Bally’s Corporation has reiterated its commitment to completing its permanent Chicago casino while securing $560 million in new financing to advance its major resort development in the Bronx.
Chairman Soo Kim said construction at Bally’s Chicago is continuing daily, with around 1,000 skilled workers currently employed at the permanent River West site. The company continues to target an early 2027 opening despite changes to the sequencing of some non-gaming parts of the development.
The clarification follows concerns over Bally’s decision in August to slow work on certain amenities as it assesses the potential impact of video gaming terminals, or VGTs, across Chicago. The city’s latest budget removed its longstanding prohibition on the machines, creating a new source of competition for the casino.
Bally’s maintains that its core obligations under its Host Community Agreement remain intact. Company president and interim chief financial officer George Papanier told Chicago officials that the opening phase is expected to include the casino, event centre, required food and beverage facilities and 100 hotel rooms. The broader plan eventually calls for a 500-room hotel.
VGT expansion reshapes Chicago plans
Bally’s is reconsidering roughly 12% of the planned development outside its contractual requirements. Papanier said the company is assessing whether those investments remain financially justified if VGTs become widespread across the city.
The Illinois Gaming Board has already approved 65 VGT applications in Chicago. Bally’s has warned that a larger rollout could materially reduce casino revenue, estimating a potential 30% to 50% effect on its top line if the market becomes heavily populated with competing machines.
The dispute has added another challenge to a project that has already undergone funding changes, construction interruptions and a redesign of its hotel tower. Bally’s previously faced an approximately $800 million financing gap before securing a broader funding agreement with Gaming and Leisure Properties.
Its temporary casino at Medinah Temple has meanwhile received additional operating flexibility while construction continues. In June, the Illinois Gaming Board approved an extension mechanism allowing the temporary property to remain open as work proceeds on the permanent resort.
Bally’s current website lists the full Chicago casino and resort as coming in 2027.
Bally’s secures $560m for Bronx development
At the same time, Bally’s is pushing forward with its $4 billion integrated resort planned for Ferry Point in the Bronx.
The company has arranged $560 million in financing led by WhiteHawk Capital Partners. The package consists of $400 million in term-loan commitments available at closing and another $160 million through delayed-draw term loans. The financing is expected to support pre-construction spending for the Bronx development, while some proceeds can also be used for general corporate purposes.
Bally’s describes the proposed resort as a roughly three-million-square-foot development featuring 3,500 slot machines, 210 table games, a 500-room hotel and a 2,000-capacity event centre alongside its existing golf course. The company is targeting an opening by 2030.
Kim said the WhiteHawk financing will allow Bally’s to continue pre-construction planning while it prepares to complete the remainder of the capital raise required for the project.
The Bronx resort is one of Bally’s largest development commitments, meaning the company is advancing major investments in both Chicago and New York at the same time. Its latest moves are intended to keep both projects progressing despite continuing questions over the final scope of the Chicago resort.