Two investors advise against Soo Kim's Bally’s takeover bid

April 3, 2024
Leer en Español

They argue the bid could jeopardize the Chicago casino project.

A pair of investors have voiced concerns regarding Bally’s move to take the company private, according to a WBEZ Chicago local report.

Investors from K&F Growth Capital said Bally’s Chairman Soo Kim’s bid to build a new casino in the city should be rejected.

They went on to say in a letter to the company’s Board of Directors that Kim’s bid “jeopardizes the completion of the Chicago project, putting at further risk gainful employment and tax generation in Illinois.”

Bally’s is currently working to secure $800m for its latest casino project in River West.

K&F managing partners Dan Fetters and Edward King explained to local news that Chicago taxpayers, along with shareholders, would benefit more from Bally’s partnering with “a more experienced” and “high-end gambling company” to complete the remaining portion of the $1.7bn project.

Bally’s said it anticipates opening its permanent casino in Chicago by 2026.

Once completed, the venue will be home to 4,000 gaming positions, as well as to an exhibition hall, 500-room hotel, a 3,000-seat theater and 10 restaurants.

Along with the Chicago project, Bally’s is currently planning the construction of the new Oakland A’s baseball stadium. The structure would reside on the southern end of the Las Vegas Strip. The new venue would be able to seat between 30,000 and 35,000 fans.

The company recently closed Tropicana Las Vegas and has made plans to demolish the nearly 67-year-old casino in preparation for the stadium project.

Prior to demolition, the Tropicana site will undergo several weeks of preparation. The building will need to be cleared before taking down the structure.

Once demolition is complete, there will also be a multi-week cleanup process to prepare the site for the new stadium.


Product Spotlight


Things get unruly in the company of some fleecy characters in the new Konami Gaming’s new Unwooly Riches slot series.

The top 5 properties that changed Las Vegas

Regular Gaming America contributor Oliver Lovat joins Tim Poole on the Huddle to discuss his 5 properties that changed Las Vegas - giving every resorts an influence rating out of 10. The question is: do you agree?


Peter Schoenke - Sports betting is here... but fantasy sports keeps growing

Peter Schoenke joins Tim Poole on the Huddle to discuss all things fantasy sports. His brand, RotoWire, is at the intersection of the affiliate and fantasy worlds, generating revenue from subscriptions, providing APIs to operators and via affiliate marketing. We discuss:

Within the states of Florida and California, Tribal gaming finds itself in a fascinating position. In Florida, only the Seminole Tribe, and Hard Rock, can provide mobile sports betting, with continued legal challenges f...

Viewpoints: Discussing the use of player loyalty programs
Industry experts answer Gaming America's burning questions on all things related to Tribal operators and player loyalty programs, including Rymax, CasinoTrac, OIGA, Mohegan and Choctaw Nation of Oklahoma.
Sports betting regulation in Brazil: What can we expect?
Mattos Filho's Fabio Kujawski speaks to Gaming America about the uncertainty surrounding Brazil's roadmap to regulation and the need for a singular gaming authority.
Going private: Gaming's new standard?
A state of neo-IPO: Gaming America investigates, as more and more companies come off the public market.
Soloviev Group CEO: Moving to New York
The Soloviev Group, in collaboration with Mohegan, continues to wait on the NYGC for approval on its Freedom Plaza project. Gaming America spoke with Soloviev Group CEO Michael Hershman to learn more.