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Read Full BioBally’s Corp. is targeting an initial public offering (IPO) to raise $250 million in August, tied to its $1.7 billion integrated casino resort project in Chicago.
The company has filed a Form S-1 with the Securities and Exchange Commission (SEC) to register the IPO and will proceed upon approval.
In a letter to potential investors, Bally’s wrote, “With this filing completed, assuming no additional comments from the SEC, Bally’s Chicago is currently targeting to close both the IPO and the second tranche of the concurrent private placement in early August 2025.”
The letter went on to invite investors to register their interest through the company’s investor portal.
IPO Open to All After Race and Gender Requirements Dropped
The IPO will be open to all investors after the company dropped its requirement that investors be women or minorities.
Bally’s initially obtained the casino license in 2022 from former Mayor Lori Lightfoot on the condition that 25% of the permanent casino must “be owned by minority individuals and minority-owned and controlled businesses.”
A backlash from white investors and a delay by the SEC to approve the IPO led to the withdrawal of the limitation. However, the company continues to promote investment from Chicago residents.
Speaking on the decision to remove the gender and race stipulation, Bally’s chairman Soo Kim, commented: “We take pride in having attracted a substantial amount of interest in ownership from women and minority groups.”
“We remain steadfast to our commitment to the City of Chicago and the development of a thriving community.”
GLPI Funds Massive Casino Resort Set to Open in 2026
Last year, Bally’s secured $2 billion in funding from Gaming and Leisure Properties Inc. (GLPI) for the Chicago casino project, which is due to open permanently in September 2026.
The resort will feature a 500-room, 34-story hotel tower located on the southern end of the casino development, nearest Ohio Street, along the Chicago River.
The hotel tower will feature a large pool, spa, fitness center, and sun deck, along with a rooftop restaurant and bar.
Additionally, the on-site casino will feature approximately 3,300 slot machines, 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.”
Bally’s Expansion in Australia Delayed by Trademark Rights
Bally’s takeover of Star Entertainment in Australia has faced additional difficulties, as the company is unable to secure a trademark for its name.
The deal with Star has been problematic as other investors threaten to walk away from the troubled company.
Bally’s had aimed to reinvigorate Star’s casinos in NSW and Queensland with a name change, but a local lawn bowling club known as “The Bally” has prevented it from registering Bally’s as a trademarked name.
Balgowlah Bowling Club, located on Sydney’s northern shore, is known by locals as “The Bally” and now holds the trademark.
Secretary Manager Tony Wagener moved to protect the name last September, a decision he described as a pure coincidence, given Bally’s Corp’s Star rescue package agreed upon earlier this year.
