Bally’s has emerged as the preferred bidder following Chicago’s request for proposals process for the construction and operation of a casino resort in the city, defeating competition from Hard Rock and Rush Street Gaming. The city had previously sought bids from Hard Rock and Rush Street Gaming.
Bally’s Chicago expected to generate in excess of $800m per year
An upfront payment of $40 million, as well as yearly payments to the City totalling $4 million, are included in the proposal from the operator, which confirms that it ”provides the highest economic value.” Furthermore, the project is estimated to produce in excess of $800 million per year in revenue while also providing 3,000 construction jobs per year and an additional 3,000 permanent employment after it is completed. As part of its commitment to ”leveraging the diverse capabilities of its Chicago-based partners,” Bally’s Chicago is also offering a Community Investment Program, which reserves 25 percent of the equity in the property with matched financing in order to allow hundreds of investors from underrepresented communities to own a piece of the action.
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Corporate Notes
Soo Kim, the Chair of the Bally’s Board of Directors, states that the company would like to express its gratitude to Mayor Lightfoot and her staff for completing a rigorous, but fair, RFP process and for selecting Bally’s Chicago as the chosen bidder for the city’s casino project. Bally’s Chicago, according to their vision, will be of the people, by the people, and for the people of the city of Chicago.
Because Chicago is such a distinctive and vibrant city, it is deserving of a world-class gaming and entertainment destination that stimulates the local economy, employs local workers, generates multigenerational wealth for minority investors, and showcases the best of what the city has to offer to visitors.
The casino will feature 3,400 slots and 170 table games
The $1.7 billion casino, entertainment, and hotel complex, which will be dubbed ”The Best of Chicago,” will feature 3,400 slots and 170 table games, as well as a 3,000-seat theater, exhibition experience, sports museum, Riverwalk extension with a water taxi stop, 500-key hotel tower, outdoor park, outdoor music venue, amenity terrace with a large pool spa, fitness center, and sun deck, and six restaurants, cafes, and a food hall, among other amenities.
