Bally’s Corporation has announced a partnership with Gaming and Leisure Properties (GLPI) to secure $2.07bn in funding for its Chicago casino and entertainment complex. This collaboration will facilitate the development of a 500-room hotel tower as part of a single-phase project, slated for completion by September 2026.
The agreement includes GLPI acquiring the real estate for the project and providing up to $940m in construction financing.
The updated site plan features the hotel tower on the southern end of the 30-acre site, addressing concerns about underground infrastructure.
The complex will include a 3,000-seat theatre, multiple dining options, a public park and extensive gaming facilities.
In total, the project is expected to create around 6,000 jobs, both during and after construction.
Bally’s plans to offer 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.
Soo Kim, Bally’s Chairman, stated: “Our agreements with GLPI fulfil 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, added: “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.”
