Operator News
US – Bally’s to complete on Freedom Center deal this month
By Phil - 14 November 2022
Bally’s Corp., has confirmed it expects to complete on the deal to buy the Freedom Center with current owner Nexstar Media Group this month for $200m, where it will build its Chicago casino.
Bally’s CFO Robert Lavan said: “We’re close and focused on a land sale-leaseback in Chicago, because we think that that’s a core part of the capital structure.”
Lee Ann Gliha, Nexstar’s CFO, added: “The transaction is expected to close later this month. The anticipated sale of one of our remaining real estate properties in Chicago for net cash proceeds of approximately $155m is expected to positively impact our fourth quarter.”
Chicago’s Bally’s Casino project includes a casino with 3.400 slots and 170 gambling tables; 3,000-seat theatre; an e 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.
The casino should generate US$200m a year in tax revenue which will help fund the police and fire pensions. Bally’s has committed to 60 per cent minority hiring for its nearly 3,000 jobs. Bally’s anticipates operating a temporary casino at the Medinah Temple. This was chosen due to its proximity to major transit and retail/hospitality corridors, as well as its ability to assist in the City’s post-Covid revitalization.
