Bally's has achieved a significant construction milestone in its permanent casino project in Chicago by installing the final structural beam. The company has reiterated its commitment to opening the $1.7 billion facility in early 2027.
This ambitious project spans 30 acres on the site of the former Chicago Tribune Freedom Center. Initially slated to open in 2025, the timeline has been extended due to various delays.
During the topping-off ceremony, Bally’s Corp Chairman Soo Kim remarked, “It’s like the end of the beginning.” He acknowledged the numerous unforeseen delays but expressed satisfaction with the current progress, stating, “A thousand people working on-site — I can’t believe how fast we’re building now. So we feel good that we’ll be open early next year.”
The development is projected to generate approximately 3,000 permanent jobs and will feature 3,400 slot machines, 173 table games, a hotel with 500 rooms, a 3,000-seat entertainment venue, and various dining options, establishing it as a prominent riverfront attraction.
Chicago Mayor Brandon Johnson highlighted the potential economic benefits of the completed complex, predicting it could bring in over $100 million in new annual revenue, which would aid in budget management for the city.
Despite its promise, the project faces ongoing regulatory, financial, and competitive hurdles. According to current state regulations, Bally’s must close its temporary casino at Medinah Temple by early September, three years after its opening. However, a proposed bill in Illinois could extend its operation for an additional year if approved by lawmakers before the end of May.
Kim expressed confidence about the situation, stating, “We’re not concerned. I think everyone knows it makes sense to do, so we’re confident that we’ll have good outcomes in Springfield.”
So far, the temporary casino has generated $311.6 million in revenue, contributing $46.9 million in state taxes and $38.2 million to the city, although these figures have fallen short of earlier expectations.
The permanent project has encountered delays due to issues such as redesigning to protect water mains, securing $940 million in financing, and a two-week work stoppage related to a subcontractor's ties to a waste hauler with alleged mob connections.
Additionally, the expansion of video gambling terminals throughout Chicago could intensify competition for Bally’s, as the city has permitted such machines in bars and other venues, with at least 231 establishments applying for licenses.
Despite these challenges, Kim believes the final project will be a standout in the region, stating, “This is a game changer. There’s nothing like this in the Chicagoland area. There’s nothing like this for a long ways.”