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Bally’s Corporation has officially announced on Monday that it has completed the acquisition of a 30-acre property in Chicago for $200 million. The purchase is now finalized.
Bally’s plans to build a cutting-edge casino in Illinois on a River West property owned by Nexstar Media Group in Dallas, the owners of the Chicago Tribune. The property, called the Freedom Center, is conveniently located at the intersection of Chicago Avenue and Halsted Street.
In Monday’s announcement, Bally’s gaming corporation revealed that they will not retain ownership of their property for an extended period. Instead, they intend to sell the land and then lease it back. This leasing strategy, as opposed to outright ownership, will enable the corporation to release capital for their ambitious casino project.
In simpler terms, the “ground lease” allows Bally’s to build its $1.7 billion casino at Freedom Center, even though they do not own the property.
Bally’s chairman Soo Kim announced on Monday the company’s excitement about partnering with a leading Chicago-based real estate private equity firm. Kim emphasized the importance of this partnership in advancing the development of their $1.7 billion flagship property in the Chicago market. Kim stated, “Our dedication to creating a top-notch entertainment facility is clear, which will undoubtedly have a positive impact on both Chicago’s economy and community.”
Millions spent ahead of the Chicago casino land purchase
Bally’s paid $40 million in advance to secure a casino license ahead of other potential purchasers.
Mayor Lori Lightfoot of Chicago allocated funds from the Bally’s bid to avoid a property tax hike before the election, as well as to bolster the city’s police and fire pension fund. The Chicago City Council approved this decision with a 41-7 vote.
Bally’s Chicago Casino’s completed project is anticipated to have a major influence on the riverfront, but it will not be open to customers until 2026. The proposed features include:
- 3,400 slots
- 170 table games
- 10 restaurants and bars
- A hotel tower featuring 500 rooms and a rooftop bar.
- A large riverwalk open to the public with a designated water taxi stop.
- A 65,000 square foot entertainment center with seating for 3,000 people.
- There is a 20,000-square-foot exhibition, an outdoor music venue, and a green space outdoors.
Printing press and poker together … maybe
The acquisition of land for Bally’s Chicago casino has the potential to cause a major pause in development in the Windy City.
For the last 41 years, the Freedom Center has served as a central printing facility for a variety of publications, such as the Chicago Tribune, New York Times, and Wall Street Journal.
According to a report by Robert Channick of the Tribune, the company has chosen to renew its lease at the Freedom Center printing plant for an additional 10 years. The current lease, set to expire in June 2025, will now be extended.
Printing can continue during the $1.7 billion casino project because the owners have a 30-acre space available for use.
Channick explained to the audience that Bally’s has the authority to move Tribune operations to a different location, which could potentially lead to Nexstar moving its printing operations to an inactive facility in Milwaukee.
Bally’s temporary Chicago casino plans
If everything goes according to plan, a temporary casino at Medinah Temple in Chicago could start taking bets by June 2025. The casino will be allowed to operate for up to three years.
The Medinah Temple is a well-known Chicago landmark situated at 600 N. Wabash Ave. in the River North district.
The establishment will have around 800 gaming spots and a variety of food and beverage options available.
