So far, it looks like Bally's Chicago casino might be a bad beat.
Developers and everyone else involved in the project have endured a monumental streak of bad luck while Bally's tries to bring its $1.7 billion casino to life.
Nestled in the River West neighborhood, the site of the former Chicago Tribune printing plant at 777 West Chicago Avenue has become the backdrop for a series of construction mishaps that have delayed the project.
After being originally scheduled to open in September 2026, there is now talk that the opening has been pushed back to sometime in 2027.
Chicago Casino Suffers Construction Setbacks
Before the construction of the casino could get underway, Bally's faced a significant setback when, in mid-December, an accident resulted in tons of debris spilling into the adjacent Chicago River.
This mishap halted demolition efforts for nearly a month, further complicating the project timeline.
Adding to the woes, workers discovered a deep-tunnel water pipe beneath the proposed site for the 500-room high-rise hotel at Chicago Avenue & Halsted Street. This unexpected find forced a redesign of the site, moving the planned 34-story hotel tower from the north to the south of the casino.
Despite these challenges, Bally’s has recently taken a step forward by beginning to drive the foundation caissons into the ground.
Public Offering Plan Also Hits a Snag
Meanwhile, Bally’s public offering ambitions have also hit a snag.
The initial $250 million public offering, aimed at attracting women and minority investors, did not close as expected due to a delay at the U.S. Securities and Exchange Commission (SEC). Although this financial hiccup adds to the company’s challenges, Bally's remains committed to its vision.
A similar thing is being tried in New York, where Bally's is vying for one of three downstate casino licenses.
Reshaping the Bally's Chicago Casino Plans
Refining the design plans wasn't all for naught. Momentum continues as Bally’s took over the Tribune Freedom Center site. Bally’s Chicago casino is set to feature 3,400 slot machines, 173 gaming tables, and much more, including:
- Hotel
- Theater
- Multiple restaurants
The expansive entertainment complex will also boast a food hall, four bars, an outdoor park, and an amenity terrace. It will be the largest casino in Illinois upon completion. The most recent casino to open in The Prairie State was Windcreek.
Building this development will create approximately 3,000 construction jobs, and once it is open, there will be 3,000 permanent jobs available.
Temporary Casino Also Struggles
On top of that, Bally's temporary casino in Chicago is having a tough time making money. The casino reported earnings of $11.25 million and recently welcomed its 2-millionth visitor, but this number does not account for $5.2 million in rent and taxes or $6.9 million in interest payments.
The casino generated approximately $160.7 million from its opening in 2023 to the present, yet it still incurred a loss of $294.4 million.
These losses are worrying for some people in Chicago, especially since they hoped the permanent casino and hotel would help the city's financial problems, including its large public pension debts. Bally’s construction costs and its plans to buy Australia’s Star Entertainment add to these concerns.
The Path Forward for the Chicago Casino
During the company's first-quarter earnings call, Gaming & Leisure Properties Inc. CEO Peter Carlino assured stakeholders, “That project is well underway.” Acknowledging the complexities of the build, which required numerous city approvals, Carlino seemed confident that the company's efforts to gain ground, literally and figuratively, would eventually pay off.
Despite being dealt a tough hand, Bally’s continues to move forward with its ambitious plans to redefine the Chicago skyline with their state-of-the-art casino and entertainment complex.
As the construction progresses, residents and investors alike hope that Lady Luck will finally grace Bally’s with some much-needed fortune.
