Bally’s Gets Approval To Build $1.7bn Chicago Casino

Summary

• The Chicago City Council gave Bally’s the green light for its Chicago casino
• Bally’s is set to invest $1.7 billion in this massive entertainment complex
• The project will bring in $200M each year to police and fire pension plans

The push to get a Illinois casino up and running in Chicago has taken over 30 years and it looks like things are finally falling into place. The Chicago City Council gave its nod to Bally’s this week for them to proceed with their plans to develop a Chicago Casino and Entertainment Complex.

Chicago Casino and Entertainment Complex

The Chicago City Council voted on the plans submitted by Bally’s to develop its Chicago Casino and Entertainment Complex at the former site of the Tribune Publishing Center. The vote went down as 39-5 in favour of Bally’s which was a win for Mayor Lori Lightfoot was is keen to see Bally’s get its entertainment complex up and running at the earliest.

Mayor Lightfoot is pushing to be re-elected in Feb 2023 and this project will play a big role in her re-election campaign as Bally’s is set to invest over $1.7 billion into this project. The Chicago Casino and Entertainment Complex will include a luxury hotel, casino, spas and restaurants. There are also plans to develop retail outlets and residential properties on the site but at a later stage.

This is a big win for Lightfoot as previous Chicago Mayors have also debated the possibility of developing a casino in Chicago but were unable to move it forward. Bally’s proposed entertainment complex will create thousands of temporary jobs during the construction phase and will also boost the local economy with local vendors getting in new business due to the project.

When the entertainment complex is up and running, it will create hundreds of permanent jobs and also help boost tourist numbers with a vast array of casino games on offer. While the Chicago City Council has approved Bally’s plans, the next step of the approval process is to get the nod from the Illinois Gaming Board.

Casino Complex To Boost Pension Funds

The Illinois Gaming Board will focus more on the specifics of the plan and whether it meets state gaming regulators. Bally’s is confident that it will get the green light from the gaming regulator shortly.

When the casino complex is up and running it will generate over $200 million in revenue to police and fire pension plans which are in dire need of a financial boost.