Bally's secures funding to complete permanent Chicago casino on time
CHICAGO (CBS) -- In a major step forward, Bally's has closed the funding gap for its planned new casino in River West.
Bally's announced Friday that it has entered into a $940 million deal with Gaming and Leisure Properties Inc., a real estate investment trust, for essential funding for its casino at Halsted Street and Chicago Avenue.
Architecture tour guides are already highlighting the changing face of Chicago's riverfront. They point out construction crews who this week began demolition preparations at the Freedom Center printing plant that was recently vacated by Tribune Publishing.
The Tribune made its last print run at the Freedom Center in May, and is now printed in Schaumburg. The Freedom Center is being torn down to make way for the new casino.
Bally's took possession of the property July 5.
While announcing the funding deal, the entertainment firm also released new renderings showing a hotel now on the southern end of the property on Ohio Street.
Chicago Mayor Brandon Johnson released a statement of support.
"The City is pleased with this development concerning the financing and construction of Bally's Permanent Chicago Casino," Mayor Johnson said in the release. "We look forward to reviewing the updated plans and proceeding through the review process with the Department of Planning and Development."
But Bally's greenlights its own plan. New numbers from earlier this week show the temporary Bally's casino at Medinah Temple in River North had an 11.4% revenue decline in June.
Ald. Brendan Reilly (42nd)—whose ward includes the temporary Medinah Temple casino, but not the site for the permanent one, wrote on social media, "This was predicted…" with a GIF of actress Kristen Bell shrugging to emphasize his point.
Bally's officials say they have a targeted opening date for their permanent location September 2026.