Bally’s Corporation announced that the proposed site plan for Bally’s Chicago Casino has been approved by the Chicago Department of Planning and Urban Development.
The plan is scheduled to begin construction in late 2024. The $1.7 billion project 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, along with 500 hotel rooms.
In addition, Bally’s Chicago has issued bids to develop its long-awaited permanent casino resort. The new casino will look to “take advantage of the urban river site”.
“Bally’s Chicago design creates a sense of wonder and adventure within everyone’s reach,” said Bally’s Senior Vice President of Design and Development Joyen Vakil. “The plan is uniquely focused on bringing in nature and wellness by adding several public squares and parks.”
Before beginning gaming operations, Bally’s Chicago must meet the Illinois Gaming Board’s regulatory and legal requirements.
The $1.7 billion casino is 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 while the permanent casino resort is constructed. Bally’s Chicago will be the first “integrated casino resort” in the center of a major city within the United States.
In November, Bally’s announced that it had closed a deal 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 would be built. The name of the investor was not mentioned in the announcement.
Bali entered into a land lease agreement with the investor to lease back the land. The ground lease includes an initial term of 99 years, followed by ten separate 20-year renewals at Bally’s option.
In May 2022, the city granted Bali the right to build the casino. Bally’s made an advance payment of $40 million at the time of signing the Host Community Agreement. According to the mayor’s office, it will also pay $4 million annually.