(Above) Rendering by HKS Architects of revised Bally’s casino and hotel being constructed along the Chicago River across from River North.

By Don DeBat

16-Mar-25 – Professional gamblers are rolling their eyes at Bally’s run of bad luck while trying to build its $1.7 billion casino in Chicago.

Bally’s initial $250 million public offering for women and minority investors failed to close as planned in early February after it stalled at the U.S. Securities and Exchange Commission (SEC).

Bally’s Chairman, Soo Kim, said: “We’re going to update our financials and resubmit, but we don’t know why the SEC didn’t respond the first time, and they may not respond the second time.” Soo Kim

Meanwhile, unlucky Bally’s also has been plagued with construction mishaps while razing the former Chicago Tribune printing plant on 30 acres at 777 West Chicago Avenue in the River West neighborhood.

Demolition was delayed for nearly a month after a December 14 accident spilled tons of construction debris into the adjacent Chicago River. Earlier, a deep-tunnel water pipe was “discovered” under the site of the 500-room high-rise hotel planned at Chicago Avenue & Halsted Street.

Following a finalized site redesign – which moved the 34-story hotel tower from north of the casino to the south – Bally’s began driving foundation caissons into the ground last month.

In addition to the casino’s 3,400 slot machines and 173 gaming tables, Bally’s plan also includes an entertainment complex, a food hall, four bars, an outdoor park, and an amenity terrace. The casino is targeted to open in September 2026, according to Bally’s.

Revenue down at temporary River North casino

Bally’s temporary Medinah Temple facility posted adjusted gross receipts of only $9.2 million in January, a slight year-over-year decline, according to the Illinois Gaming Board.

Overall, Rivers Casino Des Plaines topped the list of Illinois casinos with $39 million in adjusted gross receipts in January. The new Wind Creek Chicago Southland casino in East Hazel Crest raked in $13.3 million in January, capturing second place in revenue among the state’s 16 casinos.

“Bally’s temporary casino at Medina Temple is not pulling the numbers that were expected,” “Mr. Zak,” a veteran professional gambling consultant, told The Home Front. Mr. Zak

Despite opening the Medina Temple location 24/7, picking up the private parking tab for tens of thousands of gamers, and bussing hundreds of Chinese and Asian gamblers to the temporary casino, the revenue stream there over the past few months has pumped only a few million dollars into the City of Chicago tax coffers.

That’s $10 million short of what former Mayor Lori Lightfoot’s administration projected and earmarked to fund the city’s police and firefighter pensions.

Financial experts say casino revenue theoretically is a great source to use for city pensions because it exports the tax burden. Hopefully at least a portion of the tax revenue generated from Bally’s casino operations would come from individuals who do not live in the city. However, if casino revenues fall short, the city may need to increase real estate taxes or find alternative sources of revenue.

In 2022, Bally’s predicted the casino would inject $200 million annually into city pension coffers. However, Bally’s is not contractually required by the city to actually deliver that amount.

Earlier, Alderman Brian Hopkins, whose 2nd Ward includes the Gold Coast, Lincoln Park, Old Town, River North, and Streeterville, also has expressed doubts about the expected September 2026 opening date for the permanent Bally’s casino. “The target date for construction of the new permanent casino seems optimistic at best,” said Hopkins (left).

“If Bally’s meets its funding and construction deadlines and actually opens in September of 2026, imagine what a nightmare the congested corner of Chicago Avenue and Halsted Street will be,” said Mr. Zak.

“Bally’s bought the deal with a $40 million upfront bribe to the Lightfoot administration,” observed Mr. Zak. “The Chicago-and-Halsted site is the most horrendous place they could put it. I would have preferred that the Chicago casino be built by Rush Street Gaming at ‘The 78,’ the 62-acre vacant mega site on the Chicago River at Roosevelt Road.”

However, Bally’s casino and hotel is targeted for the bustling intersection of Chicago & Halsted. It is boxed in by the Chicago River, vehicular bridges, and Metra railroad tracks – not an ideal site for a mega casino development.

Traffic congestion on Chicago west of Halsted also includes a steady flow of trucks from a cement plant on Goose Island.

City bus boosters and bike enthusiasts also are up in arms about the Chicago Department of Transportation’s plans for widening Chicago Avenue at Halsted Street near the proposed casino site. The CTA’s No. 66 Chicago route is one of the city’s busiest bus lines.

Buses to low-income housing could create Chicago version of Las Vegas Strip

In 2024, the Chicago Plan Commission approved the multi-phase “Halsted Landing” development at 700 West Chicago Avenue, just east of Halsted Street. Later phases are proposed further west on Goose Island.

Plans of the developer, Onni Group, call for four high-rises and two mid-rises with 2,451 residential units, including 490 affordable units. One of the high-rises will rise to 600 feet and contain 688 residential units, including 138 affordable units.

The Halsted Landing plan also calls for 280 hotel rooms, more than 55,000 square feet of commercial space, and 1,950 parking spaces. (Right) Rendering by Goettsch Partners of Halsted Landing.

In comparison, the development will be almost as large as Sandburg Village – one of the nation’s biggest urban renewal projects.

Let’s roll the dice and look into the future. When 4,000 new, mostly low-income housing units are completed at the reborn Cabrini-Green project, Bally’s likely will run free shuttle buses down Chicago Avenue to the casino, and the boulevard will resemble the Las Vegas Strip.

Looks like the River West neighborhood may have just rolled snake eyes.

Mr. Zak, an Old Town resident who resides 10 minutes from the proposed Bally’s casino, says he prefers to drive 45 minutes to gamble at the swank new Wind Creek Chicago casino in East Hazel Crest.

(Left) Illustration of Wind Creek from the casino’s website.

Wind Creek, owned by the Poarch Band of Creek Indians, opened its 70,000-square-foot casino on November 11. The facility features 1,400 slot machines, 56 table games, and other attractions. A hotel built at the casino is scheduled to open there in early 2025.

“Regular patrons at Wind Creek are offered comps of $200 to play the poker machines, and the casino has a polite professional staff,” said Mr. Zak.