Chicago Selects Bally's For New Casino Project$1.7 Billion Project Coming To Tribune Publishing Center Site |
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A casino has been selected for the city of Chicago after a years-long selection process.
Mayor Lori Lightfoot announced May 5 that the city picked Bally’s Corporation for the sole casino license. Bally’s will develop a casino at the site of the Tribune Publishing Center.
“Following significant analyses and community input on all aspects of our three finalists for Chicago’s casino license, the selection committee and I have chosen Bally’s to move forward in the development of the City’s first integrated casino resort,” Lightfoot said in a statement.
Bally’s will invest $1.7 billion into the casino-hotel. The casino is expecting 3,400 slots and 170 table games. Bally’s projected the development will create more than 3,000 construction jobs and 3,000 permanent casino jobs.
“We would like to thank Mayor Lightfoot and her office for conducting a tough, but fair, RFP process, and selecting Bally’s Chicago as the final bidder for the City’s casino,” said Chairman of Bally’s Corporation Board of Directors Soo Kim. “Chicago is a unique and vibrant city, deserving of world-class gaming and entertainment destination."
Bally’s provided a $40 million upfront payment at the time of the signing of the Host Community Agreement. It will also pay $4 million annually per year, according to Lightfoot’s office.
The city preferred Bally’s project in large part to it being the only bidder that did not have a competing casino in the Chicagoland region. Rush Street Gaming and Hard Rock were the other two finalists for the casino, but both offer casino gambling near Chicago.
Bally’s will open a temporary casino at the Medinah Temple while the full casino is being built.
“A Chicago casino will provide a real boost to the City’s revenues by $200 million to support police and fire pension funds as well as to the State’s revenues by $200 million to support capital improvement projects statewide,” said Municipal League Executive Director Brad Cole.
Chicago has been eyeing a casino for decades, with significant progress in recent years. Original legislation for the casino license passed in Springfield in May of 2019.
In April of 2021, the city issued the official requests for proposals. The RFP closed in October and resulted in five proposals from four bidders. In March of 2022, the city narrowed the bids to three finalists.
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