Bally’s Corporation is proposing an ownership slice in its new Chicago casino to some city residents.
Bally’s Chicago and the city of Chicago signed the Host Community Agreement. The ownership interests would be offered to Chicago residents that satisfy the qualification requirements of the agreement.
The deal stipulates that minorities or minority-owned and controlled businesses must hold at least 25% of the project’s equity. As stated on the Bally’s Chicago project’s website, that would include:
“Philanthropists, business owners, sports stars, celebrities and everyday Chicagoans from the Black and Latino communities, as well as other ethnic and gender representation.”
Details of Bally’s Chicago casino ownership proposal are still unknown
The company announced via press release it had submitted a draft registration statement to the Securities and Exchange Commission (SEC). Confidential for now, the Form S-1 statement allows the SEC and Bally’s to negotiate terms before making details public. This draft registration statement relates to the proposed initial public offering of ownership interests of Bally’s Chicago.
But details of the proposal, the price range, and whether shares will be sold to non-minorities are still unknown. A Bally’s press release cites:
“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.”
What is known, however, is that the Bally’s proposal got the backing of Mayor Lori Lightfoot last year. Lori made Bally’s the city’s sole casino license recipient at the Tribune Publishing Center.
Bally’s Chicago is a $1.7+ billion resort and casino that will replace the Chicago Tribune printing plant at 777 W. Chicago Ave. by 2026. Making way for a Chicago casino, Bally’s will reportedly buy out Tribune’s lease on the property.
Bally’s began hiring for its temporary Chicago casino
Bally’s is building a temporary casino in Chicago’s Medinah Temple, 600 N. Wabash Ave. If everything goes according to plan, the temporary casino location will work 24/7 offering food and beverage services, 50 gaming tables and 800 slot machines.
The company has started the hiring process for multiple open positions. Bally’s is looking for people experienced in various branches, including:
- Human resources
- Public relations
Bally’s website states that the company promises “great salaries, benefits and advancement opportunity.”
The initial plan was to have the temporary casino location ready by August. But there have been no official updates since February.