After issues about the way forward for a attainable everlasting Chicago on line casino, Bally’s Corp. introduced final Friday that the corporate had obtained $940 million in financing for the venture from a Pennsylvania actual property agency.
The announcement got here as the corporate launched artist renderings of the venture, which now features a on line casino resort with a 34-story lodge tower within the metropolis’s River West space on Ohio Avenue. Bally’s introduced an $800 million funding hole for the venture this yr, however the financing deal seems to shore up issues on the corporate’s capacity to finish the venture.
“With keys to the property in hand, the brand new financing secured, a website plan that exceeds the unique, and demolition set to begin this summer season, let there be little question that Bally’s Chicago On line casino and Resort will quickly stand up alongside the Chicago River,” Bally’s President George Papanier famous in an announcement.
Particulars On The Deal
Bally’s additionally introduced that the tower could be accomplished in a single section reasonably than the 2 phases that have been initially deliberate. The $1.3 billion venture is anticipated to be completed by September 2026.
As a part of the financing deal, Gaming and Leisure Properties Inc. will take over possession of the property and lease again the land to Bally’s for $20 million per yr for an preliminary 15-year contract. The corporate can also be investing greater than $1 billion as a part of different leaseback preparations, which have turn out to be fashionable choices for gaming firms in recent times.
Mayor Brandon Johnson has been doubtful in regards to the prospects of Bally’s having the ability to full the venture, however appeared happy with the announcement that the on line casino plan was transferring ahead.
“We stay up for reviewing the up to date plans and continuing via the overview course of with the Division of Planning and Improvement,” he mentioned.
The corporate opened a brief on line casino final September within the metropolis, however the everlasting on line casino venture has confronted a number of obstacles during the last yr. That has included having to maneuver the situation of the lodge tower after engineers found the venture may injury metropolis water traces working underneath website.
The venture may also embrace a on line casino with 3,300 slot machines and 173 desk video games, a 3,000-seat theater, a number of eating places, and a two-acre public park.
In December, information broke that the venture is dealing with a number of investigations. Critics have alleged that there have been points about transparency, on line casino financing irregularities, and conflicts of curiosity amongst some concerned representing the town. In March, a significant shareholder additionally introduced a bid to take over the corporate.
