City approves Bally’s casino project in Chicago
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Bally’s Corporation announced that the proposed floor plan for Bally’s Chicago Casino has been approved by the Chicago Department of Urban Planning and Development.
The plan is to begin construction in late 2024. The $1.7 billion development is expected to bring more than 3,000 permanent jobs to the city. Bally’s Chicago will include 3,400 slots and 170 table games, as well as 500 hotel rooms.
In addition, Bally’s Chicago has released renderings for its highly anticipated permanent casino resort development. The new casino will seek to “exploit the urban riverfront site.”
“Bally’s Chicago design creates a sense of wonder and adventure that is accessible to all,” said Joyen Vakil, Bally’s Senior Vice President of Design and Development. “The plan is uniquely focused on introducing nature and well-being through the addition of numerous public squares and parks.”
Before commencing gaming operations, Bally’s Chicago must meet the regulatory and statutory requirements of the Illinois Gaming Board.
The $1.7 billion casino will be located on the 30-acre Chicago Tribune Publishing Center at the intersection of Chicago Avenue and Halsted Street. The project gives Bally’s the exclusive right to operate a temporary casino for up to three years during construction of the permanent casino. Bally’s Chicago will be the first “fully integrated casino resort” in the center of a major US city.
In November, Bally’s announced it had closed a transaction with a leading real estate private equity firm in Chicago. For $200 million, the investor acquired the Tribune Publishing Center site on which Bally’s Chicago will be built. The investor was not named in the announcement.
Bally entered into a lease agreement with the investor to re-lease the land. The land lease includes an initial term of 99 years, followed by ten separate 20-year renewals at Bally’s discretion.
In May 2022, the city granted Bally’s the right to build the casino. Bally’s provided a $40 million upfront payment upon signing of the Host Community Agreement. According to the mayor’s office, it will also pay $4 million a year.
