After a year-long waiting period, Bally’s Corporation has been granted permission to officially establish a permanent gaming establishment in Chicago, marking a significant milestone for the company’s expansion plans.
New License Granted
On October 25, the Illinois Gaming Board (IGB), the state’s gaming regulatory body, voted to grant Bally’s interim operating license full casino status. This decision gives Bally’s the legal authority to operate its forthcoming mega casino complex, set to be built along the Chicago River at 700 W. Chicago Ave.
Sole Casino License Holder in Chicago
In addition to receiving full casino licensing, Bally’s Corporation secured the exclusive bid to operate Chicago’s only casino for the entirety of 2022. This allowed the company to begin operations at the Medinah Temple, located at 600 N. Wabash Ave, in September. The Medinah Temple site currently features two restaurants, 750 slot machines, a cafe, and 55 table games.
Lease Extension at Medinah Temple
In a move that benefits both Bally’s and the city of Chicago, the regulatory body also voted to extend Bally’s lease at Medinah Temple for an additional year, allowing the temporary casino to continue operations until 2026. State statute typically limits the operation of temporary properties to two years, with the option to extend for an additional 12 months. This extension provides Bally’s with extra time to complete its permanent casino facility.
Future Permanent Casino Layout. The permanent casino represents a substantial $1.7 million investment and will be constructed on the current Tribune Publishing site. This impressive establishment will not only double as a resort but will also feature 173 table games, 3,400 slot machines, a 500-room hotel, a 3,000-seat theater, 11 restaurants, and an exhibition hall. Tribune Publishing is set to vacate the building by July of the following year to pave the way for construction, which is slated to begin in 2024 and conclude in 2026.
Boost to City Tax Revenue. The city of Chicago stands to benefit significantly from tax revenues generated by both the temporary and permanent casino sites, with funds earmarked for underfunded firefighter and police pensions. The projected tax revenue for the city from the Medinah Temple location over the next year is estimated at approximately $35 million. This figure is expected to soar to over $200 million once the permanent casino facility opens its doors, according to city executives.
Bally’s Corporation’s expansion into the Chicago market signifies a significant economic boost for the city and marks a pivotal moment in the company’s growth trajectory. With its ambitious plans for the future permanent casino, Bally’s aims to deliver a world-class gaming and entertainment experience to Chicago residents and visitors alike.
In a significant development for the Illinois gaming industry, the Illinois Gaming Board (IGB) has approved a permanent gaming license for Bally’s Corporation, paving the way for the establishment of a state-of-the-art casino complex in Chicago.
End of a Year-Long Wait
After a year-long anticipation, Bally’s Corporation received the green light on October 25, 2023, as the IGB voted to elevate the company’s interim operating license to a full-fledged casino license. This decision marks the culmination of a meticulous process and grants Bally’s Corporation the authority to operate a permanent casino in the heart of Chicago.
Exclusive Casino Rights in Chicago. Bally’s Corporation had previously secured exclusive rights to operate Chicago’s sole casino for the entirety of 2022, solidifying its position in the city’s burgeoning gambling scene. This allowed the company to commence operations at the Medinah Temple, located at 600 N. Wabash Ave, in September, offering patrons an array of amenities, including two restaurants, 750 slot machines, a cafe, and 55 table games.
Lease Extension and Future Expansion
Notably, alongside the grant of the permanent license, the IGB also extended Bally’s Corporation’s lease at the Medinah Temple, ensuring the temporary casino can continue to operate until 2026. This extension affords Bally’s Corporation the necessary time to bring its vision of a permanent casino complex to fruition.
A Visionary Permanent Casino
The forthcoming permanent casino represents a substantial investment of $1.7 million and is set to be constructed on the site currently occupied by Tribune Publishing. This visionary establishment will not only house an impressive gaming floor featuring 173 table games and 3,400 slot machines but will also offer a luxurious 500-room hotel, a 3,000-seat theater for entertainment events, 11 dining establishments, and a versatile exhibition hall.
Economic Boost for Chicago
The economic implications of Bally’s Corporation’s expansion into the Chicago market are substantial. The city is poised to benefit from increased tax revenues generated by both the temporary and permanent casino sites. These funds are designated to bolster underfunded firefighter and police pensions. In the coming year, tax revenue from the Medinah Temple location is expected to reach approximately $35 million, with projections exceeding $200 million once the permanent casino facility opens its doors.
The approval of a permanent gaming license for Bally’s Casino is a monumental milestone for both the company and the state of Illinois. It signifies the continued growth and evolution of the gaming industry in the region, promising residents and visitors an unparalleled entertainment experience. As construction plans unfold, Bally’s Casino is poised to become a prominent destination, contributing to the vibrant gaming landscape in Chicago and beyond.
The Illinois Gaming Board (IGB) has taken a momentous step by granting Bally’s Corporation a permanent gaming license, signaling the company’s green light to establish a permanent casino in the state. This decision represents a significant milestone for Bally’s Corporation and marks a new era in the Illinois gaming landscape.
A Year-Long Journey
After a year-long waiting period, Bally’s Corporation’s bid for a permanent gaming license has been approved by the IGB. The company has been eagerly awaiting this moment, and their persistence has finally paid off.
Official Go-Ahead for Bally’s. The IGB’s decision, made in late October, gives Bally’s Corporation the official authorization to operate a “mega casino complex” on Chicago’s 700 W. Chicago Ave. This development will undoubtedly have a transformative impact on the city’s gaming and entertainment scene.
Sole Casino Operator in Chicago
Bally’s Corporation had previously secured the exclusive rights to operate Chicago’s sole casino throughout 2022. This allowed the company to commence operations at the Medinah Temple, situated at 600 N. Wabash Ave, back in September. The temporary casino at Medinah Temple offers an array of amenities, including two restaurants, 750 slot machines, a cafe, and 55 table games.
Lease Extension for Smooth Transition. The IGB’s decision also included an extension of Bally’s Corporation’s lease at Medinah Temple for an additional year. This extension will enable the temporary casino to continue serving patrons until 2026. Such an extension is vital for ensuring a smooth transition to the forthcoming permanent casino complex.
The Future of Bally’s Permanent Casino
The permanent casino complex represents a substantial investment, with an estimated value of $1.7 million. It is slated to be constructed on the current Tribune Publishing site. This state-of-the-art facility will not only house a wide variety of gaming options, including 173 table games and 3,400 slot machines, but will also feature a 500-room hotel, a 3,000-seat theater, 11 restaurants, and an exhibition hall.
Boosting City Tax Revenue
The economic impact of Bally’s Corporation’s presence in Chicago is significant. City tax revenues generated by both the temporary and permanent casino sites will provide much-needed funds for underfunded firefighter and police pensions. Over the next year, the Medinah Temple location is expected to contribute approximately $35 million in tax revenue. This figure is projected to skyrocket to over $200 million once the permanent casino facility opens its doors.
The granting of a permanent gaming license to Bally’s Corporation is a pivotal moment for the company, the city of Chicago, and the broader Illinois gaming industry. With ambitious plans for its permanent casino complex, Bally’s is poised to deliver a world-class gaming and entertainment experience that will attract visitors and bolster the local economy. As construction progresses and the casino complex takes shape, the anticipation and excitement among gaming enthusiasts and city residents continue to grow.
