Bally’s pursues casino projects in Las Vegas and Chicago

Bally’s pursues casino projects in Las Vegas and Chicago

Bally’s Corporation is proceeding with two big projects in two distinct U.S. states, including the Tropicana purchase in Las Vegas, Nevada, and Chicago‘s first casino project in Illinois.

Bally's Corporation

Two Major Casino Deals Finalized This Year 

On the Nevada front, the business revealed that it will finalize the $308 million deal with landowner Gaming and Leisure Properties, which was announced in April of last year, by the end of September. The Nevada Independent reported that Bally’s management said on its second-quarter results conference call last week that the 34-acre south-Strip property would not be redeveloped until far into 2023.

In January, Bally’s chairman Soohyung Kim said that the business will consider a variety of alternatives, including the venue’s destruction. Additionally, he said that the property would likely be redesigned and renamed “Bally’s.” This has been done with 13 of the company’s 14 casinos, including the facility previously known as Tropicana Evansville in Evansville, Indiana.

The Oakland Athletics, a Major League Baseball club headquartered in California, have been searching for a site for a new stadium in both Oakland and Las Vegas, and executives have visited Las Vegas many times to study options. 

The site now occupied by the Tropicana Las Vegas Hotel & Casino would also remain on the table as one of the choices. However, A’s leadership has said that a decision on a new home is desired this year. In August of last year, Gaming and Leisure Properties said that it was in discussions with Bally’s considering the “potential for additional assets” on the 35-acre site. Bally’s has ties to the MLB via the Sinclair television network.

Regarding the acquisition, Bally’s said that it would pay GLPI $10,500,000 yearly to lease the property for 50 years, subject to annual increases. Bally’s acquisition of the site is pending Nevada gaming authorities’ clearance. The subject is not presently planned to be discussed this month.

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Application for a Chicago Casino with the Illinois Regulator

Bally’s submitted its proposal to establish the first casino in Chicago to the Illinois Gaming Board on Wednesday, and the application was posted on the board’s website on Thursday morning. In addition to practical concerns, there has been opposition to repurposing the 110-year-old Medinah Temple, a Chicago landmark since 2001, as a temporary casino.

The Commission on Chicago Landmarks conditionally approved the design on August 5, stating that it “would not have a negative impact” on the historic site.

Additionally, according to City authorities, Bally’s must still get liquor and zoning permissions before the temporary casino can begin. For permanent casino clearance, Bally’s must also overcome the Chicago Plan Commission and continuous local resistance. 

The River North Residents Association, which represents over 23,000 individuals living in the vicinity of the planned Bally’s location, is requesting substantial modifications to the design. In May, the Chicago City Council voted 41 to 7 in favor of approving Bally’s Corporation’s casino proposal, which beat Hard Rock and Rush Street Gaming.

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.