Bally’s Officially Buys Land For Chicago Casino
It looks as if the city of Chicago might soon get the casino that was once promised, but it’s taking much longer than initially expected. Bally’s Corporation has announced that it finally closed on a $200 million purchase for a 30-acre plot of land in the Windy City.
Finding the proper location was one of the challenges of Bally’s, but it has reached a deal with Nexstar Media Group to buy land on the corner of Chicago Avenue and Halstead Street. The entire gambling scene in Illinois has really picked up of late, but Chicago has still yet to see a casino property.
Bally’s has already announced plans to build a $1.7 billion property in Chicago, and that was part of the pitch that landed them the license. This will also give Bally’s the ability to offer sports betting, both in-person and through a mobile license.
Nexstar Media Group is the parent company of the Chicago Tribune, and it’s unclear if printing will still be done at that location or if it will move elsewhere. With a full 30 acres in downtown Chicago, Bally’s will have plenty of room to work with.
Illinois has already become the second or third-largest sports betting market in the United States, but it hasn’t been able to keep up in the gambling industry. Bettors from the Windy City have been traveling to nearby Northwest Indiana to make their bets.
Complications Surrounding Chicago Casino Plan
When it was first announced that the city of Chicago would receive a license all the way back in 2019, most believed that it would happen by now. The Illinois Gaming Board was also hoping to receive plenty of interest, but that didn’t occur due to some strict regulations that were set.
Bally’s Corporation was actually the only major company that submitted a final bid as the taxes were too high for other companies. The Illinois Gaming Board required a $40 million payment from Bally’s just to submit their application for a license.
There isn’t an official launch date for the new casino property, but Bally’s will be able to start accepting wagers at a temporary location in June 2023.
Details of Casino Announced
Before even being awarded the License by the Illinois Gaming Board, Bally’s Corp. had to outline a plan or vision for the new casino property. This is going to be more than just a standard casino as it will create a world-class destination in Chicago.
There will be a hotel built on-site at the location and it will come with up to 500 rooms. The casino floor will be fitted with 170 different table games and 3,400 slots that can be enjoyed by the patrons.
This will also be a new entertainment venue for the city as there will be a 3,000 seat entertainment center on teh property.