Bally’s Corporation has reiterated its dedication to the $1.7 billion permanent casino in Chicago, announcing that construction is progressing despite ongoing disputes with the city regarding video gaming terminals (VGTs).
Chairman Soo Kim highlighted that around 1,000 skilled tradespeople are currently engaged in the project, which is still on schedule for an early 2027 launch. He noted that the company has adjusted the sequencing of certain development elements.
This statement follows Bally’s announcement in August about a slowdown in the construction pace for non-gaming aspects of the project due to the city’s decision to permit VGTs.
Kim emphasized the purpose of the call was to reaffirm Bally’s commitment to Chicago and to address what he termed “inaccurate reports” suggesting that construction had halted or slowed down. “Construction continues every day, with approximately 1,000 skilled tradespeople working on the permanent Bally’s Chicago resort,” he stated.
Bally’s President and interim CFO George Papanier previously confirmed that the company plans to deliver the event center, 100 hotel rooms, and essential food and beverage facilities by early 2027, with the hotel ultimately designed to encompass 500 rooms.
In light of the potential effects of VGTs, the company is reassessing about 12% of other planned amenities, which include a 3,000-seat theater, 30,000 square feet of convention space, 10 dining establishments, and public green areas.
Papanier mentioned that the elements being “reset and re-contemplated” are in response to the spread of VGTs, which could lead to a revenue impact of 30% to 50%. He added that it would be “irresponsible” to proceed with construction until the implications of this new gambling landscape are fully understood.
Additionally, Bally’s fulfilled its annual community impact fee obligation of $4 million to Chicago on September 9, which consists of $2 million in direct and $2 million in indirect fees.
Chicago approved VGTs as part of its 2026 budget, expecting them to generate approximately $7 million annually in new tax revenue. Bally’s contends that its Host Community Agreement prohibits the city from allowing new gambling forms, while the city argues that VGTs are permissible under the Illinois Video Gaming Act.
Kim reiterated that Bally’s is “over-delivering” on its commitments to the city, urging investors to view the company’s actions as protective of their investment while adhering to contractual obligations. “And let me say this again – we remain fully committed to Chicago,” he affirmed.
In a separate development, Bally’s secured $560 million in financing from WhiteHawk Capital Partners for its $4 billion Bronx project and other corporate needs. This financing includes $400 million in term loan commitments and $160 million in delayed-draw commitments, expected to close in the third quarter of 2026, pending regulatory approval and customary conditions. The Bronx project is aiming for a 2030 opening.