In a landmark deal, Bally’s Corporation has announced a strategic partnership with Gaming and Leisure Properties, Inc. (GLPI) to secure a substantial $2.07 billion in funding. This collaboration is set to revolutionize the gaming and entertainment landscape in Chicago with the development of an expansive casino and entertainment complex. Slated for completion by September 2026, this project promises to bring significant economic benefits to the region.

Bally’s Corporation Partners with Gaming and Leisure Properties to Secure $2.07 Billion for Chicago Casino and Entertainment Complex

A Visionary Project for Chicago’s Future

The cornerstone of this ambitious endeavor is the construction of a 500-room hotel tower, strategically positioned on the southern end of the 30-acre site. This location was carefully selected to address and mitigate concerns related to underground infrastructure, ensuring the project’s seamless integration into the existing urban landscape.

Robust Financial Backing and Strategic Acquisition

GLPI will play a pivotal role in the financial architecture of this project. As part of the agreement, GLPI will acquire the real estate for the casino and entertainment complex. Additionally, GLPI is committed to providing up to $940 million in construction financing, a move that underscores their confidence in the project’s viability and potential for success.

Unparalleled Entertainment and Amenities

The Bally’s Chicago complex is designed to be a premier destination for both locals and visitors. Key features of the complex include:

• A 3,000-seat theatre that will host a variety of performances, from concerts to theatrical productions.
• An array of dining options, catering to diverse culinary tastes and preferences.
• A public park, offering a green oasis for relaxation and community events.
• Extensive gaming facilities, providing a world-class experience for casino enthusiasts.

Economic Impact and Job Creation

One of the most significant benefits of the Bally’s Chicago project is its potential to create a substantial number of jobs. It is estimated that the development will generate around 6,000 jobs, both during the construction phase and in the operational phase post-completion. This influx of employment opportunities will provide a significant boost to the local economy, supporting families and contributing to the overall prosperity of the community.

Commitment to Diversity and Inclusion

In line with its commitment to fostering diversity and inclusion, Bally’s Corporation has pledged to offer a 25% equity ownership stake in the project to minority-owned and women-owned businesses. This initiative is a key component of the Host Community Agreement with the City of Chicago, ensuring that the economic benefits of the project are shared broadly and inclusively.

Statements from Key Stakeholders

Soo Kim, Bally’s Chairman

“Our agreements with GLPI fulfill 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.”

Peter Carlino, GLPI Chairman and CEO

“Strategically, this is a means to grow our asset portfolio within the gaming sector that we know well and allows us to create value for our shareholders. We have strong confidence in Bally’s team and will be working hand-in-hand with Bally’s to bring this project to fruition on time and on budget.”

A Collaborative Effort for Success

The partnership between Bally’s Corporation and GLPI exemplifies a strategic collaboration aimed at leveraging each party’s strengths. Bally’s brings to the table its extensive experience and reputation in the gaming and entertainment industry, while GLPI contributes its financial acumen and real estate expertise. This synergy is poised to create a state-of-the-art facility that will set new standards in the industry.

Future Prospects and Community Benefits

The Bally’s Chicago project is more than just a casino; it represents a comprehensive entertainment and hospitality hub that will draw visitors from across the region and beyond. The development is expected to attract tourism, boost local businesses, and create a vibrant community space that enhances the quality of life for residents.

The inclusion of a public park and multiple dining options ensures that the complex will be a destination for a wide range of activities, not just gaming. This holistic approach to development underscores Bally’s commitment to creating a versatile and inclusive space that serves diverse community needs.

Sustainable and Responsible Development

Bally’s Corporation and GLPI are committed to ensuring that the development of the Chicago casino and entertainment complex is conducted sustainably and responsibly. This includes careful planning to minimize environmental impact, utilizing sustainable construction practices, and ensuring that the project adheres to all local regulations and standards.

Conclusion

The partnership between Bally’s Corporation and Gaming and Leisure Properties, Inc. marks a significant milestone in the development of Chicago’s new casino and entertainment complex. With robust financial backing, a strategic location, and a commitment to diversity and inclusion, this project is set to become a cornerstone of Chicago’s entertainment landscape. The anticipated economic benefits, job creation, and community enhancements make this a landmark development that will have a lasting positive impact on the city.

FAQs About Bally’s Corporation and GLPI Partnership for Chicago Casino and Entertainment Complex

1. What is the nature of the partnership between Bally’s Corporation and Gaming and Leisure Properties, Inc. (GLPI)?

Bally’s Corporation has partnered with GLPI to secure $2.07 billion in funding for the development of a casino and entertainment complex in Chicago. The agreement includes GLPI acquiring the real estate and providing up to $940 million in construction financing.

2. What are the key features of the Bally’s Chicago casino and entertainment complex?

The complex will include a 500-room hotel tower, a 3,000-seat theatre, multiple dining options, a public park, and extensive gaming facilities.

3. Where will the new complex be located?

The complex will be situated on a 30-acre site in Chicago, with the hotel tower positioned on the southern end to address concerns about underground infrastructure.

4. When is the project expected to be completed?

The project is slated for completion by September 2026.

5. How many jobs is the Bally’s Chicago project expected to create?

The development is expected to create approximately 6,000 jobs, both during the construction phase and after the complex becomes operational.

6. What measures are being taken to ensure diversity and inclusion in the project?

Bally’s Corporation has committed to offering a 25% equity ownership stake in the project to minority-owned and women-owned businesses, as outlined in the Host Community Agreement with the City of Chicago.

7. What did Soo Kim, Bally’s Chairman, say about the partnership?

Soo Kim stated that the agreements with GLPI fulfill the construction financing requirements, allowing Bally’s to bring the permanent casino and entertainment complex to River North by fall 2026. He expressed delight in continuing the strong partnership with GLPI and leveraging its extensive experience in developing gaming facilities.

8. What did Peter Carlino, GLPI Chairman and CEO, say about the project?

Peter Carlino highlighted that the partnership with Bally’s is a strategic move to grow GLPI’s asset portfolio within the gaming sector. He expressed strong confidence in Bally’s team and committed to working closely with Bally’s to ensure the project is completed on time and within budget.

9. What economic benefits are expected from the Bally’s Chicago project?

The project is expected to attract tourism, boost local businesses, and enhance the local economy through job creation and increased economic activity.

10. What makes the Bally’s Chicago complex a significant development for the city?

Beyond the gaming facilities, the complex is designed to be a comprehensive entertainment and hospitality hub, featuring a theatre, dining options, and a public park. This approach aims to create a versatile space that serves diverse community needs and enhances the quality of life for residents.

11. How is sustainability being addressed in the development of the complex?

Bally’s Corporation and GLPI are committed to sustainable and responsible development, which includes careful planning to minimize environmental impact, utilizing sustainable construction practices, and adhering to all local regulations and standards.