IPO announced at Bally’s Chicago

The funds raised by the offering will go towards funding Bally’s permanent Chicago casino.  

Bally’s Chicago has announced an initial public offering (IPO) and parallel private placement of its equity ownership interest to help raise additional funds for the development of its new casino and resort project in the windy city.  

A 25% equity stake offering in the Chicago casino and resort project has been announced by Bally’s, with Loop Capital Markets acting as the lone Placement Agent. As per this recent announcement, the operator has invited prospective investors to acquire additional information about the offering via the Bally’s website. 

Now, a registration statement, which includes a prospectus, has been filed with the US Securities and Exchange Commission by Bally’s. But, it has yet to come into effect. This currently leaves the public offering in its proposal phase, meaning that any offers cannot be accepted until the registration statement becomes confirmed.  

Good to know: Bally’s reported a net loss of almost $247.9m during Q3 2024 

After questions were raised surrounding the nature in which Bally’s obtained its Chicago license last December, the organization went on to secure $2.07bn for its casino tower project in the city via GLPI in July. Now, it would appear that the operator has set up this latest offering to obtain additional funding for the project. 

Further, this latest news comes in the wake of an agreement that will see Bally’s merge with The Queen Casino & Entertainment. Subsequently, the company offered its stockholders the opportunity to remain invested in the company rather than receiving a per share cash merger consideration, unveiling a new rollover election period earlier this month.  

Most recently, Bally’s and GLPI completed the sale lease-back deal of two properties; Bally’s Kansas City and Bally’s Shreveport.  

Will Underwood

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