City Approves Design Of Bally's Chicago CasinoConstruction Expected To Begin Next Year |
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Bally’s Corporation announced that the proposed site plan for Bally’s Chicago Casino was approved by the Chicago Department of Planning and Urban Development.
The plan is to begin construction in late 2024. The $1.7 billion development is projected to bring over 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 released renderings for its much-anticipated permanent casino resort development. The new casino will look to “harness the urban riverfront site.”
“The design of Bally’s Chicago creates a sense of wonder and adventure accessible to everyone,” said Bally’s Senior Vice President of Design and Development Joyen Vakil. “The plan is uniquely focused on bringing in nature and wellness through the addition of numerous public plazas and parks.”
Before beginning gaming operations, Bally’s Chicago must meet Illinois Gaming Board regulatory and statutory requirements.
The $1.7 billion casino will be located on the 30-acre Chicago Tribune Publishing Center site at the intersection of Chicago Avenue and Halsted Street. The project provides Bally’s with 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 “fully integrated casino resort” in the center of a major city within the United States.
In November, Bally’s announced that it had closed a transaction with one of Chicago’s leading real estate private equity firms. 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’s entered into a ground lease with the investor to lease back the land. The ground lease includes an initial 99-year term, followed by ten separate 20-year renewals at Bally’s option.
In May 2022, the city awarded Bally’s the right to build the casino. Bally’s provided a $40 million upfront payment at the time of the signing of the Host Community Agreement. According to the mayor’s office, it will also pay $4 million annually.
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