Bally's Chicago casino initiative receives city council endorsement
The Chicago city council has approved the necessary zoning modifications for the proposed $1.7 billion Bally's casino facility, advancing the project forward.
Illinois April
The 39-5 decision on Wednesday approving the modifications at the site adjacent to the Chicago River at Halsted Street in the River West section followed the previous endorsement of the plans by the city’s planning commission, which advises the city council on significant developments.
The proposed building, supported by Chicago Mayor Lori Lightfoot, will include a casino with 3,400 slot machines and 170 table games, a 3,000-seat theatre, a 20,000 square foot exhibition centre, a riverwalk, green space, and a 500-room hotel.
Last month, Bally's executed a $500 million sale-leaseback transaction for the property.
Bally's Chicago licence
The sole remaining obstacle for development is a licence from the Illinois Gaming Board, although it is anticipated that the new facility will open in 2026.
Bally's would own exclusive rights to operate a temporary casino for a duration of up to three years at the Medinah Temple building in the River North district, pending the construction of the permanent River West complex. The provisional casino is anticipated to commence operations next year.
Proponents of the development assert that the project will provide 3,000 construction jobs and an additional 3,000 permanent positions, along with $200 million annually in tax revenue for the city.
Nonetheless, the agreement has encountered resistance from certain local organisations.
Mayor Lightfoot has previously stated that, in the absence of revenue from the planned casino complex, Chicago would need to implement a substantial property tax increase to stabilise police and fire pension funds.
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