Bally’s, one of the biggest gambling and interactive entertainment companies in the United States, has secured funding for its $1.7 billion casino and hotel project in downtown Chicago.
The Rhode Island-based company reports that it has secured the additional $940 million needed to fully fund the project. Located in Chicago's River West neighborhood, the 30-acre property was previously the site of the Chicago Tribune printing plant, which is due for demolition.
Gaming and Leisure Properties, Inc. (GLP) entered a deal with Bally’s for the project, as the sports betting and entertainment operator is partnered with the Pennsylvania real estate investment trust to receive $2.07 billion in total financing transactions. GLP’s role is to buy, finance, and own the property while leasing it back to Bally’s.
The entertainment giant officially took possession of the property on July 5.
Project details and timeline
The current grand opening date for Bally’s Chicago Casino and Hotel is September 2026, all performed in a single phase instead of two, modifying previous planning operations.
Brandenburg Industrial Service Co. is the project's primary demolition contractor and is currently prepping the printing plant site. Chicago City Council has approved the casino plan, but Bally’s is still awaiting city approval for the hotel plan.
“With keys to the property in hand, the new financing secured, a site plan that exceeds the original and demolition set to start this summer, let there be no doubt that Bally’s Chicago Casino and Hotel will soon rise up along the Chicago River,” George Papanier, president of Bally’s, stated in a press release.
“We’ve been working hard in the background to restore the full hotel tower for Bally’s Chicago Casino and absolutely intend to meet the September 2026 opening date as planned.”
Chicago Community Builders Collective will serve as the project's general contractor and oversee executing the newly released plans for the hotel and relocating its original build to the other side of the site to avoid city water pipe obstruction next to the Chicago River.
The new hotel will feature a pool spa and sun deck along with a rooftop restaurant bar, courtesy of HKS Chicago, a hospitality and entertainment design service. The proposal also includes up to six restaurants, a 2-acre public park, and a 3,000-seat theater. The property will also have a 2,000-foot-long extension connected to the Chicago riverwalk.
