Operator News
US – Bally’s looking to float ownership of future Chicago casino
By Phil - 9 May 2023
Bally’s Corporation is looking to float the ownership of its future Chicago casino, having confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission.
Bally’s was selected to be the recipient of its sole casino licence and the developer to create a world-class casino-resort and entertainment experience in Chicago on the site of the Tribune Publishing Center.
The draft registration statement relates to the proposed initial public offering of ownership interests of Bally’s Chicago, Bally’s planned resort and casino in Chicago, Illinois. The ownership interests would be offered to residents of the City of Chicago that satisfy the qualification requirements in the Host Community Agreement between Bally’s Chicago and the City of Chicago.
The company said: “The number of ownership interests to be offered, the terms thereof and the price range for the proposed offering have not yet been determined. The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions.”
Bally’s is believed to be close to finalising a deal with the Chicago Tribune’s parent company to move the paper’s printing plant out of the Freedom Center along the Chicago River, as it looks to develop a casino and entertainment complex on the site.
Bally’s will have to buy out the remainder of the paper’s lease for the printing facility. The plant sits on the 30-acre riverfront site that a Bally’s venture bought late last year for $200m with a plan to redevelop the property into a 1m sq. ft. casino.
The operator is hosting a job fair on May 20 at Credit Union 1 Arena on the University of Illinois Chicago campus to fill over 700 positions, including game dealers, slot attendants, and security guards.
The proposal from Bally’s entails a $1.7bn casino project and hotel on a portion of the current industrial Tribune Publishing Center. This includes a 3,000-seat theater; an Immerse Agency exhibition experience; an extension of the Riverwalk; pedestrian bridge; a 500-room hotel tower; an outdoor park; an outdoor music venue; an amenity terrace featuring a large pool spa, fitness center and sun deck; and six restaurants, cafes and a food hall. The casino will offer space for 3,400 slots and 170 table games. Bally’s Corporation projected the development will add more than 3,000 construction jobs annually and 3,000 permanent casino jobs.
Bally’s provided a $40m upfront payment at the time of the signing of the Host Community Agreement along with $4m annually per year thereafter.
