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.
