Bally's begins investment search for Chicago casino, resort
Bally’s Corporation is now seeking investment for a 25 per cent equity stake in its upcoming Chicago casino and resort project. Bally’s Chicago has begun marketing the initial public offering and concurrent private placement of its own equity stake in the project, the company said.
The casino operator hopes to raise US$250m to go towards construction of the casino and resort, the Chicago-Sun Times reported.
Bally’s revealed in July that Gaming and Leisure Properties (GLPI) is to provide the business with up to US$2.07bn in funding to complete the construction of its redesigned permanent Chicago casino and entertainment complex.
The finished product would see around 3,300 slots, 173 table games and VIP gaming areas be housed in the casino.
A 500-room, 34-storey hotel tower would also be constructed alongside a 3,000-seat theatre, six restaurants, cafes and a food hall.
A two-acre public park has also been included in initial renderings of the site that Bally’s wants up and running in September 2026.
In September, GLPI completed the acquisition of the land on which the resort is to be constructed for $250m.
Chicagoans from diverse backgrounds could soon bet on Bally’s with stock in the city’s forthcoming megacasino.
Bally's to sell Chicago casino ownership stakes to women, minority investors
Bally’s on Monday announced its proposed terms for offering a collective 25% equity stake in its permanent River West casino, limited to prospective investors who are women or people of color, as required under the company’s host community agreement with the city.
The company plans to offer investment stakes of $250 to $25,000 to raise a total of $250 million toward funding construction of the $1.34 billion casino and resort at Chicago Avenue and Halsted Street, slated to open in September 2026.
Terms of the initial public offering are still awaiting final approval from the U.S. Securities and Exchange Commission.
Individual investors "must be a woman or a minority,” according to an investor presentation from Bally’s, while other investing entities "must be controlled by women or minorities.”
That includes investors who are Black, American Indian, Asian American, Hispanic, Arab American or who come from other groups "found by the City of Chicago to be socially disadvantaged by having suffered racial or ethnic prejudice or cultural bias within American society,” according to the presentation.
https://chicago.suntimes.com/casinos-gambling/2024/12/30/ballys-chicago-casino-minority-women-ownership-stock-shares