Bally’s to close deal for Chicago casino site this month
Bally’s is set to buy the Freedom Center for $200m for its Chicago project.
US.- Bally’s has announced that it’s on track to close its deal to buy the Freedom Center printing plant site for its Chicago casino. It is to pursue a ground lease with an investor to raise money for the project.
The entertainment company is set to buy the 30-acre River West property from Nexstar Media Group for $200m, according to the Chicago Tribune. Bally’s plans to buy the property and then resell it through a sale-leaseback deal, in which it would sell the ground to a new owner and take out a long-term lease to have control over the buildings that will be developed.
Nexstar CFO Lee Ann Gliha said on an earnings call that the deal is expected to close by the end of this month.
Bally’s Chicago casino proposal involves a $1.7bn property at the Chicago Tribune Publishing Center at the intersection of Chicago Avenue and Halstead Street. The casino will 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.
The 41-year-old printing Freedom Center prints the Chicago Tribune, Wall Street Journal, New York Times and Chicago Sun-Times. It’s thought that it will be demolished to make way for Bally’s project, but Bally’s chairman Soo Kim said the gaming company might be willing to keep the printing plant on the site beside the casino when it becomes the property owner.
Bally’s plans to launch a temporary casino in the summer of 2023 and the permanent site in late 2025 or early 2026. The City Council approved the casino in a 41-7 vote in May.
Mayor Lori Lightfoot has announced the creation of an advisory council to keep residents informed and gather community input for Bally’s project. The Casino Community Advisory Council (CAC) will serve as a channel for community input and includes residents, and community groups and experts on a range of topics.
Last month, Bally’announced that it has signed 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 for the construction of its Bally’s Chicago casino.
