Bally’s Chicago experienced a 7% decline in adjusted gross receipts to approximately $10.4 million in April, marking the first month-over-month revenue decrease since the temporary casino’s opening at Medinah Temple in September.
According to data released by the Illinois Gaming Board, admissions also decreased by over 4%, totaling 112,751 visitors for the month, the Chicago Tribune reported.
The slowdown in April was not unique to Bally’s Chicago, as statewide casino revenue dipped by 10% to approximately $137 million compared to March’s adjusted gross receipts of over $152 million generated by the state’s 15 casinos.
Bally’s Chicago was ranked fourth in revenue and second in admissions for April, facing stiff competition from Rivers Casino Des Plaines, which also experienced declines in both revenue and admissions.
Looking ahead, Bally’s anticipates growth catalysts with the expected arrival of recently approved valet parking and a new VIP Lounge in June.
“April was our second highest revenue per day and second highest admissions since opening, outpacing the Illinois market, including our major competitors who have more games. We are pleased with the month’s performance and are confident in our trajectory going into the summer,” Mark Wong, vice president and general manager of Bally’s Chicago, said in a news release.
These developments come amidst ongoing uncertainty for Bally’s, which is navigating a buyout offer from its largest shareholder and an $800 million funding gap for its planned $1.7 billion permanent Chicago casino.
In March, New York hedge fund Standard General submitted an offer to buy out the rest of Bally’s stockholders at $15 per share, valuing the company at about $648 million. However, Bally’s has yet to provide updates on the status of the buyout offer.
With $169 million in cash and $3.6 billion in debt at the end of the first quarter, Bally’s remains focused on its expansion plans, including gaining control of the Tribune Publishing printing plant in July to commence site preparation and demolition for the new casino complex.
Despite April’s downturn, Bally’s Chicago has generated $40.6 million in adjusted gross receipts and over $4.1 million in local tax revenue through the first four months of 2024. However, it still falls short of Chicago’s revenue target, projected at $243 million in adjusted gross receipts and $35 million in local gaming taxes for the year.
Original article: https://www.yogonet.com/international/noticias/2024/05/09/72103-ballys-chicago-sees-revenue-decline-in-april-amid-statewide-slowdown
