Bally’s Corporation is trying again to raise funds for its Chicago casino through a new share offering. After its first attempt stalled and faced legal pushback, the company has filed a revised prospectus with the SEC, shifting its focus to residents of Chicago, Illinois, and a few other states.
Good to know
- Bally’s is making a second attempt to fund its $1.7 billion Chicago casino.
- The offer now targets Chicago and Illinois residents, not just women and minority groups.
- Shares cannot be traded publicly and have strict restrictions.
The original plan targeted only women and minority groups. That offering never moved forward, and two Texas residents sued, calling it discriminatory. The new version still complies with Chicago’s requirement that 25% of project equity go to minority individuals or businesses.
Loop Capital Markets remains the lead placement agent for the deal. The $1.7 billion casino is set to open in September 2026.
The new offer includes four share classes:
- Class A1: $250 per share
- Class A2: $2,500 per share
- Class A3: $5,000 per share
- Class A4: $25,000 per share
Classes A1 through A3 include subordinated loans, bringing the total investment per share to $25,000. Class A4 shares do not include any loan component.
Investors cannot sell their shares freely. The shares are not listed on any stock exchange and cannot be moved into retirement accounts. If a share includes a loan, it cannot be sold unless the loan is fully repaid.
Earlier this year, Bally’s sold 1,185 shares through private placements, raising $13.2 million. Another 2,800 Class A4 shares were sold to Bally’s Chicago HoldCo, LLC.
It is unclear whether the SEC will act on this updated filing. While the new offer is broader, the investment still carries high risk and limited liquidity. As the prospectus notes, “There is no trading market for our Class A Interests.”
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