Gaming and entertainment giant Bally’s Chicago has set a $1 million record in tax revenues in February 2024 for the very first time. The exceptional contribution to the local community reportedly resulted from the record gaming revenue and visits of the company’s landmark Chicago casino.
Reaching Almost $10m in Revenues:
As reported by Chicago Tribune (CT), Illinois Gaming Board released the financial indicators for the casino’s performance in February. According to these, Bally’s temporary Medinah Temple casino saw a 6.5% increase in adjusted gross revenue to reach almost $9.9 million in the subject month. Such a performance reportedly positions the Bally’s Chicago facility on the fourth position among the 15 casinos operating in the state. As CT reports, the ranking represents a minor slip behind the Harrah’s Joliet holding the third position in the given month.
Welcoming 106,000 Visitors:
The revenue increase seems a natural consequence of either the increased handle or traffic in the resort. As reported by CT, Bally’s Chicago reported that the latter increased almost 20% throughout the month to reach the count of nearly 106,000 visitors. According to the data released by the Board, such a traffic positions Bally’s at the second position in the state, just behind the Rivers Casino Des Plaines facility.
In addition to Medinah Temple, Bally’s Chicago reportedly launched another temporary casino in the city in September 2023. CT reports that the company expects that its River North casino resort will couple with the current facility to further drive the company’s revenues in Chicago. Mark Wong, vice president and general manager of Bally’s Chicago, reportedly stated: “Bally’s Chicago Casino is the second-most visited of any Illinois casino every month since opening and the momentum is palpable as we welcome new guests each day.’’
One Million Visits to Illinois Casinos in February:
According to the February data, it seems that the company’s strategy fits in with the overall casino performance in the state. Gaming Board reportedly unveiled that the 15 casinos in the state generated 16% more in gaming revenues over the given period to hit a total of $137.7 million in adjusted gross revenues, as reported by CT. The increased revenue level was reportedly almost a direct consequence of the increased casino admissions. Indeed, the 15% grow in casino visitors brought a 16% increased revenue level. At the same time, the source reports that statewide casino visits exceeded the count of one million in February 2024.
Targeting $243 Million in Annual Revenue:
As reported, Rivers Casino Des Plaines led the market in February with $43.6 million in adjusted gross revenues and more than 244,000 visitors. Bally’s followed the lead to generate almost $9.9 million in adjusted gross revenues and welcome around 106,000 visitors. On top of that, the company hit a record $1.92 million in tax revenues. But, as CT reports, Bally’s ambitions are projected beyond these figures as the corporation is working to become the leading casino operator in the city of Chicago.
In this respect, Bally’s reportedly aims to generate around $243 million in adjusted gross revenues in 2024 to funnel about $35 million to the city. The $1.74billion River West casino complex development reportedly scheduled to open in 2026 will help the company head towards the revenue targets at a faster pace.