Chicago’s city council approved the construction of a $1.7 billion casino, on Dec. 15, 2022. The build plan required an Illinois Gaming Board license.
In addition, the council approved the zoning modifications needed by Bally’s Inc. to erect the casino, hotel, and entertainment complex in an industrial area — the location of the Chicago Tribune Freedom Center printing plant— by a vote of 39–5 on December 14.
A Temporary Location Before Construction Is Complete
As the permanent casino resort is being built, Bally’s corporation wants to run a temporary casino at the Medinah Temple at 600 North Wabash Avenue, for up to three years. Neighbors’ raised concerns about traffic, congestion, crime, and safety.
Before opening a permanent location, the state permits casinos to operate a temporary facility for up to two years. The Hard Rock Casino Rockford, the most recent licensee, needed 16 months to get preliminary approval for their casino.
In June 2023, Bally’s hopes to launch the temporary casino.
What Comes With the Casino
In addition to the casino, attractions, and a hotel resort are planned for its permanent location along the Chicago River. This should feature 3400 slot machines, 170 table games, 10 restaurants, and bars. Also, a 500-room hotel tower with a rooftop bar. A 65,000-square-foot entertainment center with 3,000 seats, and a 20,000-square-foot exhibition area, including an outdoor performance venue and yard.
Bally’s completed the $200 million transaction to buy the former Chicago Tribune printing facility in November.
Moreover, a Chicago-based real estate private equity company will buy the Tribune Publishing Center building. The casino developer will then enter into a grounds lease with the investor whose money is being used to fund the project to lease back the land.
Recent Updates
On Thursday, state authorities issued an early approval to the landlord of Mayor Lori Lightfoot’s proposed temporary gambling establishment in River North. City officials ambitiously expect that the first bets will be accepted by the end of the summer.
Additionally, Bally’s comprehensive casino proposal, which was presented in August of last year, is currently being evaluated by state officials.
Furthermore, by the beginning of this summer, Lightfoot wants the temporary casino to open. She wants to begin bringing in cash for the city’s exhausted police and fireman pension funds. It may bring a potential revenue increase of $200 million to the city annually.
The mayor’s office backed Bally’s traffic and public safety plans while touting the $40 million upfront payment.
Bally’s Plan to Build This Casino
Chicago is a unique and vibrant city, deserving of a world-class gaming and entertainment destination. But for the people living here, fostering local economies and local labor, generating multigenerational wealth for minority investors, and showcasing the best of what the city has to offer, are what is most important about this development, according to a statement from Bally’s.
Furthermore, the goal is to retain Illinois state funds in the state. It’s important to keep city income local.
When Will It Open?
No dates were given in a news statement from Mayor Lightfoot’s office. The development of the permanent location is anticipated to take several years. The temporary site of the casino will open first.
The company’s goal is that the $1.7 billion permanent casino will open in 2026. A number of zoning committee members have praised the casino plans for the union jobs it will create and the financial advantages it will bring to the city. The city has already received a $40 million payment from Bally’s.
Written by Kelianexis Rodriguez
Sources
NBC CHICAGO: A $1.7B Bally’s Casino Planned for Chicago. Here’s Where, When it Will Open and What We Know
ENR: $1.7B Chicago Casino Wins Zoning Approval
CHICAGO SUN-TIMES: State regulators approve Medinah Temple landlord of proposed temporary Chicago casino
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