Bally’s Reaffirms Chicago Casino Plans And Secures $560 Million For Bronx Project

Bally’s Corporation has reiterated its commitment to completing its permanent Chicago casino despite a dispute over video gaming terminals (VGTs), while separately securing $560 million in financing to advance its Bally’s Bronx resort in New York.

Chairman Soo Kim said construction at the Chicago development continues daily, rejecting reports suggesting work had stopped or substantially slowed. Around 1,000 tradespeople are currently working on the permanent resort, which Bally’s maintains remains on schedule to begin opening in early 2027.

However, the company is reconsidering the sequencing of some non-gaming elements amid concerns that the expansion of VGTs across Chicago could reduce future casino revenue.

Bally’s Reassesses Chicago Amenities Amid VGT Concerns

Bally’s first announced in August that it was resetting the pace of construction on certain non-gaming components following Chicago’s decision to legalise VGTs.

“Construction continues every day, and there are approximately 1,000 skilled tradespeople working on the construction of the permanent Bally’s Chicago resort,” Kim said.

“Investors should view our actions through a straightforward lens: We are protecting the value of significant investments we’re making in Chicago while faithfully executing our contractual obligations.

“And let me say this again – we remain fully committed to Chicago.”

Bally’s President and Interim Chief Financial Officer George Papanier previously told Chicago officials that the company expects to deliver the casino's event centre, 100 hotel rooms and required food and beverage facilities in early 2027. The completed resort is ultimately planned to include 500 hotel rooms.

Approximately 12% of the project's other planned amenities are being reassessed as Bally’s considers the potential impact of VGT expansion. The Illinois Gaming Board has reportedly approved 65 VGT licence applications in Chicago since their legalisation.

Papanier warned that widespread VGT proliferation could eventually reduce the casino's top-line revenue by between 30% and 50%, although this represents Bally’s own projection rather than a confirmed impact.

Chicago Project Has Faced Series Of Delays

Bally’s secured Chicago's sole casino licence in 2022 but the permanent development has subsequently faced several challenges, including construction interruptions, changes to its hotel design and an $800 million funding gap that was ultimately addressed through an agreement with Gaming and Leisure Properties.

The company is currently operating a temporary casino at Medinah Temple while construction of the permanent resort continues.

Bally’s received another extension for its temporary operation earlier this year through provisions included in Illinois' omnibus revenue legislation, avoiding the possibility of having to close Medinah Temple before the permanent property was ready.

Uncertainty surrounding Chicago has also weighed on Bally’s shares, which had fallen approximately 30% over the previous month. The company's stock recovered by around 7% on Monday following Kim's update.

Bally’s Secures $560 Million For New York Development

Alongside its Chicago update, Bally’s announced $560 million in new financing from WhiteHawk Capital Partners to support the development of its planned Bally’s Bronx casino resort and provide additional liquidity for general corporate purposes.

The funding is expected to close during the current quarter and will support pre-construction work on the $4 billion New York development.

“This important financing allows us to progress the pre-construction planning process so that we are ready to complete the remainder of the capital raise and remain on schedule,” Kim said. “Furthermore, the additional liquidity provides us greater flexibility for other capital opportunities.”

Bally’s was one of three companies awarded a New York City casino licence last year, alongside Resorts World New York City and Hard Rock's Metropolitan Park.

Its application envisaged construction beginning around eight to nine months after licensing, with the Bally’s Bronx resort currently targeting a single-phase opening in 2030.