Bally’s Chicago Casino Offering Ownership Stake To Minority Residents

Residents of Chicago are eagerly anticipating the opening of the new Bally’s casino. There are now discussions about people being given a share of ownership in what is set to be the largest casino in Illinois.

The company is currently in discussions regarding the terms of a potential offer, a concept that is quite intriguing. Their objective is to assist minorities in meeting the ownership requirements set by the Securities and Exchange Commission.

How Chicagoans could get a piece of largest casino in Illinois

According to the Host Community Agreement signed between the city and Bally’s Chicago, the residents of Chicago can purchase a share in the ownership of the casino. The agreement stipulates that a minimum of 25% of the project’s equity should be held by minorities or businesses owned and controlled by minorities.

Bally’s states on the Chicago project’s website that minority investors will hold a 25% stake in the project. These investors encompass philanthropists, business owners, sports stars, celebrities, and ordinary Chicago residents from the Black and Latino communities. The project will also include representation from other ethnic and gender groups.

Additional details such as: are still unknown.

• price range
• the number of interests
• The conditions of the deal
• if non-minorities will be sold shares

The details will be revealed with the initial public offering (IPO), which will take place after the completion of the review process.

Bally’s temporary casino launch facing time crunch

The clock is ticking for Bally’s plans to establish a temporary casino at the Medinah Temple in Chicago’s River North district. The gaming company had aimed to have the makeshift venue operational by the end of the second quarter, culminating on June 30.

There is still no confirmation on whether the Illinois Gaming Board will approve Bally’s proposed venue. The IGB did not discuss this issue during their latest meeting, and they will not convene in May. Unless there is an extraordinary meeting, the earliest Bally’s could receive approval is at the board’s meeting scheduled for June 15.

If the board doesn’t address the situation at the June meeting, the timeline becomes uncertain. This is due to the IGB’s next meeting not taking place until July 27. Following that, the board only convenes three more times before the year concludes.

Beth Kaufman, the board spokeswoman, confirmed that construction at the Medinah Temple location is progressing. She also mentioned that IGB is persistently collaborating with Bally’s on its application. Kaufman further stated that the board cannot comment on or conjecture the potential opening date of the casino. However, she clarified that Bally’s must comply with IGB’s regulatory and statutory requirements before it can commence any gaming operations.

The $1.74 billion permanent casino hotel will be preceded by a temporary venue. However, hundreds of potential employees are keenly awaiting confirmation on when the facility will commence operations.

Over 700 jobs posted for Bally’s Temporary Medinah Temple Casino

The schedule for the temporary casino is somewhat unclear. Nevertheless, Bally’s is vigorously pushing forward to guarantee a complete workforce when the venue finally opens.

Bally’s has declared that they are recruiting more than 700 workers for staffing its temporary facility. The casino is seeking to hire staff ranging from card dealers and security personnel to housekeeping and marketing professionals. A comprehensive list of available positions can be found on the Bally’s Chicago website.

Bally’s is in the process of refurbishing the Medinah Temple, which will serve as a temporary casino in Chicago for a period of up to three years, while the construction of the permanent facility is underway. The temporary casino will take up three floors at the Medinah Temple and will offer over 800 gaming positions, inclusive of slots and table games. Additionally, it will house three restaurants and a bar.