Bally’s closes deal with private investor for Chicago casino project
The company will have access to up to $500m in funds per the agreement.
Bally’s Corporation has completed its transaction with a Chicago real estate private equity firm to secure the 30-acre property that is currently home to Tribute Publishing Center. The investor acquired the land for $200m.
Bally’s entered a land lease agreement with the investor for the property, which is the future site of Bally’s Chicago casino.
Per the deal, Bally’s will lease the ground for a 99-year initial term. The company will have access to 10 separate renewal opportunities for 20 years each.
Bally’s can also request additional funding from the investor for its Chicago project for up to $300m.
Bally’s Chairman of the Board Soo Kim said: “We are excited to be partnering with one of Chicago’s leading real estate private equity firms as we progress with building our $1.7bn flagship property in the Chicago market.
“We continue to demonstrate our commitment to delivering a world-class entertainment facility that supports Chicago’s economy and community.”
Bally’s Chief Financial Officer Bobby Lavan noted that the deal was a key component in the company’s temporary casino development plan.
Lavan commented: “This transaction is an important step in our development plan for Bally’s Chicago as we continue to work towards opening the temporary casino in mid-2023.
“With this new real estate partnership, Bally’s has ample liquidity on hand to fund Bally’s Chicago without needing to access the capital markets.”
The company recently took another step forward with the project by signing a multi-project labor agreement (PLA) with both the Chicago & Cook County Building & Construction Trades Council (CCBT) and the AFL-CIO Building and Construction Trades Department.
Bally’s is a global casino and entertainment company that owns and manages 14 casinos in 10 US states. Its casino operations have a total of 5,300 hotel rooms, 500 tables games and more than 15,800 slot machines.
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