{"id":322203,"date":"2024-06-10T18:12:46","date_gmt":"2024-06-10T23:12:46","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=322203"},"modified":"2024-06-11T09:17:01","modified_gmt":"2024-06-11T14:17:01","slug":"chicago-mayor-cautious-on-ballys-permanent-casino-property","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/chicago-mayor-cautious-on-ballys-permanent-casino-property\/","title":{"rendered":"Chicago Mayor Cautious About Bally\u2019s Permanent Casino Property"},"content":{"rendered":"

Bally\u2019s (NYSE: BALY) is coming off an impressive revenue showing in May at its temporary Chicago casino, and is slated to start construction on the permanent gaming venue at the Freedom Center in the River West section of the city next month. Mayor Brandon Johnson (D) says that project coming to fruition isn\u2019t guaranteed, however.<\/p>\n

\"Brandon
Chicago Mayor Brandon Johnson (D). He’s restrained in his views about Bally’s casino in the city being completed. (Image: Chicago Sun-Times<\/em>)<\/figcaption><\/figure>\n

In a recent interview with the Chicago Sun-Times<\/em> editorial board, Johnson made comments suggesting that Bally\u2019s has a lot on its plate, including attempting to solve an $800 million funding shortfall<\/a> in the city. That need for financing is among the reasons why the mayor cannot definitively say whether or not the casino hotel will make it across the finish line.<\/strong><\/p>\n

“I wish I could say something definitive today. I know our team is working with ownership to figure it out like we figured out some of the other things that I\u2019ve inherited. It just has to make absolute sense … I think that one\u2019s still to be determined, to be perfectly frank with you,\u201d Johnson told the Sun-Times<\/em> editorial board.<\/p>\n

Bally\u2019s has a $500 million credit facility in place, and it\u2019s used $250 million of that sum for land at the Freedom Center<\/a>, which was the prior home of the Chicago Tribune<\/em>.<\/p>\n

Bally\u2019s Takeover Bid Could Cloud Chicago Plans<\/h2>\n

Bally\u2019s was awarded the lone Chicago casino permit in May 2022 by former Mayor Lori Lightfoot — a move that was widely criticized and which included allegations of corruption that some market observers believed quashed a competitive bidding process.<\/p>\n

\n

That\u2019s not the end of Bally\u2019s potential headwinds in the Wind City. Earlier this year, Standard General, the hedge fund controlled by Bally\u2019s director Soo Kim, offered $15 a share to acquire the regional casino operator. The bid is still under consideration, but at least one investor cautioned that if the offer is accepted, it could jeopardize<\/a> the Chicago project.<\/p>\n<\/div>\n

Kim claims otherwise, but following recent downgrades<\/a> to Bally\u2019s credit rating by all three major ratings agencies, access to financing is likely to come with higher interest rates. Those higher rates would create elevated interest expenses for Bally\u2019s, putting a burden on the Chicago integrated resort to meet or exceed profit and revenue expectations.<\/p>\n

If Bally’s commences construction as planned in July, the target date for opening is September 2026.<\/p>\n

Other Issues Confounding Bally\u2019s in Chicago<\/h2>\n

There\u2019s another major issue Bally\u2019s is contending with in the third-largest US city. There still isn\u2019t a clear decision regarding where on the Freedom Center property the hotel will be located.<\/p>\n

\n

To the chagrin of both the city and the gaming company, it was revealed earlier this year that the original location of the hotel isn\u2019t tenable because construction on that portion of the property would damage underground water pipes.<\/p>\n<\/div>\n

The hotel is an essential component in Bally\u2019s Chicago casino and could command a significant percentage of the $1.34 billion the operator is legally bound to spend in the city. There\u2019s still $1.1 billion left on that tab, according to the Sun-Times<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bally\u2019s (NYSE: BALY) is coming off an impressive revenue showing in May at its temporary Chicago casino, and is slated to start construction on the permanent gaming venue at the Freedom Center in the River West section of the city next month. Mayor Brandon Johnson (D) says that project coming to fruition isn\u2019t guaranteed, however. […]<\/p>\n","protected":false},"author":46,"featured_media":316457,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,86430,86438],"tags":[81897,81903,86455,86457],"acf":[],"yoast_head":"\nChicago Mayor Cautious on Bally\u2019s Permanent Casino Property<\/title>\n<meta name=\"description\" content=\"Chicago Mayor Cautious on Bally\u2019s Permanent Casino Property.\" \/>\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\/chicago-mayor-cautious-on-ballys-permanent-casino-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chicago Mayor Cautious on Bally\u2019s Permanent Casino Property\" \/>\n<meta property=\"og:description\" content=\"Chicago Mayor Cautious on Bally\u2019s Permanent Casino Property.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/chicago-mayor-cautious-on-ballys-permanent-casino-property\/\" \/>\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=\"2024-06-10T23:12:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T14:17:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/04\/BJ3.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"840\" \/>\n\t<meta property=\"og:image:height\" content=\"560\" \/>\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\/chicago-mayor-cautious-on-ballys-permanent-casino-property\/\",\"url\":\"https:\/\/www.casino.org\/news\/chicago-mayor-cautious-on-ballys-permanent-casino-property\/\",\"name\":\"Chicago Mayor Cautious on Bally\u2019s Permanent Casino Property\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/chicago-mayor-cautious-on-ballys-permanent-casino-property\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/chicago-mayor-cautious-on-ballys-permanent-casino-property\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/04\/BJ3.jpg\",\"datePublished\":\"2024-06-10T23:12:46+00:00\",\"dateModified\":\"2024-06-11T14:17:01+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Chicago Mayor Cautious on Bally\u2019s Permanent Casino Property.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/chicago-mayor-cautious-on-ballys-permanent-casino-property\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/chicago-mayor-cautious-on-ballys-permanent-casino-property\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/chicago-mayor-cautious-on-ballys-permanent-casino-property\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/04\/BJ3.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2024\/04\/BJ3.jpg\",\"width\":840,\"height\":560,\"caption\":\"Chicago Mayor Brandon Johnson (D). 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