Bally's Announces Construction And Financing Arrangement For Bally's Chicago Casino

RTTNews | 312 days ago
Stocktwits
Bally's Announces Construction And Financing Arrangement For Bally's Chicago Casino

(RTTNews) - Casino-entertainment company Bally's Corp. (BALY) announced Friday a refreshed Bally's Chicago Casino permanent site plan that features a planned 500-room, 34-story hotel tower into a single-phase construction project at the 30-acre former Tribune Publishing site, pending approval of the Chicago Department of Planning & Development.

In new renderings released now, the future Bally's Chicago Casino will feature its hotel tower on the southern end of the casino development nearest Ohio Street along the Chicago River. The hotel tower will include a large pool spa, fitness center and sun deck, as well as a rooftop restaurant bar to enjoy the Chicago skyline.

Additionally, Bally's and Gaming and Leisure Properties, Inc. (GLPI) entered into a binding term sheet for $940 million construction funding facility for the Chicago project, along with other financing transactions, that together Gaming and Leisure expects to fund $2.07 billion to Bally's.

Bally's and Gaming and Leisure Properties will jointly develop Bally's Chicago Permanent Casino and Entertainment Complex that is targeted to open in September 2026.

Gaming and Leisure and Bally's have agreed to a strategic alliance on the Chicago casino and hotel tower construction development.

The renderings of the improved site plan were prepared by HKS, a global design firm with an office in Chicago. The Chicago Community Builders Collective (CCBC), a minority-led construction partnership, is poised to implement the improved site plan and bring the Bally's Chicago Casino vision to life.

Apart from the funding agreements with Gaming and Leisure Properties, Bally's will fully fund the development expenditures necessary to complete the project with certain proceeds from expected Sale Leaseback Transactions, the planned, previously announced, initial public offering of Bally's Chicago, Inc., and Bally's financial resources including cash flows from operations.

Tags: BALY GLPI
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