Chicago City Council grants final zoning approval for Bally’s casino

The city council has voted to approve the zoning changes that Bally’s needs to build its casino and hotel.

US.- Chicago City Council has given final zoning approval to Bally’s Corporation’s plan for a $1.74bn casino and resort located at the Tribune Publishing site in River West. The council voted 39-5 to approve the change of zoning. The casino now needs approval from the Illinois Gaming Board.

The City Council approved the overall casino plan in May. 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 permanent casino at the 30-acre Tribune Publishing Center at the intersection of Chicago Avenue and Halstead Street 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 project is expected to create 3,000 construction jobs and 3,000 permanent roles when fully functional. Bally’s will pay Chicago $40m upfront and annual payments of $4m.

In early May, Chicago mayor Lori Lightfoot confirmed that Bally’s Corporation had been selected to build and operate Chicago’s first casino. In November, Bally’s announced that it has closed a transaction with an unnamed real estate private equity firm, which bought the Tribune Publishing Center for $200m. Bally’s has entered into a ground lease for the property.

The ground lease has an initial 99-year term, followed by options for ten 20-year renewals. At Bally’s request, the investor will fund up to an additional $300m for the development through the ground lease structure as specified construction milestones are completed.

See also: Bally’s reaches labour agreement for Chicago casino