Bally’s Chicago Secures $250M Site for New Casino Resort

Gaming and Leisure Properties, Inc. (GLPI) has finalized the purchase of a $250 million parcel of land for Bally’s Chicago, marking a significant shift from the casino’s temporary quarters at Medinah Temple. The acquisition of the prime riverfront site underscores a major step forward for the casino, which has been operating in a makeshift location since October.

 

The Key Points:

 

The newly acquired land, located along the Chicago River, is a strategic choice that enhances Bally’s Chicago’s visibility and accessibility. The property, previously occupied by the Freedom Center – the former publishing headquarters of the Chicago Tribune – offers a unique opportunity to create a high-profile entertainment destination. This site will serve as the foundation for a $1.7 billion development aimed at establishing Bally’s Chicago as a premier gaming and entertainment venue in the heart of the city.

Peter Carlino, CEO of GLPI, characterized the land acquisition as a key milestone in the project’s development. “The completion of the Chicago land purchase is a significant milestone toward the development of Bally’s Chicago, which promises to be a must-visit destination casino resort property in the heart of Chicago,” Carlino said. His statement reflects the company's confidence in the project’s potential to redefine the local entertainment landscape. He also expressed enthusiasm about collaborating with the Bally's team, local community leaders, and various stakeholders to bring the vision to fruition.

The future Bally’s Chicago will feature a comprehensive array of amenities designed to attract both locals and visitors. Renderings of the planned development highlight an ambitious design, including a casino and hotel positioned prominently next to the river. The facility is expected to include 3,400 slot machines and 173 table games, offering a broad range of gaming options. Additionally, the complex will feature ten dining and drinking establishments, catering to diverse tastes and preferences. The hotel will provide up to 500 rooms, offering luxury accommodations to guests.

A key component of the new venue will be a 3,000-seat entertainment center, set to host a variety of performances and events. The development will also include a 20,000-square-foot exhibition space, designed to accommodate large-scale exhibitions and conventions. These features are intended to enhance Bally’s Chicago’s appeal as a multifaceted entertainment destination.

The shift from Medinah Temple to the new site represents more than just a physical move; it signifies a strategic effort to elevate Bally’s position in the highly competitive Chicago market. Currently, the temporary Medinah Temple location has been a notable revenue generator, frequently ranking among the top casinos in Illinois. As of August, Bally’s Chicago was the fourth-highest revenue earner among the state’s 15 casinos, consistently competing with Harrah’s Joliet for the third position and trailing Grand Victoria Casino by approximately $1 million.

 

“The completion of the Chicago land purchase is a significant milestone toward the development of Bally’s Chicago, which promises to be a must-visit destination casino resort property in the heart of Chicago.”

 

Conclusions

The anticipated opening of the new Bally’s Chicago location in fall 2026 is expected to significantly boost the company’s revenue and market presence. The expanded facility and its prime location are poised to attract a substantial number of visitors, potentially reshaping the dynamics of the local gaming and entertainment industry.

Overall, the transition from Medinah Temple to a purpose-built venue highlights Bally’s commitment to becoming a central player in Chicago’s entertainment sector. As the development progresses, the company’s focus will be on delivering a world-class casino resort that aligns with its vision of creating a premier destination for both gaming enthusiasts and entertainment seekers.