{"id":318876,"date":"2024-05-01T21:08:48","date_gmt":"2024-05-02T02:08:48","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=318876"},"modified":"2024-05-02T09:39:02","modified_gmt":"2024-05-02T14:39:02","slug":"ballys-not-rushing-trop-call-chicago-on-pace-for-q3-26-debut","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ballys-not-rushing-trop-call-chicago-on-pace-for-q3-26-debut\/","title":{"rendered":"Bally\u2019s Not Rushing Tropicana Redevelopment, Sees Chicago Casino Opening Q3 2026"},"content":{"rendered":"

On its first-quarter earnings conference call Wednesday evening, Bally\u2019s (NYSE: BALY) told analysts it\u2019s not rushing the issue of redeveloping the site of the Tropicana Las Vegas, and that it expects its permanent Chicago casino will open in the third quarter of 2026 as planned.<\/p>\n

\"Tropicana
The Tropicana Las Vegas. Bally’s said it’s not rushing to a decision on the property. (Image: New York Times<\/em>)<\/figcaption><\/figure>\n

Bally’s CEO Robeson Reaves said Tropicana, which closed last month, remains on pace to be demolished in October, adding that the company is mulling alternatives for that site. That land is owned by<\/a> Gaming and Leisure Properties (NASDAQ: GLPI) and nine of the acres are reserved for a Major League Baseball stadium.<\/p>\n

We have absolutely no urgency whatsoever, as our option increases in value,\u201d said Bally\u2019s Treasurer Charles Diao on the call.<\/p><\/blockquote>\n

Diao noted the longer the gaming company waits to finalize a decision on the Tropicana, the more its option value increases and that its current capital requirements on the site are low.<\/p>\n

There is \u201csignificant flexibility for an array of strategic options for the site, including new integrated resort and entertainment district at the southern end of the Las Vegas Strip\u201d and the Tropicana site could represent \u201cexpansion of the Bally\u2019s brand at one of the busiest intersections in the country,\u201d according to the operator\u2019s investor deck.<\/p>\n

Bally\u2019s Answers Some Chicago Questions<\/h2>\n

Facing an $800 million funding gap<\/a> and increasing criticism of its Chicago plans, Bally\u2019s reiterated that it expects its permanent casino in the city will open in September 2026, and that it will have access to the Tribune site — the venue\u2019s home — in July.<\/p>\n

Bally\u2019s temporary casino at Medinah Temple in the River North section of the city has posted six consecutive months of gross gaming revenue (GGR) gains, but some critics assert that\u2019s because of heavy promotional spending.<\/p>\n

\n

That could be a sign that the operator is focusing more on bolstering its customer database and topline growth rather than ensuring profitability. In the investor presentation, Bally\u2019s said more than 80K customers joined its loyalty program in Chicago in the first quarter compared with 60K last year. The company added that the temporary casino is the second-most visited gaming venue in Illinois and the second-largest as measured by table game revenue.<\/p>\n<\/div>\n

\u201cI don\u2019t know that there\u2019s a science behind how much ramp is enough,\u201d said CFO Marcus Glover on the conference call. \u201cRight now, profitability is pretty light, but that\u2019s intentional.\u201d<\/p>\n

Not Much Detail on Takeover Talk<\/h2>\n

On the call, there was no mention of conjecture regarding Bally\u2019s potentially being a takeover target for GLPI. Likewise, executives didn\u2019t expand on Standard General\u2019s $15 per share<\/a> acquisition offer floated in March, except to say that a special committee of independent directors continues to evaluate that bid.<\/p>\n

Reeves also discussed the operator\u2019s plans for New York, indicating that the state\u2019s slow-moving process of awarding three downstate casino permits could be to Bally\u2019s benefit.<\/strong><\/p>\n

\u201cIn New York, the licensing and approval process is extending further. We now anticipate a decision from the state no earlier than late 2025. While this delay will postpone the economic benefits from the planned integrated resort later into the future, it also reduces our immediate and medium-term financing needs,\u201d concluded the chief executive officer.<\/p>\n","protected":false},"excerpt":{"rendered":"

On its first-quarter earnings conference call Wednesday evening, Bally\u2019s (NYSE: BALY) told analysts it\u2019s not rushing the issue of redeveloping the site of the Tropicana Las Vegas, and that it expects its permanent Chicago casino will open in the third quarter of 2026 as planned. Bally’s CEO Robeson Reaves said Tropicana, which closed last month, […]<\/p>\n","protected":false},"author":46,"featured_media":293784,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,81886,86430,86438],"tags":[81897,81903,23,86455,86457],"acf":[],"yoast_head":"\nBally's Not Rushing Trop Call, Chicago On Pace For Q3 26 Debut<\/title>\n<meta name=\"description\" content=\"Bally\u2019s Not Rushing Tropicana Redevelopment, Sees Chicago Casino Opening Q3 2026.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/ballys-not-rushing-trop-call-chicago-on-pace-for-q3-26-debut\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bally's Not Rushing Trop Call, Chicago On Pace For Q3 26 Debut\" \/>\n<meta property=\"og:description\" content=\"Bally\u2019s Not Rushing Tropicana Redevelopment, Sees Chicago Casino Opening Q3 2026.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/ballys-not-rushing-trop-call-chicago-on-pace-for-q3-26-debut\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-02T02:08:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-02T14:39:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/10\/Trop.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"562\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-not-rushing-trop-call-chicago-on-pace-for-q3-26-debut\/\",\"url\":\"https:\/\/www.casino.org\/news\/ballys-not-rushing-trop-call-chicago-on-pace-for-q3-26-debut\/\",\"name\":\"Bally's Not Rushing Trop Call, Chicago On Pace For Q3 26 Debut\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-not-rushing-trop-call-chicago-on-pace-for-q3-26-debut\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-not-rushing-trop-call-chicago-on-pace-for-q3-26-debut\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/10\/Trop.jpg\",\"datePublished\":\"2024-05-02T02:08:48+00:00\",\"dateModified\":\"2024-05-02T14:39:02+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Bally\u2019s Not Rushing Tropicana Redevelopment, Sees Chicago Casino Opening Q3 2026.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-not-rushing-trop-call-chicago-on-pace-for-q3-26-debut\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/ballys-not-rushing-trop-call-chicago-on-pace-for-q3-26-debut\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-not-rushing-trop-call-chicago-on-pace-for-q3-26-debut\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/10\/Trop.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/10\/Trop.jpg\",\"width\":1000,\"height\":562,\"caption\":\"The Tropicana Las Vegas. 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