Bally’s Refiles IPO Documents as Casino Project Advances

Bally’s is making another push to wrap up a long-delayed fundraising effort for its Chicago casino project. With time ticking, the company is hoping to finally close its $250 million IPO—eight months after launching it.

Good to know

• Bally’s IPO originally targeted women and minority investors but later expanded access after legal challenges.
• The project aims to fund a $1.7 billion casino and entertainment resort in downtown Chicago.
• The permanent casino is still expected to open in September 2026, despite delays.

Bally’s Chicago has gone back to the Securities and Exchange Commission with updated paperwork for its IPO. Filed on July 15, the revised documents reflect the company’s latest financials and aim to get final approval to move ahead. “It’s still under review by the SEC,” said Chris Jewett, Bally’s senior vice president of corporate development, in an interview with the Chicago Tribune. “But we feel like we are hopefully closer to being able to launch.”

Originally launched in January, the offering focused on women and minority investors. However, that approach was met with legal pushback and the IPO faced a delay. The company expanded access in April to all interested investors, though it still prioritizes allocations for Illinois and Chicago residents.

Loop Capital Markets, a firm based in Chicago, is leading the offering. There are 10,000 Class A shares available, split into four tiers with pricing from $250 to $25,000. Bally’s also plans to offer financing to help more people, especially underrepresented investors, participate.

Legal hurdles stalled progress. One lawsuit filed by Mark Glennon claimed the original structure was discriminatory, but the case was thrown out in April. Another suit from the American Alliance for Equal Rights settled in June. With those challenges behind them, Bally’s is now focused on completing the IPO within the next few weeks.

“There is definitely (investor) interest, for sure,” said Jewett. He added that Bally’s still expects the IPO to meet the city’s requirement for minority equity ownership.

The $250 million in proceeds will help fund construction of a massive entertainment complex in River West, approved in 2022 as Chicago’s only casino license. The final build includes a 500-room hotel, a theater with 3,000 seats, an exhibition space, 10 restaurants, and gaming space for 4,000 positions.

Bally’s is already operating a temporary casino out of Medinah Temple, which opened in September 2023. The goal of the temporary space was to generate revenue and build momentum for the full development. “The temporary served a purpose,” Jewett said. “It was to start generating tax revenue, creating jobs and really building up to what the permanent is. It was never meant to be the permanent in itself.”

While the final site continues to take shape at the old Chicago Tribune printing plant, it hasn’t all gone smoothly. Demolition was halted for a month last December, and in May, construction paused again for two weeks during a subcontractor investigation. Still, Jewett confirmed the casino is on schedule to open in September 2026. “The tower crane just went up, steel is starting to get delivered,” he said.

The Chicago casino market has become more crowded. Wind Creek Chicago Southland and Hard Rock Rockford are both now open. Bally’s Chicago, meanwhile, brought in $63 million during the first half of 2025 and recorded 649,000 visitors—ranking fifth among Illinois casinos.

The post Bally’s Refiles IPO Documents as Casino Project Advances appeared first on iGaming.org.