Bally’s Corporation has laid out plans for a permanent Bally’s Chicago Casino, scheduled to open in September 2026.
The casino operator has also entered into a binding term sheet for a $940m construction funding facility with Gaming and Leisure Properties for the Chicago project. Along with other financing transactions, GLPI expects to fund $2.07bn to Bally’s.
Bally’s Chicago Casino
Pending approval from the Chicago Department of Planning and Development, the single-phase construction project at the 30-acre former Tribune Publishing site features a 500-room, 34-story hotel tower on the southern end of the casino development nearest Ohio Street along the Chicago River.
The hotel tower will include a large pool spa, fitness centre and sun deck, as well as a rooftop restaurant bar. The tower was moved earlier this year “due to unforeseen underground infrastructure and an adjusted design for a two-phase hotel was approved”.
Meanwhile, the casino will feature approximately 3,300 slots, 173 table games and VIP gaming areas.
George Papanier, President of Bally’s Corporation, commented: “We’ve been working hard in the background to restore the full hotel tower for Bally’s Chicago Casino and absolutely intend to meet the September 2026 opening date as planned.
“We are also happy to announce that Gaming and Leisure Properties has agreed to finance this entire development in a single phase to ultimately deliver a better project in a more efficient manner.”
Located on 777 W. Chicago Avenue, Bally’s took possession of the site earlier this month on July 5 and preparations by Brandenburg Industrial Service Company to demolish the site have begun.
The development will generate approximately 3,000 construction jobs and 3,000 casino jobs when Bally’s Chicago permanent becomes operational.
“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,” added Papanier.
“We’ve been working hard in the background to restore the full hotel tower for Bally’s Chicago Casino and absolutely intend to meet the September 2026 opening date as planned.”
George Papanier, President of Bally’s Corporation
Bally’s noted that the Chicago Casino will take advantage of the riverfront site with inclusive, dynamic spaces. Alongside the hotel tower and casino, the project includes a 3,000-seat theatre, six restaurants, cafes and a food hall, as well as a two-acre public park.
The property will also be connected to the lower riverbank via a 2,000-foot-long extension of the riverwalk extending south from W. Chicago Avenue.
Christopher Jewett, SVP of Corporate Development of Bally’s Corporation, stated: “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.
“We look forward to working with city officials to secure approval of our revised site plan.”
Bally’s Chicago Casino renderings were created by global design firm HKS, while the Chicago Community Builders Collective, a minority-led construction partnership, is poised to implement the improved site plan.
“We are proud to be part of the new site plan for Bally’s Chicago Casino, which highlights a commitment to innovative and iconic design that not only preserves essential infrastructure but also elevates the architectural magnificence of Chicago’s skyline,” said Jess Corrigan, Partner and Regional Practice Director of Commercial Mixed-Use at HKS.
“We look forward to collaborating with Bally’s and city officials to bring this ambitious project to life.”
Jimmy Akintonde, CCBC member and President & CEO of Ujamaa Construction, added: “We at the Chicago Community Builders Collective are thrilled about the future of Bally’s Chicago Casino and are excited to see this project come to fruition.
“As the general contractor, we are proud to be at the forefront of this significant development that promises to bring jobs, economic growth and vibrant entertainment to our city. We look forward to this project’s positive impact on Chicago and are committed to ensuring its success.”
GLPI binding term sheet
Taking a closer look at the binding term sheet, the $940m will be part of a master lease agreement. Bally’s will rent the land from GLPI at the price of $20m a year for an initial 15-year term, with a specified number of successive options for renewal.
The binding term sheet also allows GLPI “to acquire and lease back certain real property interests underlying Bally’s Kansas City and Bally’s Shreveport for $395m in total consideration, in exchange for $32.2m in initial annual rent with annual escalators consistent with Bally’s existing master lease agreement with GLPI”.
In addition, Bally’s expects to make amendments to its contribution agreement with GLPI and has “reiterated its intention to sell and lease back its Twin River Lincoln property to GLPI prior to the end of 2026 for $735m, with related initial annual rent of $58.8m”.
GLPI has also been “granted a right to call the Lincoln Transaction beginning in October 2026, coinciding with the scheduled maturity of Bally’s revolving credit facility”.
Soo Kim, Chair of Bally’s Corporation, said: “Our agreements with GLPI fulfil the construction financing requirements, allowing us to bring the Bally’s Chicago permanent casino and entertainment complex to River North by the fall of 2026.
“We are delighted to continue our strong partnership with GLPI and to leverage its skilled resources and 30 years of experience developing and constructing successful gaming facilities. This is an amazing partnership that continues to pay strong dividends for both parties.”
