Bally’s Chicago has unveiled an funding alternative for a 25% fairness stake in its extremely anticipated on line casino and resort venture. The initiative consists of each a public providing and a personal placement, managed solely by Loop Capital Markets. Funds raised by these investments goal to assist the event of Bally’s everlasting on line casino on the historic Tribune Publishing web site in downtown Chicago.
Beneath the phrases of the Host Neighborhood Settlement (HCA) with the Metropolis of Chicago, the fairness stake is reserved for Certified Buyers, particularly prioritizing girls and minority buyers. This initiative seeks to foster group inclusivity and promote financial participation. buyers can discover the small print of the providing on Bally’s official web site, noting that participation requires adherence to both a prospectus or a confidential info memorandum.
Options of the $1.7 Billion Improvement
The everlasting on line casino, located at 777 W. Chicago Avenue, guarantees to rework the city riverfront with a state-of-the-art design. Deliberate facilities embody a 3,000-seat theater, a two-acre public park with out of doors areas, and 6 eating places, alongside a meals corridor. An prolonged riverwalk spanning 2,000 ft will join the decrease riverbank to the property, enhancing public entry to the realm.
The on line casino flooring itself is designed to host roughly 3,400 slot machines and 173 desk video games, alongside VIP gaming zones. Complementing these gaming services will likely be a 500-room resort tower that includes a rooftop restaurant, bar, spa, health heart, pool, and solar deck—all providing gorgeous views of the Chicago skyline.
Bally’s emphasised the strategic location of the on line casino, which ensures quick access to main transit routes and locations it as Chicago’s solely in-city on line casino. Its nearest competitor is situated 16 miles away, a major distance with out direct public transportation choices.
Timeline and Monetary Framework
The event timeline for the $1.7 billion venture is progressing steadily. Demolition on the development web site is already underway, with plans to start constructing within the first quarter of 2025. Bally’s anticipates finishing the general public providing section by February 2025, with the grand opening focused for the third quarter of 2026.
To fund the venture, Bally’s beforehand secured $2.07 billion by an settlement with REIT Gaming and Leisure Properties, Inc. (GLPI). This deal consists of the sale of the on line casino’s actual property to a GLPI affiliate, together with a $20 million annual rental settlement. Moreover, GLPI has dedicated as much as $940 million in development financing, finalized within the third quarter of 2024.
Inclusive Funding Initiative
Aligned with its HCA dedication, Bally’s has tailor-made this fairness providing to encourage participation from underrepresented teams, in accordance with Chicago Solar Instances. Funding alternatives vary from $250 to $25,000, enabling girls and minority buyers to affix the venture as fairness companions. The aim is to lift $250 million to assist development prices, additional advancing the imaginative and prescient of an inclusive, world-class leisure vacation spot.
Set towards Chicago’s vibrant riverfront, this venture signifies not solely a monumental addition to town’s leisure panorama but in addition a landmark alternative for group involvement and financial progress. With its sights set on a 2026 opening, Bally’s Chicago is poised to redefine city leisure and hospitality.
