as its temporary casino while Freedom Center is demolished and the permanent facility is built.Īt the city’s urging, Bally’s signed a letter of intent to use the landmark Medinah Temple building in River North as its temporary casino. The need to get a jump on that project derailed Bally’s plans to use a former Tribune Publishing warehouse at 700 W.

The city is planning extensive roadwork improvements at the site, including widening the Chicago Avenue bridge to alleviate the existing traffic bottleneck. Montgomery Ward Park in the River North neighborhood sits opposite the projected casino site, divided by the Chicago River, May 4, 2022. The company projected revenue between $2.4 billion and $2.5 billion for the year.

The rebranded Bally’s has since invested $100 million in renovating the Atlantic City property, but developing the proposed Chicago casino represents a much bigger commitment - and opportunity.īally’s reported $548.3 million in revenue and a net income of $1.9 million during the first quarter, according to financial results announced Thursday. In 2020, Twin River bought the aging Bally’s casino in Atlantic City from Caesars Entertainment for $25 million, and also acquired the rights to the Bally’s name. They said they don’t want to sell at that price.”ĭuring the pandemic, the casino company went on an opportunistic buying spree as casinos temporarily shuttered and valuations plummeted. A January bid by Standard General to buy out the other shareholders at $38 per share, which valued Bally’s at $2.07 billion, was rejected by a special committee of the board Thursday.

Kim joined the board in 2016 and became chairman in late 2019 as the hedge fund built up a 22% stake. Standard General bought into the predecessor casino company, Twin River, after it emerged from bankruptcy in 2011.

Chicago has its casino choice: Here’s how the process unfolded - and ended with Bally’s ]

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