Bally's announces 25% equity offering for Chicago project

Bally’s Chicago, Inc. has announced that it will seek to sell 25% of its equity in the project for the upcoming Tribune Publishing site casino in downtown Chicago.

The project, which has received a go-ahead by the Chicago City Council in 2022, is expected to arrive in the third quarter of 2026, with construction due to get underway early next year.

Bally’s set to bring in public and private investors

Now, though, the company is first looking to raise additional funds through an initial public offering which will take place at the same time as a private placement.

The deal is managed by Loop Capital Markets, which acts as the sole placement agent, and who will be looking to ensure the success of the sale.

The sale will also focus on prioritizing women and people of color as investors and is part of the broader conditions for the projects as set out by the City of Chicago’s Qualified Investor Criteria.

In an official statement, Bally’s has described the upcoming casino as a world-class entertainment project that will have a significant economic impact on the region.

In the meantime, Bally’s Chicago Casino that will be located at 777 W. Chicago Avenue is going to host a number of facilities and gaming options in the thousands. Among the venue’s key features are inclusive dynamic spaces as well as a planned 3,000-seat theater, along with a public park and open outdoor spaces.

Cafes, a food hall and six restaurants are also all part of the project, and as to the casino itself, it will feature no fewer than 3,400 slots, 173 table games, dedicated gaming areas for VIP customers as well as a hotel tower that will further push the available of hospitality options, adding a large pool spa, fitness center, sun deck, and more.

The hotel owner will feature a 500-room hotel as well. In the meantime, Bally’s Chicago is expected one of the most successful casino projects in Illinois.

It will be the only casino to be in Chicago, with the next closest gaming property located a 17-miles’ drive away, the RiversCasino in Des Plaines.

Initial opposition against the project did not halt it

The original project faced stiff opposition from the public and elected officials, with many citing fears over increase in crime rates, traffic congestion, security risks and more.

Despite these concerns, the Chicago City Council proceeded with issuing the project its license to start construction.

In the summer, Bally’s said that it had secured $2.07bn from REIT Gaming and Leisure Properties, Inc. to proceed with construction. Currently, a temporary location is already available.

Image credit: WGN News