Bally’s Corporation has embarked on a transformative venture in Chicago, partnering with Gaming and Leisure Properties (GLPI) to secure a substantial $2.07 billion funding package. This collaboration marks a pivotal step towards realizing a cutting-edge casino and entertainment complex in River North, scheduled for completion by September 2026.
Project Overview
Bally’s ambitious project is set to redefine the landscape of entertainment and hospitality in Chicago. Anchored on a sprawling 30-acre site, the development features a prominent 500-room hotel tower as its centerpiece. Addressing critical infrastructure concerns, the revised site plan strategically places the tower on the southern end, ensuring seamless integration with the city’s urban fabric.
Funding and Financing
Central to the partnership, GLPI will acquire the real estate for the project and provide up to $940 million in essential construction financing. This financial backbone underscores the commitment to timely execution and adherence to budgetary constraints, facilitated by GLPI’s extensive experience in developing successful gaming facilities over three decades.
Comprehensive Facilities
The complex is designed to cater to diverse interests, boasting a 3,000-seat theatre for cultural events, a variety of dining options, and expansive gaming facilities. A public park within the premises further enhances the project’s appeal, blending recreational spaces with urban amenities.
Economic Impact and Job Creation
Beyond its architectural marvels, the Bally’s Chicago project is a significant economic catalyst. It is expected to generate approximately 6,000 jobs, spanning both construction and operational phases. This employment surge promises substantial benefits to the local community, aligning with the city’s developmental goals and fostering sustainable growth.
Commitment to Diversity
In adherence to its Host Community Agreement with the City of Chicago, Bally’s Corporation is committed to promoting diversity. This includes offering a 25% equity ownership stake in the project to minority-owned and women-owned businesses. Such initiatives aim to foster equitable participation and enhance the project’s societal impact.
Strategic Vision and Partnership
Soo Kim, Chairman of Bally’s, emphasizes the strategic synergy between Bally’s and GLPI. This alliance not only fulfills crucial financing requirements but also leverages GLPI’s expertise to ensure project success. Peter Carlino, GLPI’s Chairman and CEO, echoes this sentiment, highlighting the strategic growth opportunity within the gaming sector and the shared commitment to delivering value.
The Bally’s Chicago casino and entertainment complex represents a hallmark of urban development and strategic partnership. With a robust funding framework, inclusive business practices, and a visionary approach, this project stands poised to redefine Chicago’s skyline and economic landscape. As construction progresses towards its 2026 completion, the collaboration between Bally’s and GLPI serves as a testament to innovation and sustainable urban growth.