Key Takeaways
- Bally’s Corp. received formal approval for its Chicago casino and hotel project, including a 500-room hotel and various amenities.
- The project is backed by a $940 million construction funding facility, with total estimated costs of $1.7 billion.
- The development aims to open by late 2026 and will feature a public park and an extended riverwalk.
Project Approval and Details
Bally’s Corp., based in Providence, Rhode Island, has achieved a significant milestone for its Chicago casino project with the approval of site plans by the city’s Department of Planning and Development. Located at the former Chicago Tribune printing site, the development will feature a 500-room hotel tower standing 34 stories tall. The hotel will be situated at the southern portion of the project, adjacent to Ohio Street along the Chicago River.
The project initially faced challenges due to unexpected underground infrastructure, prompting an alteration in the design of both the hotel and the overall site. Bally’s partnered with Gaming and Leisure Properties from Wyomissing, Pennsylvania, which agreed to finance the full development in a single phase. Together, they have secured a binding term sheet for a $940 million construction funding facility, contributing to total financing discussions that amount to approximately $2 billion. Previously, Bally’s estimated construction costs at $1.7 billion.
The Chicago Community Builders Collective, which is a minority-led joint venture, will manage the construction. This partnership consists of several Chicago-based AEC firms, including Brown & Momen, d’Escoto, Milhouse, SQN Associates, Ujamaa Construction, and Riteway-Huggins Construction. Additionally, out-of-state contractors such as Powers & Sons Construction from Gary, Indiana, and Gilbane Building Co. from Providence will also contribute to the project.
The development plans are extensive, incorporating a 3,000-seat theater, six restaurants, cafes, a food hall, and a 2-acre public park. A major enhancement to the site includes the extension of the riverwalk by approximately 2,000 feet, further connecting the property to the lower riverbank.
As demolition of the old Chicago Tribune plant nears completion, the project is set to aim for a late 2026 opening, promising to transform the area with new cultural and recreational offerings.
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