USA Top 10 best casinos in Virginia

USA Top 10 crypto casinos in Virginia

  • Casino News

Uncertainty Clouds Bally’s Chicago Casino Project

Chicago faces uncertainty as Bally’s struggles to secure financing for its West Loop casino project. Mayor Johnson raises concerns over the project's viability, hinting at possible alternatives if delays continue.
facebook twitter twitter

Branimir Ivanov | Senior News Contributor

Updated: Jun 14, 2024

Uncertainty is still around in CHicago

As Bally’s Corp. faces financial uncertainty, its commitment to developing a casino in Chicago's West Loop has come under scrutiny. Chicago Mayor Brandon Johnson's recent comments underscore the local ramifications of this instability. Johnson's concerns reflect broader issues within Bally's, emphasizing the need for clarity on the company's financial capability to fulfill its promises. This article examines the current status of Bally’s development in Chicago, the financial challenges faced by Bally's, and the potential actions Chicago might take in response.

Bally’s Corp., a prominent gaming and entertainment company, secured the license to develop a casino in Chicago's West Loop, committing to an investment of at least $1.34 billion. However, as of now, Bally’s has more than $1.1 billion of that commitment still unspent. Compounding concerns about the project’s viability are recent comments from Mayor Brandon Johnson, which suggest increasing skepticism about Bally’s ability to deliver on its promises.

 

Mayor Johnson’s Perspective

In a June 10 meeting with the Chicago Sun-Times’ editorial board, Johnson expressed uncertainty about Bally’s development, stating that he wished he could provide definitive information. Johnson highlighted the ongoing efforts by his administration to work with Bally’s ownership to resolve the issues but emphasized that the situation remains unresolved.

“I know our team is working with ownership to figure it out like we figured out some of the other things that I’ve inherited,” Johnson commented. “It just has to make absolute sense. … I think that one’s still to be determined, to be perfectly frank with you.”

Johnson’s analogy to the recent agreement with airlines over O’Hare Airport renovations suggests a desire to overcome challenges but also reflects the complexity of the situation with Bally’s.

 

Financial Challenges at Bally’s

The core issue affecting the Chicago casino development is Bally’s financial state. In March, Bally’s Chief Financial Officer disclosed a shortfall of approximately $800 million, casting doubt on the company's ability to meet its financial obligations in Chicago. While the CFO expressed confidence in securing the necessary financing, this assurance has not alleviated shareholder concerns. A concurrent buyout bid from Standard General has further heightened uncertainties about Bally’s future.

 

Implications for Chicago

The financial instability at Bally’s poses significant risks for Chicago. The city's leadership, including Mayor Johnson, must consider various outcomes, including the possibility that Bally’s may not complete the project as planned. Johnson’s comments indicate a preparedness for a worst-case scenario, reflecting a pragmatic approach to the potential fallout.

If Bally’s fails to secure the required funding promptly, Chicago’s leadership might explore alternative solutions. Although Bally’s has been operating a temporary casino in Chicago since September, the city is not statutorily bound to remain with Bally’s. Johnson’s administration could consider inviting other investors or gaming companies to fulfill the casino development if Bally’s financial instability persists.

Johnson’s approach may involve evaluating other potential investors or partners to ensure that the casino project, crucial for local economic development, does not stall. The ongoing operational status of Bally’s temporary casino provides a cushion but does not alleviate long-term concerns about the permanent facility.

The city’s decision-making will likely hinge on Bally’s ability to demonstrate concrete steps towards securing the necessary financing and fulfilling its obligations. The transformation of Bally’s into a privately-owned entity might further influence the city’s strategy, prompting a reevaluation of the partnership.

It just has to make absolute sense. … I think that one’s still to be determined, to be perfectly frank with you.

 

Mayor Brandon Johnson's concerns about Bally’s ability to complete its Chicago casino development highlight broader financial uncertainties within Bally’s Corp. While the company faces significant funding challenges, Chicago's leadership must prepare for various scenarios to safeguard the city’s interests. Proactive measures, including seeking alternative investors, may become necessary if Bally’s cannot provide reassurance of its financial capability. The situation remains dynamic, with the city's strategy likely evolving based on Bally’s actions and financial stability.

The Hottest Usa casinos of 2024

American Eagle
All-American Casino
SlotsandCasino Casino logo

SlotsandCasino Casino Review

USARated 100.00/100%

welcome bonus

300%/$1,500 + 100 Free Spins

30x wagering (Deposit & Bonus)

Play
Number of games
11+
Payment methods
6
Game providers
9
Min deposit
25
US Players
Accepted
Popularity Icon
Hot New US Casino
Cafe Casino logo

Cafe Casino Review

USARated 98.12/100%

welcome bonus

250%/$1,500

40x wagering (Deposit Only)

Play
Number of games
150+
Payment methods
8
Game providers
3
Min deposit
20
US Players
Accepted
bonus (2)
Big Bonus
DuckyLuck Casino logo

DuckyLuck Casino Review

USARated 99.97/100%

welcome bonus

500%/$2,500+ 150 Free Spins

30x wagering (Deposit & Bonus)

Play
Number of games
11+
Payment methods
6
Game providers
9
Min deposit
25
US Players
Accepted
Popularity Icon
Trending in the USA
Bovada Casino logo

Bovada Casino Review

USARated 99.12/100%

welcome bonus

100%/$1,000

25x wagering (Deposit Only)

Play
Number of games
10+
Payment methods
4
Game providers
3
Min deposit
20
US Players
Accepted
Popularity Icon
Trending in the USA
Ignition Casino logo

Ignition Casino Review

USARated 98.11/100%

welcome bonus

300%/$3,000

25x wagering (Deposit Only)

Play
Number of games
10+
Payment methods
5
Game providers
4
Min deposit
20
US Players
Accepted
US Players Accepted
Slots LV Casino logo

Slots LV Casino Review

USARated 98.13/100%

welcome bonus

200%/$3,000 + 30 Free Spins

35x wagering (Deposit & Bonus)

Play
Number of games
150+
Payment methods
4
Game providers
73
Min deposit
20
US Players
Accepted
gold medal
#1 Crypto 2024
BC.Game Casino logo

BC.Game Casino Review

USARated 99.46/100%

welcome bonus

360%/$220,000

60x wagering (Deposit & Bonus)

Play
Number of games
610+
Payment methods
5
Game providers
64
Min deposit
0.01
US Players
Accepted
Bitcoin Logo
Top Crypto Casino
7Bit Casino logo

7Bit Casino Review

USARated 99.39/100%

welcome bonus

325%/5 BTC + 250 Free Spins

40x wagering (Deposit Only)

Play
Number of games
75+
Payment methods
17
Game providers
20
Min deposit
10
US Players
Accepted
USA Icon
U.S. Choice Champion
JazzSports Casino logo

JazzSports Casino Review

USARated 97.96/100%

welcome bonus

200%/$2,000

40x wagering (Deposit & Bonus)

Play
Number of games
83+
Payment methods
7
Game providers
36
Min deposit
10
US Players
Accepted
Popularity Icon
Hot New US Casino
WinPort Casino logo

WinPort Casino Review

USARated 97.99/100%

welcome bonus

250%/$7,000

35x wagering (Deposit & Bonus)

Play
Number of games
68+
Payment methods
5
Game providers
5
Min deposit
10
US Players
Accepted
10/ 10 (100%)

Related News

New Jersey Casinos See June Decline in Sports Betting Revenue

End of an Era: The Mirage Fades Away from the Las Vegas Strip

Avi Resort & Casino

The New Rush Street acquisition is around the corner

hide-html