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Chicago residents are eagerly awaiting the grand opening of the new Bally’s casino. Talks are now underway about potentially granting ownership stakes to individuals in what will soon become the biggest casino in Illinois.
The company is currently in talks about the terms of a possible offer, which is a very interesting idea. Their goal is to help minorities meet the ownership requirements established by the Securities and Exchange Commission.
How Chicagoans could get a piece of largest casino in Illinois
The Host Community Agreement between the city and Bally’s Chicago allows residents of Chicago to buy a stake in the casino’s ownership. The agreement requires that at least 25% of the project’s equity is owned by minorities or minority-controlled businesses.
Bally’s website for the Chicago project announces that 25% of the project will be held by minority investors, including philanthropists, business owners, sports figures, celebrities, and everyday residents from the Black and Latino communities in Chicago. The project will also ensure representation from other ethnic and gender groups.
Further information, including: remains undisclosed.
- price range
- the number of interests
- The terms of the agreement
- if shares will be sold to individuals who are not minorities
The specifics will be disclosed during the IPO, following the conclusion of the review process.
Bally’s temporary casino launch facing time crunch
Time is running out for Bally’s efforts to open a temporary casino at the Medinah Temple in Chicago’s River North neighborhood. The company had set a goal to have the pop-up gaming venue up and running by the end of the second quarter, with a target date of June 30.
It remains uncertain if the Illinois Gaming Board will give the green light to Bally’s proposed venue. The issue was not addressed in the board’s recent meeting, and they are not scheduled to meet again until June 15, unless an extraordinary meeting is called.
If the board does not address the situation at the June meeting, the timeline becomes uncertain because the IGB’s next meeting is not until July 27. After that, the board only meets three more times before the year ends.
The board spokeswoman, Beth Kaufman, verified that construction at the Medinah Temple site is moving forward. She indicated that IGB is actively working with Bally’s on their application. Kaufman also mentioned that the board is unable to speculate on the casino’s possible opening date. She emphasized that Bally’s must meet all regulatory and statutory obligations set by IGB before starting any gaming activities.
The temporary venue will come before the $1.74 billion permanent casino hotel. Many potential employees are eagerly waiting for confirmation on when the facility will start operating.
Over 700 jobs posted for Bally’s Temporary Medinah Temple Casino
Although the schedule for the temporary casino is not entirely clear, Bally’s is actively working to ensure a full staff is in place for the venue’s opening.
Bally’s is currently hiring over 700 employees for its temporary facility. Positions available include card dealers, security personnel, housekeeping staff, and marketing professionals. For a full list of available positions, visit the Bally’s Chicago website.
Bally’s is currently renovating the Medinah Temple in Chicago to be used as a temporary casino for up to three years during the construction of a permanent facility. The temporary casino will occupy three floors of the Medinah Temple, providing over 800 gaming options including slots and table games. It will also feature three restaurants and a bar.
