Bally's $1.7B casino proposal gets stamp of approval from City Council

Chicago Business Journal

By: Wendell Hutson 

After much debate between Chicago aldermen and the mayor, the City Council voted to approve Bally’s Corp.’s $1.7 billion casino proposal.

The vote was 41-7 to allow Bally’s to build the city’s first casino at 777 W. Chicago Ave., which is currently occupied by Tribune Publishing.

A temporary casino will be built at the Medinah Temple at 600 N. Wabash Ave. by summer 2023, followed by a permanent casino by 2026. Once built, the Bally's complex will become Illinois’ largest casino with 4,000 gaming positions, an outdoor music venue, a 3,000-seat entertainment center and a 500-room hotel tower.

At a May 5 press conference, Bally’s Chairman Soohyung Kim said although Chicago is asking for $40 million upfront and other concessions, in the end it will be an investment well worth it.

“Chicago asked for a lot, but we know it’s worth the effort to bring a world-class entertainment center to a place like Chicago,” Kim said. “It is my hope that this entertainment center will not only support the local economy but also create generational wealth opportunities for minority investors.”

Bally’s also agreed that the value of the land will be assessed at a minimum of $125 million and promised to never protest the value should be higher.

After the meeting, Chicago Mayor Lori Lightfoot said she was relieved the vetting process is over and that she looks forward to the final step before construction can begin.

The final step calls for the Illinois Gaming Board to review the proposal, which is expected later this year.