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Even though Bally’s Casino has not yet opened its doors for business, it has already started contributing financially to Chicago. In accordance with its agreement to build a casino in River West, Bally’s recently made a $40 million payment to the city.
Bally’s funding will help Chicago address its shortfall in the fire and police pension funds. Mayor Lori Lightfoot quickly released a statement thanking Bally’s for their assistance.
The first payment made by the casino demonstrates Chicago’s investment in the future pensions of its public safety professionals, showing the city’s appreciation for its dedicated employees. The Chicago Casino is expected to bring in significant revenue in the years ahead, with a large portion earmarked specifically for pension funds.
Critics have pointed out that the $40 million allocated is only a small portion of what is necessary to address the city’s pension problems. They also emphasized that future leaders will have to find more money to address the shortfall.
In any case, the new multi-purpose property will be a standout addition to the flourishing casino industry in Illinois.
Bally’s Chicago on the way
Bally’s successfully won the bid to build a casino in Chicago, narrowly beating out competitors Hard Rock International and Rush Street Gaming.
Lightfoot concluded that Bally’s did not have any other casino investments in the Chicago region. Furthermore, they were the only company willing to quickly provide a $40 million check.
Bally’s will generate up to 6,000 temporary and permanent jobs through the project. Furthermore, the company will invest in enhancing the local infrastructure to reduce traffic congestion.
Bally’s has pledged to provide the city with $4 million annually, with the casino expected to generate $200 million in tax revenue per year.
A temporary casino is scheduled to open on Wabash Avenue in mid-2023, offering a variety of up to 800 slot machines and table games.
The Bally’s casino bid was given the green light by the Chicago City Council in May with a 41-7 vote.
At present, the Illinois Gaming Board has the authority to make decisions. If the board approves the company’s proposals, Bally’s will be granted a casino license by the board.
The big Bally’s bet
The upcoming land-based casino will be located on Grand Avenue, adjacent to the north branch of the Chicago River. The site also houses the Tribune Freedom Center printing plant, occupying a 30-acre parcel of land.
The estimated cost of the Bally’s casino project is $1.76 billion, with $40 million designated as an “impact fee” during negotiations.
Bally’s Chicago will feature 3,400 slot machines and 173 table games, along with 10 dining options and a 500-room, 5-star hotel tower offering stunning river views.
Furthermore, there is a 3,000-seat indoor entertainment venue as well as an outdoor music space with seating for up to 1,000 people.
The casino is scheduled to open in late 2025, assuming all goes according to plan.
