Bally’s Cuts Chicago A $40 Million Check For New Casino

Bally’s Casino may not be open for business yet, but it’s already financially contributing to Chicago. As part of its agreement to construct a casino in River West, Bally’s has recently made a $40 million payment to the city.

The funds will assist Chicago in covering its deficit for the fire and police pension funds. Mayor Lori Lightfoot promptly issued a statement expressing gratitude to Bally’s.

The initial down payment from the casino signifies Chicago’s commitment to its public safety professionals’ future pensions. It represents the city’s dedication to its hardworking public servants. It is projected that in the coming years, the Chicago Casino will generate hundreds of millions of dollars in revenue for the city, a substantial portion of which is designated for pensions.

Critics have already highlighted that the $40 million is merely a fraction of what is needed to tackle the city’s pension issues. Furthermore, they noted that future administrators will need to source additional funds to manage the deficit.

Regardless, the new multi-purpose property will be a shining addition to the thriving casino industry in Illinois.

Bally’s Chicago on the way

Bally’s emerged victorious in securing the rights to construct a casino in Chicago, narrowly defeating Hard Rock International and local company Rush Street Gaming.

Lightfoot deduced that Bally’s had no other casino interests in the Chicago area. Additionally, they were the sole company willing to promptly offer a check for $40 million.

As part of the project, Bally’s will create up to 6,000 temporary and permanent jobs. Additionally, the company will fund improvements to the local infrastructure to alleviate traffic congestion.

Bally’s has also committed to annually give the city $4 million. The casino is projected to produce $200 million in tax revenue each year.

In mid-2023, a temporary casino is set to open on Wabash Avenue, featuring up to 800 slot machines and table games.

In May, the Bally’s casino bid was approved by the Chicago City Council with a 41-7 vote.

Currently, the Illinois Gaming Board holds the decision-making power. Should the board give their approval to the company’s proposals, Bally’s will then be issued a casino license by the group.

The big Bally’s bet

The land-based casino is set to be situated on Grand Avenue, along the north branch of the Chicago River. This is also the location of the Tribune Freedom Center printing plant, which stands on a 30-acre site.

The project for Bally’s casino is estimated to cost $1.76 billion. As part of the negotiations, $40 million was designated as an “impact fee”.

Bally’s Chicago is set to offer 3,400 slot machines and 173 table games. The company has plans to inaugurate 10 dining venues and a luxurious 500-room 5-star hotel tower with a splendid view of the river.

In addition to this, there is a 3,000-seat indoor entertainment venue and an outdoor music space that can accommodate 1,000 seats.

The casino is set to open in late 2025, provided that everything stays on schedule.