Share
Bally’s Chicago is well on its way from Airbnb-ing its operations to moving into its own home.
Gaming and Leisure Properties, Inc. (GLPI), announced it finalized its purchase of a $250 million plot of land where it will build a permanent location for Bally’s Chicago. The casino currently operates out of Medinah Temple on the north side of the city.
Peter Carlino, GLPI’s CEO, released a statement about the purchase, calling it a “significant milestone.” Carlino said: “The completion of the Chicago land purchase is a significant milestone toward the development of Bally’s Chicago, which promises to be a must-visit destination casino resort property in the heart of Chicago.
We are pleased to be working with the Bally’s team, the host community and various stakeholders in Chicago to deliver a world-class entertainment center in the nation’s third largest metropolitan area.”
Bally’s Chicago will be a premier downtown destination
The land that GLPI purchased for Bally’s Chicago sits on a prime riverfront location.
Renderings of what the future Bally’s Chicago will look like are stunning. The property will include a casino and a hotel, both of which sit right next to the Chicago River.
The site was the former location of the Freedom Center, home to the Chicago Tribune’s publishing operations.
Bally’s (NYSE: BALY) brands the future property as a “destination casino, entertainment and hotel offering.” The property will cost more than $1.7 billion and is planned to include:
- 3,400 slot machines
- 173 table games
- 10 places to eat and drink
- Up to 500 rooms in its hotel
- A 3,000-seat entertainment center
- A 20,000-square-foot exhibition space
The company announced in July that it plans to open the casino in the fall of 2026.
New site could move Bally’s into its own revenue class
Bally’s temporary casino in Medinah Temple has been one of the state’s top revenue earners since it opened in October.
In August, it brought in the fourth-most revenue among the 15 casinos in Illinois. The property competes with Harrah’s Joliet for the third spot in the state’s revenue list and is often around $1 million behind Grand Victoria Casino.
With its new location, we’ll likely see Bally’s revenue surge past Grand Victoria and possibly approach $15 million. If it does, the casino will be in a separate revenue class: above Harrah’s Joliet and Grand Victoria and behind Rivers Casinos, which consistently brings in $40 million monthly.
