingdom.
However at the time, the merger was still waiting on approval from regulators in the United States — though a court date for this purpose was already scheduled for September 30th, 2021.
The news of the closing of the Bally’s-Gamesys merger arrived on the heels of an especially strong Q2 2021 showing for Bally’s, during which the operator reported a net profit of $68.9 million, standing as an increase of $92.5 million from Q2 2020.
Bally’s president and CEO George Papanier reassured observers that the operator would continue its post-Covid recovery in a similar vein to Q2’s encouraging revenue results:
“We had record revenue and earnings performance in the quarter and remain confident that we will continue to benefit from rebounding demand across our land-based portfolio. Improved consumer confidence, minimal capacity restrictions and our disciplined operating strategy all contributed to extremely strong numbers across the board in the second quarter.”
