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Bally’s Corporation (NYSE:BALY) today announced a refreshed site plan for its permanent casino site in Chicago.
The new plan features a planned 500-room, 34-story hotel tower in a single-phase construction project at the 30-acre former Tribune Publishing site, pending approval of the Chicago Department of Planning & Development. Bally’s (BALY) took control of the site on July 5. The hotel tower will include a large pool spa, fitness center, and sun deck, as well as a rooftop restaurant bar to enjoy the Chicago skyline. Earlier this year, the hotel tower was moved due to unforeseen underground infrastructure, and an adjusted design for a two-phase hotel was approved.
Bally’s (BALY) said it is still aiming to meet the September 2026 opening date as planned.
In terms of financing, Bally’s (BALY) and Gaming and Leisure Properties (NASDAQ:GLPI) entered into a binding term sheet for $940 million construction funding facility for the Chicago project, along with other financing transactions. Altogether, Gaming and Leisure Properties (GLPI) expects to fund $2.07 billion for the casino operator. Looking ahead, the two companies have agreed to a strategic alliance on the Chicago casino and hotel tower construction development.
The temporary Bally’s (BALY) site has performed better than some skeptics predicted. In May, Bally’s reported the highest monthly revenue for the River North temporary facility since it opened in September.
Shares of Bally’s (BALY) moved up 1.25% in premarket trading.