Bally’s Corporation, a leading US casino, sports betting, and entertainment firm, has announced a new partnership with a renowned real estate private equity group based in the heart of Illinois, Chicago. 

According to the agreement between the parties, the investor paid $200 million to acquire the 30-acre site of the Tribune Publishing Center.

The agreement will provide the operator with much-needed funds.

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Contract with a Prominent Investor

This location is where Bally’s planned to construct its forthcoming Chicago resort. Under the terms of the arrangement, the investor will lease the land back to Bally’s following the sale. 

The initial ground lease duration is 99 years. Following the agreement’s expiration, it can be extended ten times for 20 years, allowing Bally’s to possibly use the land for another 200 years.

The initial rental rate will give the investor an annual capitalization rate of 8.5%, which will decrease to 7% upon Bally’s receipt of certain developments and approvals. Furthermore, periodic rent increases are possible. 

Additionally, the investor promised to offer extra cash for the development of Bally’s Chicago business after certain building milestones are achieved. Once the operator achieves the set targets, the investor will contribute $300 million through the ground lease.

The contract also permits Bally’s to repurchase the land from the investor. This proposed transaction has a fixed capitalization rate for lease years four through eight. Bally’s may also be required to repurchase the land at a predetermined price if it fails to meet certain deal-related milestones.

Bally’s Gets the Necessary Funding

Bobby Lavan, chief financial officer of Bally, discussed the agreement. He called the present acquisition “an essential step” in the company’s development plans for the Chicago property. 

Lavan added that the group aims to open the $1.7 billion casino by the middle of 2023 if all goes according to plan. He determined that the new deal will provide the necessary funds for the venue’s operation without cutting costs.

Soo Kim, chairman of Bally, stated that his team is eager to shake hands with one of the city’s largest real estate private equity organizations. He believes that this arrangement illustrates how committed Bally’s is while working on world-class facilities. 

Bally’s Chicago is a big facility that the firm expects to open in 2023. It will be a massive entertainment complex with food sections, art and cultural exhibits, and high-end gambling opportunities. 

Visitors will have access to a broad array of gaming options, including a multitude of slot machines and table games. In other news, Bally’s just acquired a property on the Las Vegas Strip.

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