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

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

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