Bally’s Completes IPO for New Chicago Property
Bally’s Corporation has completed the first initial public offering (IPO) for its new permanent land-based casino property in Chicago.
The community investment program allows non-accredited local residents to invest in the project and share in ownership. The opening round drew almost 1,800 unique shareholders, including 1,007 Chicago residents among 1,573 Illinois-based shareholders.
Bally’s intends to run additional rounds of placements to draw further support for the Bally’s Chicago casino and resort project.
“Bally’s delivers on an innovative way to do public-private partnerships,” the group said in a statement. “This goes a long way to fulfilling our commitment to the City of Chicago.”
What to Expect at Bally’s Chicago
Plans for the new $1.6 billion Bally’s Chicago venue were approved in May 2022, with work beginning in 2024. Bally’s hopes to complete construction soon and open the new venue in 2026.
Once open, phase one will see the venue contain 2,700 slot machines and 95 table games. It will also feature a suite-only hotel and outdoor music venue with space for 1,000 people.
Phase one is expected to cost $1 billion, with a further $600 million to be invested in phase two. The latter will include additional hotel rooms, indoor venue and exhibition space.
Bally’s is currently operating a temporary venue out of the former Medinah Temple site in Chicago. The location opened in September 2023 and will remain in operation until the permanent location opens.
