As construction progresses on Chicago’s forthcoming casino at 777 W. Chicago Ave., Bally’s Chairman Soo Kim has expressed confidence in the project’s potential, despite skepticism from some critics. The ongoing demolition of the former Chicago Tribune printing plant marks a milestone in the $1.34 billion development, which is expected to open by September 2026.
Speaking after the recent demolition event, Kim emphasized Bally’s plan to dominate the Illinois gambling market, particularly in the face of competition from other jurisdictions.
“We’re going to be eating a lot of people’s lunches. Most importantly, Indiana,” Kim stated during a meeting with the Chicago Sun-Times Editorial Board, highlighting the potential for Bally’s to capture significant market share from neighboring states.
Kim also pointed to recent financial developments as indicators of the project’s viability. Last month, Bally’s secured financing to address an $800 million funding gap and released a revised site plan for the 30-acre gaming campus, which includes relocating a 500-room hotel tower to avoid damaging a city water main.
Additionally, Standard General, Kim’s hedge fund, recently reached a $4.6 billion merger deal to buy out Bally’s shareholders, which Kim described as “an indicator of how optimistic we are” about the project’s future.
Despite initial reservations, Chicago Mayor Brandon Johnson has expressed support for the casino, calling it “one of the largest economic investments in Chicago” in a statement provided by Bally’s. Johnson noted that the project would serve as a significant job creator, hospitality destination, and revenue generator for the city.
However, Bally’s temporary casino at the Medinah Temple has not yet met city budget expectations, with tax revenues falling short of projections.
Bally’s temporary casino at the Medinah Temple
Kim remains optimistic about the long-term prospects, stating that the temporary casino’s performance does not reflect the potential of the permanent facility. “We haven’t seen anything in this market that says we’re not as excited as we can be,” he said.
He also reaffirmed his positive relationship with Mayor Johnson and expressed confidence that all stakeholders are aligned in their support for the project’s success.
Bally’s is considering additional ventures, including the possibility of installing slot machines at Midway Airport and exploring video gaming options in bars and restaurants, which could lead to renegotiations of the city’s host community agreement.
Original article: https://www.yogonet.com/international/noticias/2024/08/28/76853-ballys-chairman-confident-in-chicago-casino-project-amid-ongoing-developments
