Reports out of Chicago suggest that the $1.74 billion Bally’s Illinois casino project may see substantial advancements in the coming week.
According to a report by Robert Channick of the Chicago Tribune on Monday, sources have indicated that Bally’s is close to finalizing the purchase of the Freedom Center printing plant, with a deal expected to be sealed sometime this week.
Nexstar Media Group, based in Dallas, owns the 30-acre River West property, which Bally’s has until October 25 to complete the deal for.
Bally’s and Nexstar are keeping the transaction private and not publicly discussing it.
The shutdown of a printing plant in nearby Milwaukee has further impacted Bally’s Chicago plans, adding to a series of setbacks. Rich Kirchen, Senior Reporter at Milwaukee Business Journal, reports that the Milwaukee Journal Sentinel’s printing plant has been acquired by Twenty Lake Holding, a real estate affiliate of Tribune Media.
Nexstar could potentially resume printing the Tribune by reviving operations at the shuttered plant in Milwaukee, following the sale of the West River property to Bally’s. The Freedom Center printing plant is conveniently located just 90 miles away from the Milwaukee newspaper.
What will Bally’s Illinois casino look like?
The Chicago Tribune’s publishing center is located at the corner of Chicago Avenue and Halsted Street, making it conveniently close to popular destinations on Michigan Avenue. Despite its proximity to these attractions, Bally’s offers a variety of amenities to keep guests entertained right on the premises. These options include:
- 3,400 slots
- 173 table games
- 10 restaurants and bars
- A hotel tower with a capacity for 500 rooms and includes a rooftop bar.
- An outdoor music venue with a capacity of 1,000 attendees.
- Additionally, there is a 70,000-square-foot indoor entertainment center that can accommodate up to 3,000 people.
- And a lush outdoor area.
How Bally’s got a seat at the table
Chicago Mayor Lori Lightfoot accelerated the process of bringing Bally’s to the River West district after receiving a $40 million upfront payment. The proposal was approved by the Chicago City Council with a vote of 41-7.
The mayor supported Bally’s casino plans for Chicago, and their $40 million payment helped prevent a property tax increase before the election. Additionally, this contribution ensured the financial stability of police and fire pensions for the year.
Bally’s Chicago is not expected to be completed until at least 2026. In the meantime, the gaming and resort company has arranged for a temporary casino to operate at the historic Medinah Temple, which is over one hundred years old.
Situated at the intersection of Ontario and Ohio Streets, with Wabash Ave to the east and State St to the west, the Medinah Temple will feature 800 gaming spots and a variety of dining and drinking establishments.
Traffic issues have caused a delay in the licensing process for Bally’s Chicago Temporary Casino. Despite this setback, the company remains hopeful that the Medinah Temple will be open for betting by the summer of 2025.
