Bally's Corporation has announced that the construction of its permanent casino in Chicago is advancing as planned, with the $1.7 billion project set to open in early 2027.
During an eight-minute conference call on Monday, Chairman Soo Kim and Wanda Wilson, chair of the Bally's Chicago board, addressed concerns regarding the construction timeline that had been raised in recent reports, as noted by Chicago Construction News.
Kim reaffirmed the company’s dedication to the project, clarifying that construction is ongoing. “There have been misleading reports suggesting that construction has halted or been paused,” he stated. “Work is progressing daily, with around 1,000 skilled tradespeople currently involved in building the permanent Bally’s Chicago resort.”
This announcement follows Bally's decision in August to reevaluate the timeline for certain non-gaming aspects of the project after the city legalized video gaming terminals (VGTs).
In July, Bally's informed the city that the legalization of VGTs constituted “a breach of the terms and economic commitments outlined in the host community agreement we established with Chicago.” Subsequently, the company communicated to its contractor that it was reassessing the schedule for some non-gaming features.
“Bally's took these steps because our obligations are clear,” Kim explained. “We are committed to safeguarding our investors, maintaining the value of Bally's Chicago, and ensuring that the commitments underpinning this investment and our agreement with the City of Chicago are upheld.”
The casino is being constructed at 560 W. Grand Ave., on the site of the former Chicago Tribune Freedom Center. In April, Bally's installed the final structural beam for the casino and hotel complex.
The revised construction plans were discussed during a Chicago City Council License Committee meeting on September 9.
George Papanier, Bally's President and Interim CFO, indicated that the resort is anticipated to open with an event center, 100 hotel rooms, and the necessary food and beverage services as stipulated in the project agreement. Ultimately, the hotel is expected to expand to 500 rooms.
Approximately 12% of the planned amenities for the development are under review due to potential impacts from VGTs on casino revenue. This includes additional hotel capacity and various entertainment and hospitality options.
Bally's has emphasized that this review pertains to the sequencing of facility delivery rather than a halt in construction.
The company also intends to provide tours of the construction site for investors and shareholders to keep them updated on the project's progress.
Initially, the casino was slated to open in 2026, but the timeline has since shifted to spring 2027. Work continues on the main components of the resort while the company determines the timing for the completion of the remaining non-gaming facilities.