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Bally's Chicago

Bally's Chicago
A rendering of the casino resort
Location Chicago, Illinois, U.S.
Address 777 W. Chicago Ave
Opening date2026; 1 year's time (2026)
ThemeModernism
No. of roomsEstimated 500[1]
Signature attractionsChicago River
Casino typeLand-based
OwnerBally's Corporation
Community Investment Programs
Coordinates41°53′43″N 87°38′45″W / 41.89528°N 87.64583°W / 41.89528; -87.64583
Websitecasinos.ballys.com/chicago/

Bally's Chicago is a casino and entertainment venue temporarily located in the Medinah Temple Building, and a planned casino resort that will be built on the North Branch of the Chicago River in Chicago. In May 2022, then Mayor Lori Lightfoot approved Bally's Corporation's bid to construct a casino complex in the city. The complex will be in the city's River West neighborhood, near Grand Avenue, Chicago Avenue and Halsted Street. The plan was approved by the Chicago City Council in May 2022, and a State of Illinois gambling licence was issued in 2023. The resort began construction in 2024, and is expected to open in 2026.[2] Demolition of the old structures on site began in August 2024.[3]

Background

Further information: Proposed Chicago casino

In the 2019 mayoral election, the topic of constructing a casino in the city was a main subject to then-mayoral candidates Lori Lightfoot and Toni Preckwinkle with both signaling their approval for the project.[4] The prospect of a casino location in Chicago predated the election with Illinois overseeing construction of gambling locations in areas outside of Chicago.[5]

Legislation expanding gambling in Illinois was passed by the state legislature at the start of June 2019 and signed by Governor J. B. Pritzker.[6] However this bill did not approve the construction of a casino.[6] Shortly afterwards, Lightfoot announced that the city would commence the study of where a Chicago casino would be located.[7] Lightfoot's predecessors had long sought to obtain a casino for the city.[7]

In November 2019 a gaming bill proposed by Pritzker failed to be passed in the Illinois Legislature due to a veto session.[8] Lightfoot cited that the bill's failed proposal would not impact the construction plans, however cited that the casino's potential revenue would greatly impact the city's budget and capital bill.[8] She continued to push, however, for the state to authorize a casino jointly owned by the city and state and with a lesser effective tax rate than the passed legislation specified.[9] The city's goal for the casino was to generate $200 million in annual tax revenue to fund police and firefighter pension funds.[10]

IPO Controversy

In 2025, Bally’s, along with the city of Chicago and state gambling regulators, were sued for discrimination by two Texans, Richard Fisher and Phillip Aronoff, alongside the American Alliance for Equal Rights. As part of the casino's agreement with the city, Bally's launched an IPO exclusively for women and minorities to own 25% of the casino, which the plantiffs argue is discrimination. Bally's warned ahead of the offering that this requirement may result in a lawsuits.[11] Another lawsuit was filed by Liberty Justice Center on behalf of Mark Glennon.[12] Following a lack of SEC approval for the IPO, Bally's refunded prospective investors.[13]

Bidding process

The casino complex will be constructed alongside the Chicago River near the Chicago Avenue Bridge (pictured).

In April 2021, Lightfoot announced the beginning of the bidding process for the city's "casino-resort".[1] She stated that proposals must include plans for a 500-room hotel, meeting space, restaurants, bars and entertainment venues.[1]

In November 2021, Lightfoot announced the city's top five bids for a Chicago casino.[10] She set a public meeting for the proposals for December 16, 2021.[10]

In March 2022, the three final bidding proposals were announced. The first was from Rush Street Gaming, which would cost US$1.62 billion and would be built between the South Loop and Chinatown along the Chicago River.[14] The second was a US$1.74 billion proposal from the eventual chosen Bally's Corporation to build the casino and resort on the Chicago Tribune printing plant in the River West neighborhood.[14] The final proposal was a $1.74 billion proposal from Hard Rock to build the casino and resort, across from Soldier Field.[14]

On May 5, 2022, Lightfoot announced that she had selected the bid from the Bally's Corporation.[15] The proposal needed city council approval and Illinois Gaming Board approval.[16] Reaction to the casino selection was controversial with many residents living near the proposed site.[16]

Casino details

Permanent Casino

Freedom Center, where the casino complex will be constructed

When the Bally's Corporation sought their bid, they proposed a $1.6 billion casino and resort, where the current Chicago Tribune Publishing Center is located. Bally's has the option to buy the 30-acre site.[17] Bally Corporation and Community Investment Programs are record owners of the resort, and architects, Solomon Cordwell Buenz, will oversee the construction with several additional firms. Gensler architects will design the casino resort facilities and Solomon Cordwell will design the hotel.[2]

The first phase of the process would cost $1 billion, which would include 2,700 slot machines, 95 table games, a suite-only hotel, with 100 suites.[18] There would also be an outdoor music venue with space for 1,000 people. After having a 20% return on investment from phase 1, Bally's would have a $600 million expansion. There would be a total of 4,000 gaming seats with the expansion, a new 400 room hotel, a 3000 seat indoor venue, and a 20,000 sq ft exhibition space.[19]

Location

A casino location was proposed on the south street of McCormick Place near Lake Shore Drive. This proposal was rejected by the Chicago City Council in March 2022.[14] The James R. Thompson Center was also discussed as a possible casino venue.[20]

In May 2022, the location of the casino and resort was announced and would be located in the River West neighborhood.[14][21] The temporary location opened on September 9, 2023, with the permanent location opening in 2026.[22][23]

