{"id":7538,"date":"2024-07-15T06:32:47","date_gmt":"2024-07-15T06:32:47","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2024\/07\/15\/ballys-secures-financing-for-1-7-billion-chicago-casino-complex\/"},"modified":"2024-07-15T06:32:47","modified_gmt":"2024-07-15T06:32:47","slug":"ballys-secures-financing-for-1-7-billion-chicago-casino-complex","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2024\/07\/15\/ballys-secures-financing-for-1-7-billion-chicago-casino-complex\/","title":{"rendered":"Bally\u2019s Secures Financing for $1.7 Billion Chicago Casino Complex"},"content":{"rendered":"<div>\n<p>Bally\u2019s Corporation has secured $940 million in financing from Gaming &#038; Leisure Properties, a real estate investment trust based in Pennsylvania. This funding will support the development of Bally\u2019s Chicago, a $1.7 billion casino complex on the 30-acre Freedom Center site in River West, Chicago.<\/p>\n<p>In conjunction with the financing, Bally\u2019s has revised its site plan, relocating the 500-room hotel tower to the southern end to avoid city water infrastructure. This new plan awaits approval from the city\u2019s planning department.<\/p>\n<p>This strategic move aims to address concerns from stakeholders regarding Bally\u2019s financial capacity to complete the project. In 2022, Bally\u2019s, headquartered in Rhode Island, won the bid to build Chicago\u2019s first casino. The complex will feature an exhibition hall, a 500-room hotel, a 3,000-seat theater, 10 restaurants, and 4,000 gaming positions overlooking the river.<\/p>\n<h2>Advancing the Project<\/h2>\n<p><em>\u201cWe\u2019ve been working hard in the background to restore the full hotel tower for Bally\u2019s Chicago Casino and absolutely intend to meet the September 2026 opening date as planned,\u201d<\/em> said George Papanier, President of Bally\u2019s Corporation. <em>\u201cWe are also happy to announce that Gaming and Leisure Properties has agreed to finance this entire development in a single phase to ultimately deliver a better project in a more efficient manner.\u201d<\/em><\/p>\n<p>Bally\u2019s took possession of the former Tribune Publishing site on July 5, located at 777 W. Chicago Avenue. This week, Brandenburg Industrial Service Company, the demolition contractor, began preparing the site for demolition.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/katsubet-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"Katsubet\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/Katsubet.png.webp\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative py-10\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/katsubet-casino\/\" title=\"Katsubet\" target=\"_blank\" rel=\"nofollow noopener\">Katsubet<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong>5BTC or 111% + 111 Free Spins!<\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive 111% Welcome Bonus  + 111 Free Spins<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/igaming.org\/site\/katsubet-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><em>\u201cWith keys to the property in hand, the new financing secured, a site plan that exceeds the original, and demolition set to start this summer, let there be no doubt that Bally\u2019s Chicago Casino and Hotel will soon rise up along the Chicago River,\u201d<\/em> added George Papanier.<\/p>\n<p>A temporary facility at Medinah Temple opened in September, with plans to launch the permanent casino by September 2026. The project faced challenges earlier this year, including the need to relocate the hotel tower due to potential damage to municipal water infrastructure.<\/p>\n<p>In November 2022, Bally\u2019s acquired the Freedom Center site for $200 million and executed a sale-leaseback with Oak Street Real Estate Capital, raising up to $500 million to help build the casino. Concerns about financing the project arose in February when Bally\u2019s revealed an $800 million funding gap. Analysts suggested that a tight credit market and Bally\u2019s debt-heavy balance sheet might delay or downsize the project.<\/p>\n<p>The new site plan by HKS shifts to a single-phase development, placing the 500-room hotel tower to the south of the entertainment complex, away from infrastructure issues. Gaming &#038; Leisure Properties, with a portfolio of 65 locations across 20 states, will raise over $2 billion through transactions with Bally\u2019s, including sale-leasebacks on other assets.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/kats-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"Kats Casino\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/12\/kats-casino-1.jpg.webp\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative py-10\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/kats-casino\/\" title=\"Kats Casino\" target=\"_blank\" rel=\"nofollow noopener\">Kats Casino<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong><strong>250% Extra + $125 Free Chip!<\/strong><\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. 250% on 1st Deposit + $125 Free Chip<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/igaming.org\/site\/kats-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Chicago Mayor Brandon Johnson expressed doubts, stating it was uncertain whether the full $1.7 billion complex would be built as planned. The financing announcement marks a significant step toward achieving this goal. Bally\u2019s expects the permanent casino to play a crucial role in meeting the financial goals of both the city and the company.<\/p>\n<p>Despite a record-breaking May, Bally\u2019s Chicago saw an 11% revenue drop in June, generating $10.4 million in adjusted gross receipts, according to the Illinois Gaming Board. However, admissions rose by 1% to nearly 120,000 visitors, ranking second behind Rivers Casino Des Plaines. Bally\u2019s celebrated its millionth visitor at the temporary facility last month.<\/p>\n<p>The permanent site plan, designed by HKS, includes a 500-room, 34-story hotel tower, a 3,000-seat theater, six restaurants, cafes, a food hall, and a 2-acre public park. The casino will offer 3,300 <a href=\"https:\/\/igaming.org\/casino\/learn-how-to-play-slots\/\">slots,<\/a> 173 table games, and VIP gaming areas, connected to the riverbank by an extension of the riverwalk.<\/p>\n<p>The hotel tower will include a large pool spa, fitness center, and sun deck, as well as a rooftop restaurant bar. The development is expected to generate approximately 3,000 construction jobs and 3,000 permanent casino jobs.<\/p>\n<p>The design by HKS aims to add to Chicago\u2019s architectural history, drawing inspiration from the Chicago River. The Chicago Community Builders Collective, a minority-led construction partnership, will implement the improved site plan.<\/p>\n<p>The post <a href=\"https:\/\/igaming.org\/casino-news\/ballys-secures-financing-for-1-7-billion-chicago-casino-complex\/\">Bally\u2019s Secures Financing for $1.7 Billion Chicago Casino Complex<\/a> appeared first on <a href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bally\u2019s Corporation has secured $940 million in financing from Gaming &#038; Leisure Properties, a real estate investment trust based in Pennsylvania. This funding will support the development of Bally\u2019s Chicago, a $1.7 billion casino complex on the 30-acre Freedom Center site in River West, Chicago. In conjunction with the financing, Bally\u2019s has revised its site [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-7538","post","type-post","status-publish","format-standard","hentry"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/7538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/comments?post=7538"}],"version-history":[{"count":0,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/7538\/revisions"}],"wp:attachment":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/media?parent=7538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/categories?post=7538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/tags?post=7538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}