Posted on: October 30, 2021, 02:05h. 

Final updated on: Oct 30, 2021, 02:05h.

Bally’s Corp. (NYSE:BALY) is eyeing Chicago as the website of its flagship gaming assets, publishing a proposal to metropolis officers pledging a $1.6 billion financial investment for an built-in vacation resort in the third-largest US town.

chicago casino
Bally’s is competing for a Chicago casino. If it wins, the challenge would be a person of the company’s most significant to day. (Image: Chicago Tribune)

The Rhode Island-primarily based gaming enterprise declared the pitch late Friday and is mulling two probable websites: The Chicago Tribune Publishing Center and the McCormick Place Truck Marshaling Yard.

Chicago is a dynamic, planet-class metropolis, which is why we are committing to make a $1.6 billion expenditure in developing Bally’s Chicago as our flagship, and the only assets in its course in the Chicagoland sector,” explained Soo Kim, Bally’s chairman, in a statement.

Bally’s entry into the Chicago on line casino bidding fray comes amid a flurry of action on what was found as a task in jeopardy because of to onerous tax burdens. As documented Friday, Tough Rock Worldwide — the gaming arm of the Seminole Tribe — and Rush Road Gaming also submitted bids.

Final 12 months, four gaming operators participated in the city’s ask for for info method with MGM Resorts Worldwide and Wynn Resorts finally bowing out before officers prolonged the deadline to post proposals.

Chicago Would Be Coup for Bally’s

Bally’s currently operates 14 casinos in 10 states and has exposure to Illinois through Jumer’s On line casino & Lodge in Rock Island, which it purchased in October 2020 for $120 million in income.

Previously this calendar year, the regional gaming business built its long-awaited entry on the Las Vegas Strip, getting the Tropicana from Gaming and Leisure Homes (GLPI). Continue to, a Chicago on line casino would be a marquee addition to Bally’s portfolio whilst continuing its transformation from upstart to big participant on the US gaming scene.

When the operator of Rhode Island’s two casinos went public in March 2019, its roster of properties consisted of the pair in its dwelling point out, a Colorado doggy keep track of, Dover Downs in Delaware, and Really hard Rock in Biloxi, Pass up.

Due to the fact then, the firm beforehand identified as Twin River Throughout the world Holdings entered primary gaming markets, these as Atlantic Metropolis, NJ and Las Vegas, while forging deeper into the iGaming and online athletics wagering industries.

Should really Bally’s acquire the Chicago on line casino license and keep inline with the aforementioned $1.6 billion price tag tag, that undertaking would be the company’s second-greatest to day subsequent only the $2.7 billion takeover of Gamesys, which wrapped up previously this calendar year.

Chicago On line casino Competitors Could Be Fierce

Whilst the helpful tax price of 40 percent the operator of the Chicago on line casino will face is superior relative to other US gaming markets, the marketplace is nevertheless eye-catching owing to a dearth of superior-stop gaming venues in important domestic metropolitan areas.

California and Florida are dominated by tribal gaming enterprises though on line casino gaming seems to be a reduced priority in Texas and it could consider years to approve and open up a third gaming location in the New York Town spot.

For its section, Bally’s is stating the ideal issues, pledging that minority buyers will manage 25 per cent of the Chicago casino challenge even though promising that 45 per cent of the staffers at the venue will be women of all ages, 45 per cent will be minorities and the remaining 10 % will be veterans and individuals with disabilities.