Bally’s Chicago IPO Raises $5.5 Million but Draws 1,800 New Investors

Bally’s has taken another step toward building Chicago’s first casino resort, though the path has been anything but smooth. On Friday, the company confirmed it wrapped up its long-awaited $250 million initial public offering, a deal that added nearly 1,800 new investors to the $1.7 billion project even as fundraising fell short of targets.

Good to know

• Bally’s offered shares in four price tiers, from $250 to $25,000.
• The IPO was delayed by lawsuits and federal review before being refiled this summer.
• The casino resort is now aiming for a late 2026 opening instead of September 2026.

IPO outcome

The company sold 2,551 of the 10,000 Class A shares it had set aside for the public, generating $5.5 million in proceeds. A Securities and Exchange Commission filing showed the IPO carried an overall value of $96.7 million once private placements and company support were included.

The breakdown included 2,076 shares at $250 each, 173 shares at $2,500, 148 shares at $5,000, and 154 shares at $25,000. Loop Capital Markets, based in Chicago, acted as lead placement agent.

Bally’s said:

“Nearly 1,800 unique shareholders, including 1,007 Chicagoans and 1,573 Illinois-based shareholders, are now partners of the project, going a long way to fulfilling our commitment to the City of Chicago.”

Long journey to approval

The IPO was first filed in January but soon got tied up in lawsuits and regulatory checks. A legal challenge forced Bally’s to expand the pool of eligible investors after it initially limited participation to women and minority investors. Those cases have since been settled.

Bally’s Chairman Soo Kim told the Chicago Tribune:

“It just was a long journey to get that through the federal government, but we were able to do it, and now there’s going to be 1,800 more investors in the Bally’s Chicago project. It’s not huge dollars, but it’s an opportunity to let people participate with us, and also absolutely helps us achieve the goals of the host community agreement.”

The company was chosen by city officials back in May 2022 to build Chicago’s first casino on the former Tribune printing plant site in River West. Plans include a 500-room hotel, a 3,000-seat theater, 10 restaurants, and 4,000 gaming positions.

Bally’s is currently running a temporary casino at Medinah Temple, which opened in September 2023. Construction on the permanent site has started, though Kim admitted delays might push the official opening from September 2026 to later that year. “We’re trying. It’s just taken a long time to get the building going,” he said.

Bally’s faces plenty of competition across Illinois. New casinos like Wind Creek Chicago Southland, Hard Rock Rockford, and the recently opened $185 million Hollywood Casino Joliet have added pressure to make Chicago’s flagship project a success.

For Bally’s, the IPO may not have delivered the expected haul, but it gave thousands of Illinois residents a direct stake in the city’s long-promised casino resort.

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