Bally’s Chicago falls short of revenue projection in 2023
The temporary casino at Medinah Temple turned a profit of nearly $30.4m from its opening.
Bally’s Chicago casino, located at the Medinah Temple, in River North has failed to reach the revenue estimates set out for its first few months of operation.
Bally’s revenue fell short of the former Mayor of Chicago Lori Lightfoot’s revenue estimate for the opening months of the casino, between mid-September through the end of December, with less than a quarter of the $12.8m in casino revenue Lightfoot’s budget team had estimated, actually being made.
In all a profit of nearly $30.4m was made, with about $3.1m of that going to the city, which is designated for the city’s police and firefighter pension funds.
Factors such as the temporary casino opening three months later than what Lightfoot had aimed for, delayed marketing efforts and limited hours of operation have been underlined as factors behind the returns.
Bally’s Chicago General Manager Mark Wong said: “Bally’s continues to build its relationship with Chicago gaming customers by offering our guests new and convenient ways to visit the property.
“We’ve added free parking, new promotions, and expanded hours to meet customers’ expectations. In December we saw our highest attendance and revenues to date.”
Mayor Brandon Johnson said: “We are pleased that Bally’s Chicago Casino has experienced positive revenue numbers at its temporary facility by the end of 2023.
“The revenue growth is a positive sign for both the casino and the city of Chicago. Economic contributions from such establishments play a crucial role in boosting the local economy, creating job opportunities, and enhancing the overall business environment.”
The casino is expected to remain at its temporary location through September 2026, while the permanent location is built at Chicago Avenue and Halsted Street.
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