Bally’s Corporation nearing Freedom Center site deal for $200m
The company plans to perform a land sale-leaseback and use the funds for a Chicago Casino.
Bally’s Corporation is expected to close the $200m deal with Nexstar Media Group, the company that currently owns the location, by the end of November.
Last month, Bally’s exercised its option to buy the Freedom Center printing plant site. The company plans to use the site to build its Chicago casino after it sells the 30-acre property in River West.
The funds received from the sale of the property will be used to build the $1.74bn casino complex.
Bally’s CFO Robert Lavan commented: “At the same time, 15% of workers surveyed came directly from jobs in the casino industry. Finally, a small number of workers were hired into their first job.”
Nexstar CFO Lee Ann Gliha referenced the sale during an earnings call for the company on Tuesday, although she didn’t mention the Freedom Center by name.
Gliha added: “Also expected to positively impact our fourth quarter is the anticipated sale of one of our remaining real estate properties in Chicago for net cash proceeds of approximately $155m.
“The transaction is expected to close later this month.”
The spokesman for Nexstar, Gary Weitman, declined to comment on the sale of the Freedom Center.
The Nexstar Media Group purchased the site in 2019 as part of its purchase of Tribune Media for $4.1bn. Back in 2018, Tribune Media received approval for a planned multiuse development at the site including offices, a hotel and residential units.
Earlier this week, Bally’s Chairman Soo Kim confirmed the sale price of $200m and said the deal is expected to close by Thanksgiving.
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