Bally’s Corporation is one step closer to reshaping the Chicago cityscape, as its proposed site plan for Bally’s Chicago Casino has received approval from the Chicago Department of Planning and Urban Development. The green light for this ambitious project is expected to set in motion the construction of a mixed-use entertainment space, slated to commence in late 2024. With a staggering investment of $1.7 billion, the development is poised to create over 3,000 permanent job opportunities, contributing to the city’s economic growth.
A Grand Vision Unveiled:
The Bally’s Chicago Casino resort promises to be a beacon of entertainment, offering an array of features such as a casino, VIP areas, a food hall, restaurants, a theatre and event space, a museum and exhibition area, and a luxurious 500-room hotel. The hotel tower itself will be a sanctuary of relaxation, with spa facilities and an assortment of culinary venues. Additionally, the project will dedicate more than 10 acres of outdoor space, incorporating a public park to enhance the overall experience.
Bridging the City’s Contrasts:
Bally’s senior vice president of design and development, Joyen Vakil, shared that the design concept for Bally’s Chicago Casino draws inspiration from the city’s unique blend of grit and grandeur. The project harmoniously combines architectural structure with organic elements, representing a fusion of historic charm and cutting-edge innovation. This innovative approach places a strong emphasis on integrating nature and wellness into the city’s landscape, with the addition of numerous public plazas and parks.
Progress and Plans:
As part of its phased approach, Bally’s Chicago Casino will inaugurate a temporary casino at Medinah Temple in July, providing a glimpse of the exciting entertainment experience to come. The project is currently in the process of filling numerous job positions to facilitate its operations. It’s worth noting that the casino received final zoning approval in December, marking significant progress in the project’s development.
Bally’s Corporation Q1 2023 Results:
In addition to the approval of the Chicago casino project, Bally’s Corporation reported its financial results for the first quarter of 2023. The company’s revenue for the period was $598.7 million, reflecting a remarkable 9% increase compared to the same quarter in the previous year. Adjusted EBITDA reached $126.4 million, marking a 10% rise, and adjusted EBITDAR was recorded at $157.6 million. Notably, Bally’s reported a substantial net income of $178.3 million, demonstrating a significant surge compared to the $1.9 million in the previous year.
Casino & Resorts: Revenue for this segment witnessed impressive growth, reaching a record $328.8 million, marking a 17.4% increase.
North America Interactive: Revenue in this sector surged by 60.5% to $24.4 million.
International Interactive: This segment reported revenue of $245.6 million, reflecting a 4.1% decrease compared to the previous year.
The approval of the site plan for Bally’s Chicago Casino represents a significant milestone in the company’s mission to transform Chicago’s entertainment landscape. With an array of world-class amenities and a commitment to blending urban grandeur with natural elements, the casino is set to become a cultural and economic landmark. Bally’s Corporation’s impressive financial results for Q1 2023 further underline its success and continued growth in the gaming industry. This exciting venture is poised to create jobs, boost the local economy, and offer unforgettable entertainment experiences to residents and visitors alike.