Bally’s makes $40m initial payment for Chicago casino

The upfront payment was part of Bally’s proposal when it bid for the Chicago casino licence.

US.- Bally’s Corporation has paid the $40m it pledged as part of its pitch for the a $1.7bn Chicago casino, located at the Tribune Publishing site in River West. The $40m will be used to support the city’s pension costs. Bally’s will also pay the city $4m annually and projects $200m in yearly tax revenue.

Chicago mayor Lori Lightfoot said in a statement: “This is the first down payment from the casino on the future of Chicago’s pensions and a clear indication of the City’s commitment to its hard working public safety professionals. 

Lightfoot said the project would bring thousands of well-paid union jobs and a world-class entertainment district to Chicago’s River West neighbourhood.

The City Council approved the casino in a 41-7 vote in May. Now it heads to the Illinois Gaming Board for final approval. Bally’s plans to launch a temporary casino in the summer of 2023 and the permanent site in late 2025 or early 2026.

The proposed casino at the 30-acre Chicago Tribune Publishing Center at the intersection of Chicago Avenue and Halstead Street would have 3,400 slots, 170 table games, 500 hotel rooms, six restaurants, three bars, a 3,000-seat theatre, an outdoor park, and other amenities.

Lightfoot confirmed that Bally’s Corporation had been selected to build and operate Chicago’s first casino in early May. The announcement came only two days after Lightfoot denied reports that the city had chosen Bally’s as the winning bidder. The other finalists were Rush Street Gaming and Hard Rock.