Bally's Secures Funding for $1.7B Chicago Casino and Hotel Project

Bally's-Casino-and-Hotel.jpg — Bally's has secured funding needed to complete a $1.7 billion casino and 34-story hotel in Chicago.
*Rendering courtesy of HKS*

Plans for a $1.7-billion casino and adjacent 34-story hotel are advancing in Chicago as the gaming operator reports it has secured $940 million to complete funding for the project and has set demolition for a printing press building now occupying the site for this summer.

Bally’s, which owns the 30-acre property in the River West neighborhood, and Gaming and Leisure Properties, Inc., (GLP) a Pennsylvania-based real estate investment trust, closed a deal on July 12 to fund construction of the casino and a 500-room hotel tower. In total, with other financing transactions, GLP will provide $2.07 billion to Bally’s. Under the plan, GLP will buy, finance and own the land and lease it back to Bally's.

On July 5, Bally’s took possession of the property, which previously was the site of the Chicago Tribune printing plant. Brandenburg Industrial Service Co., the project’s demolition contractor, has since begun preparing the site for demolition.

“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,” said George Papanier, president of Bally’s, in a statement.

As ENR reported previously, the project's general contractor is the Chicago Community Builders Collective, a management team of minority-led firms that includes Brown & Momen Inc., d’Escoto Inc., LiveWire Construction Inc., Milhouse Engineering & Construction, Powers & Sons Construction, UJAMAA Construction Inc., Riteway-Huggins Construction Services Inc. and SQN Associates LLC, along with Gilbane Building Co.

Bally’s also has released new plans for a hotel which had to be moved from the north to the south side of the site to prevent it from potentially damaging city water pipes along the Chicago River. The hotel tower would include a pool spa and sun deck, and a rooftop restaurant bar.

“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,” Papanier said.

He said the hotel project will be completed in a single phase rather than two phases as was previously planned.

The renderings of the new site plan were prepared by HKS Architects, which is providing hospitality and entertainment design services.

In addition to the casino and hotel, the plan calls for a 3,000-seat theater, six restaurants and a 2-acre public park. The lower riverbank will be connected to the property with an approximately 2,000-ft-long extension of the riverwalk extending south from west Chicago Avenue.

The casino plan earned approval from the Chicago City Council in December 2022. The proposed hotel must still be approved by the city.