New plans for Bally's Chicago casino have been published, and $2.07 billion will be put up by Gaming and Leisure Properties Inc (GLPI).
Casino Bally in Chicago
The Chicago River site will have a 34-story hotel tower with 500 rooms and a Bally's casino, according to new renderings. Just past week, Bally's bought out Tribune Publishing from their 30-acre property.
The demolition site is currently being prepared by Brandenburg Industrial Service Company, the contractor hired for the project.
This new development follows earlier this year's relocation of the hotel tower to a location south of the casino, which was done to prevent damage to the city's water pipes. The Chicago Department of Planning and Development must yet approve the plans.
If approved, the Bally's Chicago Casino hotel will have 3,300 slot machines, 173 table games, and VIP gaming rooms in addition to a pool, spa, fitness centre, sun deck, and rooftop restaurant and bar. The property amenities will also feature a public park, eateries, cafes, and a food hall.
Approximately 3,000 construction jobs and another 3,000 casino positions will be created when the venue opens, according to Bally's.
The September 2026 opening date remains Bally's target.
The Chicago City Council chose Bally's to construct a resort in the city more than two years ago.
After competing with Rush Street Gaming and Hard Rock, Bally's was able to secure the downtown Chicago project in May 2022. Additional proposals from Rush Street and Bally's centred on different venues, but they were subsequently discarded.
Opening the site by September 2026 has been a commitment throughout the planning process for Bally's. This date is still very much within reach, according to Bally's president George Papanier.
"Establishing Bally's Chicago Casino and Hotel along the Chicago River will soon be a reality with keys to the property in hand, the new financing secured, a site plan that exceeds the original, and demolition set to start this summer," Papanier stated.
The concept was also praised by Christopher Jewett, Bally's senior VP for business development. Specifically, he is pleased with the hotel tower's updated appearance.
All 500 hotel rooms are delivered upfront as part of a single-phase development plan, all vital infrastructure is protected, and the grandeur of our much-anticipated permanent casino development is elevated in the updated site design for Bally's Chicago, according to Jewett. "We are excited to collaborate with the city authorities in order to have our updated site plan approved."
GLPI's dedication to the Chicago project is certain
Real estate investment trust GLPI has confirmed that it will assist in funding the development, which coincides with the publication of the updated graphics.
For this project, Bally's and GLPI have signed a legally binding term sheet deal for $940 million (£725 million/€863 million). GLPI has stated that it anticipates funding Bally's to the tune of $2.07 billion in total, thanks to these and other financing deals.
To break this down, a revised master lease agreement will cover the initial $940 million. The rental for this will be $20.0 million per annum and will begin with a 15-year term with the option to renew for specific periods.
Also included in the legally binding term sheet are provisions enabling GLPI to purchase or lease back specific real estate holdings that support Bally's Kansas City in Missouri and Bally's Shreveport in Louisiana. The total consideration will be $395 million, with $32.2 million going towards the first year's rent.
Last but not least, Bally's plans to revise its contribution agreement with GLPI and restates its decision to sell or lease back Rhode Island's Twin River Lincoln property to GLPI. The estimated $735 million in proceeds are expected to be collected by the end of 2026. As of October 2026, GLPI will have the option to request regulatory clearance to call the Lincoln acquisition.
In order to offer a better project in a more effective manner, Papanier announced that GLPI has committed to finance the full development in one step.
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