Bally’s Corporation has announced that the city has selected Bally’s for the new Chicago casino. The resort will be a $1.7 billion destination casino, with entertainment and a hotel project. Bally’s was chosen as the preferred bidder in the City’s request for proposal process to construct and operate a world-class casino resort in downtown Chicago.
Bally’s worked cooperatively with city officials and community leaders throughout the RFP process to develop a project that embraced Chicago as a global gateway city, incorporating its vibrant cultural scene and highly diversified economy. As evidenced in the City’s evaluation report, Bally’s Chicago provides the most economic value to it and its taxpayers, including an upfront payment of $40 million and annual payments to the City totaling $4 million.
The Chicago casino project is expected to generate more than $800 million in stabilized gaming revenue on an annual basis – a substantial portion of which will support the City’s obligations toward its fire and police union pensions. Additionally, Bally’s Chicago will create more than 3,000 annual construction jobs and 3,000 permanent jobs upon completion of the project. Bally’s has the financial resources to complete the project and will not require additional equity financing to fulfill its obligations.
Having adopted the theme “The Best of Chicago,” the Bally’s Chicago proposal is the most community-focused of those submitted. A hallmark of Bally’s Chicago is its innovative Community Investment Program, which reserves 25% of the equity in Bally’s Chicago with matched financing that will allow hundreds of local and underrepresented communities of investors to own a piece of “the Best of Chicago“.
Additionally, with its community-first approach, Bally’s Chicago is committed to leveraging the diverse capabilities of its Chicago-based partners, including the Chicago Community Builder’s Collective – a minority-led construction management company – to complete the project. In further support of its valued project partners, Bally’s Chicago also plans to implement programs to incentivize players and guests to support local businesses, promote career opportunities within Bally’s Chicago, and sponsor local, charitable organizations.
The new Chicago casino will also open opportunities for additional leading restaurateurs, retailers and designers from Chicago to partner with Bally’s Chicago and reflect the best of the Second City. Among other features and amenities, Bally’s Chicago will include 3,400 slots, 170 table games, 10 food and beverage venues, a 500-room hotel tower with rooftop bar, a 3,000 seat / 65,000 square foot entertainment center, a 20,000 square foot exhibition, outdoor music venue, and outdoor green space including an expansive public river walk with a water taxi stop.