Bally’s, the renowned entertainment company, is on track to purchase the 30-acre Freedom Center printing plant site in Chicago for its ambitious casino project. The property, valued at $200 million, will be acquired from Nexstar Media Group. Bally’s innovative approach involves a sale-leaseback deal, allowing them to control the development of the site while raising funds through a ground lease with an investor. With the City Council’s approval, the company plans to launch a temporary casino in 2023 and the permanent site by 2025 or 2026.
Bally’s Chicago Casino Project:
Bally’s plans to transform the Chicago Tribune Publishing Center, situated at the intersection of Chicago Avenue and Halstead Street, into a spectacular $1.7 billion casino property. The envisioned casino will feature 3,400 slots, 170 table games, 500 hotel rooms, six restaurants, three bars, a 3,000-seat theatre, an outdoor park, and a host of other amenities, promising an unparalleled entertainment experience.
Preserving the Printing Plant:
The 41-year-old printing Freedom Center has been the printing hub for prominent publications such as the Chicago Tribune, Wall Street Journal, New York Times, and Chicago Sun-Times. While the original plan involves demolishing the printing plant to make way for the casino project, Bally’s chairman, Soo Kim, expressed the possibility of preserving the printing plant alongside the casino once the property ownership is established.
Community Involvement:
Recognizing the significance of community input, Mayor Lori Lightfoot announced the formation of the Casino Community Advisory Council (CAC). Comprising residents, community groups, and subject matter experts, the CAC will serve as a vital channel to gather feedback and keep the community informed about the developments associated with Bally’s project.
Labor Agreement:
Bally’s demonstrated its commitment to the local labor force by signing a Multi-Project Labor Agreement (PLA) with the Chicago & Cook County Building & Construction Trades Council (CCBT) and the AFL-CIO Building and Construction Trades Department. This agreement ensures that the construction of Bally’s Chicago casino will benefit from the skilled and experienced workforce of the region.
Project Timeline:
With the deal set to close by the end of the current month, Bally’s aims to launch a temporary casino in the summer of 2023. This strategic move will offer a preview of the immersive entertainment experience awaiting visitors once the permanent site opens its doors in late 2025 or early 2026. The ambitious timeline indicates Bally’s determination to deliver a world-class casino to Chicago’s eager audience.
Bally’s acquisition of the Freedom Center for its Chicago casino project marks a significant step in the realization of an entertainment hub like no other. The company’s innovative sale-leaseback approach, commitment to community involvement, and dedication to local labor showcase its efforts to integrate seamlessly into the vibrant fabric of Chicago. As the project progresses, the city can anticipate an exceptional destination that will become a symbol of entertainment, excitement, and economic prosperity for years to come.