Temporary Casino

On May 5, 2022, it was reported that the Medinah Temple would be renovated as the casino's temporary home, which had been approved by Chicago Mayor Lori Lightfoot. The proposal was approved by the Chicago City Council in December 2022 and the Illinois Gaming Board in September 2023.[24][25] The temporary casino opened on September 9, 2023. It is expected to remain at Medinah Temple until the casino's permanent location in the River West neighborhood is completed in 2026.[23] In its first two years of operation, the casino's revenue was far below expectations, with 2023 bringing 25% of the expected revenue and 2024 bringing in 47% of expected revenue.[26]

See also

References

  1. ^ a b c "Lightfoot Starts the Bidding on Chicago's 'Casino-Resort'". WTTW. April 22, 2021. Archived from the original on June 2, 2022. Retrieved May 5, 2022.
  2. ^ a b Kugler, Lukas (October 30, 2023). "Illinois Gaming Board grants Bally's permanent casino license". Urbanize Chicago. Retrieved October 30, 2023.
  3. ^ "Demolition begins for new Bally's casino at former Tribune publishing site - CBS Chicago". www.cbsnews.com. Retrieved August 27, 2024.
  4. ^ "20 Questions With Chicago's Two Mayoral Candidates". WBEZ. March 20, 2019. Archived from the original on November 12, 2020. Retrieved May 5, 2022.
  5. ^ "How Illinois Bet On Video Gambling And Lost". WBEZ. Archived from the original on January 29, 2022. Retrieved May 5, 2022.
  6. ^ a b Munks, Jamie; Petrella, Dan (June 28, 2019). "Gov. J.B. Pritzker signs bills that ignite $45 billion construction program, massive gambling expansion and doubling of gas tax". Chicago Tribune. Archived from the original on July 10, 2019. Retrieved July 11, 2019.
  7. ^ a b Byrne, John (June 3, 2019). "Mayor Lori Lightfoot on Chicago casino: Big win, up next a study to decide where to put it". Chicago Tribune. Archived from the original on June 4, 2019. Retrieved June 4, 2019.
  8. ^ a b "Statement from Mayor Lori E. Lightfoot on Chicago Casino". City of Chicago. November 14, 2022. Archived from the original on June 2, 2022. Retrieved May 5, 2022.
  9. ^ Spielman, Fran (October 14, 2019). "Lightfoot floats casino, real estate transfer tax plans with Chicago delegation ahead of fall veto session". Chicago Sun-Times. Archived from the original on October 15, 2019. Retrieved October 15, 2019.
  10. ^ a b c "Lightfoot's Office Unveils Five Bids For A Chicago Casino; Public Meeting On Proposals Set For Dec. 16". CBS News. November 19, 2021. Archived from the original on May 5, 2022. Retrieved May 5, 2022.
  11. ^ "White activists sue Bally's over Chicago casino IPO limited to women, minorities". January 30, 2025.
  12. ^ "Conservative legal group goes to the SEC in fight over Chicago casino's minority investment plan".
  13. ^ "Bally's Chicago casino investment program for women, minorities hits regulatory wall". March 3, 2025.
  14. ^ a b c d e "Chicago's Casino Won't Be Built at McCormick Place, Officials Announce as 3 Finalists Unveiled". WTTW. March 22, 2022. Archived from the original on May 5, 2022. Retrieved May 5, 2022.
  15. ^ "Mayor Lori Lightfoot announces Bally's proposal as final pick for Chicago casino". ABC News. May 5, 2022. Archived from the original on May 9, 2022. Retrieved May 5, 2022.
  16. ^ a b "It's official: Bally's casino in River West is Mayor Lori Lightfoot's pick for Chicago's gambling complex — but it's not a done deal yet". Chicago Tribune. May 5, 2022. Archived from the original on May 5, 2022. Retrieved May 5, 2022.
  17. ^ "Bally's plans temporary casino at vacant Tribune wharehouse". Chicago Tribune. April 7, 2022. Archived from the original on May 5, 2022. Retrieved May 5, 2022.
  18. ^ "New Renderings And Details Revealed For City Casino Bids". Chicago IMBY. November 20, 2021. Archived from the original on March 28, 2022. Retrieved May 5, 2022.
  19. ^ "Exec. Summary - Ballys at Tribune.pdf". Google Docs. Archived from the original on April 12, 2022. Retrieved April 12, 2022.
  20. ^ "Turn the Thompson Center into a casino". July 19, 2022. Archived from the original on May 5, 2022. Retrieved May 5, 2022.
  21. ^ "Bally's River West casino proposal gets city nod". The Chicago Sun-Times. May 5, 2022. Archived from the original on May 5, 2022. Retrieved May 5, 2022.
  22. ^ "Bally's Corp. chosen to build Chicago's first casino". Chicago Business Journal. May 5, 2022. Archived from the original on May 5, 2022. Retrieved May 19, 2022.
  23. ^ a b "Bally's gets Gaming Board approval to open temporary casino". Chicago Tribune. September 9, 2023. Retrieved September 12, 2023.
  24. ^ "Medinah Temple slated to house temporary Chicago casino". Crain's Chicago Business. May 5, 2022. Retrieved May 6, 2022.
  25. ^ "Chicago City Council Gives Final Approval to $1.7 Billion Bally's Casino Project". NBC Chicago. December 14, 2022. Retrieved September 12, 2023.
  26. ^ "Bally's Chicago Casino Rings up Just $63.2M in New City Revenue, Far Behind Projections".
Quelle: https://en.wikipedia.org/wiki/Bally%27s_Chicago
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