Bally’s secures $2.07bn for Chicago casino tower project via GLPI
The operator said it is on schedule to open the casino in September 2026.
Bally’s Corporation has signed a binding term sheet with Gaming and Leisure Properties to secure $2.07bn in funding for its ongoing Bally’s Chicago permanent casino and tower development.
Once completed, Bally’s Chicago 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.
The casino’s target opening date is set for September 2026.
Company Chairman Soo Kim commented, “Our agreements with GLPI fulfill the construction financing requirements, allowing us to bring the Bally’s Chicago permanent casino and entertainment complex to River North by the fall of 2026.
“We are delighted to continue our strong partnership with GLPI and to leverage its skilled resources and 30 years of experience developing and constructing successful gaming facilities. This is an amazing partnership that continues to pay strong dividends for both parties.”
GLPI Chairman and CEO Peter Carlino said the company is excited to team up with Bally’s on the project.
He went on to say, “We are appreciative of Bally’s trust in GLPI as its selected strategic financing partner. This is a natural extension of our corporate growth strategy to work closely with tenants and finance the construction of development projects, and to pursue built-to-suit partnerships in the gaming sector where we have experience and can contribute GLPI’s extensive, proven development and construction capabilities.
“Strategically, this is a means to grow our asset portfolio within the gaming sector that we know well and allows us to create value for our shareholders. We have strong confidence in Bally’s team and will be working hand-in-hand with Bally’s to bring this project to fruition on time and on budget.”
The deal falls in line with the Bally’s recently updated plans for the casino. Bally’s has unveiled new renderings for a 500-room, 34-story hotel tower that would be constructed in a single-phase, pending regulatory approval.
The hotel tower was previously moved to another location as part of a two-phase project but has now been relocated back to the former Tribune Publishing site.
Bally’s Corporation President George Papanier said, “We’ve been working hard in the background to restore the full hotel tower for Bally’s Chicago Casino and absolutely intend to meet the September 2026 opening date as planned.”
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