Bally’s Illinois Casino Plans Could Stop The Presses In Chicago

Reports from Chicago indicate that the $1.74 billion Bally’s Illinois casino project could make significant progress this week.

Robert Channick from the Chicago Tribune reported on Monday about a casino update, after checking in with his sources. According to those sources, Bally’s may seal the deal on the purchase of the Freedom Center printing plant sometime this week.

The River West property, which spans 30 acres, is owned by the Tribune’s owners — Nexstar Media Group based in Dallas. Bally’s has a deadline of Oct. 25 to finalize the deal.

However, Bally’s and Nexstar are not publicly discussing the transaction.

Bally’s Chicago plans have been further impacted by the shutdown of a printing plant in nearby Milwaukee, another domino to fall. According to Rich Kirchen, Senior Reporter at Milwaukee Business Journal, the Milwaukee Journal Sentinel’s printing plant has been recently acquired by Twenty Lake Holding, a real estate affiliate of Tribune Media.

Nexstar has the potential to continue printing the Tribune by restarting operations at the closed plant in Milwaukee, even after the sale of the West River property to Bally’s. The Freedom Center printing plant and the Milwaukee newspaper are conveniently located just 90 miles apart.

What will Bally’s Illinois casino look like?

In particular, the publishing center of the Chicago Tribune is situated at the intersection of Chicago Avenue and Halsted Street. This location positions the casino within a walkable distance from popular destinations along Michigan Avenue. Nevertheless, Bally’s has an array of amenities planned to keep guests entertained on-site. The options include:

• 3,400 slots
• 173 table games
• 10 dining and drinking establishments
• A hotel tower that can accommodate up to 500 rooms and features a rooftop bar.
• A music venue outdoors that can accommodate 1,000 guests.
• In addition to a 70,000-square-foot indoor entertainment center with a capacity of 3,000 seats.
• And a green outdoor space.

How Bally’s got a seat at the table

Chicago Mayor Lori Lightfoot expedited efforts to welcome Bally’s to the River West district due to a $40 million initial payment. The proposal received approval from the Chicago City Council with a vote of 41-7.

The mayor was in favor of Bally’s casino plans for Chicago. The payment of $40 million they made contributed to preventing a property tax increase in the city prior to the election. Moreover, this amount also ensured the solvency of police and fire pensions for that year.

Bally’s Chicago isn’t set to be ready until at least 2026. However, the gaming and resort company has planned for a temporary casino to fill in during the interim. This temporary casino will be accommodated in the hundred-year-old Medinah Temple by Bally’s.

The Medinah Temple is located between Ontario and Ohio Streets, with Wabash Ave to the east and State St to the west. The plans for the site include 800 gaming spots, along with various food and beverage options.

The licensing process for Bally’s Chicago Temporary Casino has been disrupted due to traffic issues. However, the company is optimistic about opening the Medinah Temple for betting by summer 2023.