The Bally’s Corporation proposal to build a casino/entertainment venue in River West was officially given the go-ahead on May 25 by the Chicago City Council, reported Urbanize Chicago.
Bally’s $1.7 billion plan is welcome news for most, as Mayor Lori Lightfoot has worked to bring a casino into Chicago as a new revenue stream to bridge the gap for underfunded police and fire pensions.
According to Urbanize, Bally’s has agreed to pay $40 million upfront, which has been allocated to the city’s pension funds, as outlined in the recently passed agreement. Bally’s will also pay an annual $4 million to Chicago.
The complex is marked to replace the Chicago Tribune printing plant on the Chicago River between W. Chicago Avenue and W. Grand Avenue. In addition to the casino’s 3,400 slot machines and 173 table games, Bally’s plan also includes a hotel, an entertainment complex, a food hall, four bars, an outdoor park and an amenity terrace, according to Crains Chicago Business.
It was also reported that Chicago’s annual benefit is estimated to be approximately $200 million once the complex is fully operational.
Other benefits include Bally’s agreement with organized labor, committing to 60% minority hiring and a jobs program for low-income neighborhoods, as well as a crowdfunding initiative, which includes the ability for small investors to leverage their investment with non-recourse debt.
Despite the expected economic pros, some are worried about how the new development will impact the crime rate in Chicago, especially in and around River West.
Nevertheless, Bally’s will construct a temporary casino at Medinah Temple until the full facility is finished. Urbanize reported that the temporary casino is expected to be up and running in Summer 2023.
