Bally’s maps out new Chicago Casino plans, GLPI to help fund project
New renderings show a Bally’s casino building alongside a 500-room, 34-storey hotel tower at the Chicago River location. Bally’s purchased the 30-acre site, previously home to Tribune Publishing, last week.
Brandenburg Industrial Service Company, the demolition contractor for the job, is now preparing the site for demolition.
The latest development comes after the hotel tower was moved to the south of the casino earlier this year to avoid damaging city water pipes. Plans remain subject to approval from the Chicago department of planning & development.
Should it get the green light, the Bally’s Chicago Casino hotel will feature a pool spa, fitness centre, sun deck and rooftop restaurant bar, as well as a casino with 3,300 slots, 173 table games and VIP gaming areas. Other onsite facilities will include a theatre, restaurants, cafes, food hall and public park.
Bally’s says the project will generate approximately 3,000 construction jobs and 3,000 casino jobs when the venue opens.
Bally’s still aims to open in September 2026
It has been over two years since City Council of Chicago selected Bally’s to build a resort in the city.
Bally’s secured the downtown Chicago project in May 2022, seeing off competition from Rush Street Gaming and Hard Rock. Other bids from Bally’s and Rush Street focused on other locations but were eliminated at an earlier stage.
Throughout the planning process, Bally’s has been committed to opening the location by September 2026. Bally’s president George Papanier says this deadline is very much still achievable.
“With keys to the property in hand, the new financing secured, a site plan that exceeds the original and demolition set to start this summer, let there be no doubt that Bally’s Chicago Casino and Hotel will soon rise up along the Chicago river,” Papanier said.
Christopher Jewett, senior vice-president for corporate development of Bally’s, also spoke positively about the project. In particular, he welcomes the new-look design for the hotel tower.
“The improved site plan for Bally’s Chicago delivers all 500 hotel rooms upfront as part of a single-phase development plan, protects all essential infrastructure and elevates the grandeur of our much-anticipated permanent casino development,” Jewett said. “We look forward to working with city officials to secure approval of our revised site plan.”
GLPI confirms commitment to Chicago project
Publication of the new renderings is accompanied by confirmation that real estate investment trust GLPI will help fund the development.
Bally’s has entered a $940m (£725m/€863m) binding term sheet agreement with GLPI for the project. GLPI says that, along with other financing transactions, it expects to fund $2.07bn in total to Bally’s.
Breaking down this funding, the initial $940m will be covered by an amended master lease agreement. Rent for this will be set at $20.0m a year and run for an initial term of 15 years, with option for certain renewals.
The binding term sheet also provides for GLPI to acquire and lease back certain real property interests underlying Bally’s Kansas City in Missouri and Bally’s Shreveport in Louisiana. This will amount to a total consideration of $395m, in exchange for $32.2m in initial annual rent.
Finally, Bally’s expects to amend its contribution agreement with GLPI and reiterated its intention to sell and lease back its Twin River Lincoln property in Rhode Island to GLPI. This is due to take place before the end of 2026 and will raise approximately $735m. GLPI will be granted a right to call the Lincoln acquisition from October 2026, subject to regulatory approval.
“We are also happy to announce that GLPI has agreed to finance this entire development in a single phase to ultimately deliver a better project in a more efficient manner,” Papanier said.