Bally’s Corporation bids for licence to build $1.6bn casino resort in Chicago
The operator has applied for a licence to develop and operate a new land-based casino resort in Chicago, Illinois.
US.- Bally’s Corporation has submitted a proposal to Chicago city officials pledging a $1.6bn investment for an integrated resort in the third-largest US city. Bally’s Chicago venue would include a casino, hotel and entertainment facilities, and also would serve as its new flagship property.
Soo Kim, Bally’s chairman, said in a statement: “Chicago is a dynamic, world-class city, which is why we are committing to make a $1.6bn investment in establishing Bally’s Chicago as our flagship, and the only property in its class in the Chicagoland market.”
He also said that the property would be built, owned, and operated by Chicagoans, “with a focus on minority and women investors, contractors, suppliers, consultants, and employees”, and that “it will generate tax revenue, create good-paying jobs, and attract international, national, and local visitors for generations to come.”
The bid proposed that the venue be built in two phases, the first of which would be a $1bn spent on a casino featuring 2,700 slot machines and 95 table games, as well as an all-suite luxury hotel, an outdoor music venue, green space and dining options.
Once the expected investment return threshold is achieved on the first phase, $600m would be spent to create 4,000 gaming positions in total, a 400-room hotel tower with a rooftop pool and bar, an amenity terrace, a 3,000-seat indoor entertainment venue, a 20,000 square feet exhibition space and an expanded food and beverage program.
There are two potential sites for the proposed development. Bally’s Chicago’s minority investors, which will have a 25 per cent ownership stake in the project, will include philanthropists, business owners, sports stars, celebrities, and local Chicago residents.
