Bally’s Reaches $1.7B Chicago Casino Milestone, Eyes Spring 2027 Opening
Posted on: May 1, 2026, 02:03h.
Last updated on: May 5, 2026, 08:34h.
- Bally’s reached the final phase of construction on its riverfront casino site.
- The $1.7 billion project is expected to create 3,000 jobs and boost local revenue.
- The site will include a 500-room hotel, a theater, a 2-acre park, and thousands of gaming options.
Bally’s oft-criticized, controversial Chicago casino hotel is making progress as a topping off ceremony for the permanent iteration of the gaming venue was held on Thursday.
In construction terminology, the “topping off” phase marks the completion of the building’s highest point, often symbolized by the placement of the final structural beam. This milestone is traditionally celebrated with a ceremony featuring the raising of the American flag and the placement of an evergreen tree on the top level.
The $1.7 billion development is part of a 30-acre redevelopment of the former Chicago Tribune Freedom Center site, which will be transformed into a riverfront destination reconnecting River West and the Near West Side to the Chicago River, improving public access, and activating the river’s edge,” according to a statement issued by the Rhode Island-based regional casino operator.
Bally’s said its permanent Chicago casino hotel is on course to open in spring 2027. In January, the gaming company told city officials it needed additional time to ready the venue, meaning the originally hoped for September 2026 opening date was off the table.
Bally’s Chicago Progress Is Significant
Prior to winning a license to develop a $4 billion gaming venue in The Bronx, NY, the Chicago project was the most expensive in Bally’s history and it’s a critical one for both the operator and the city.
In the years since the gaming company won the rights to operate the Windy City’s first and lone casino, there have been rampant concerns about Bally’s ability to adequately finance the project.
Funding shortfalls prompted Bally’s to enter into a 2024 transaction with Gaming and Leisure Properties (NASDAQ: GLPI) — one of the largest owners of gaming real estate — to plug the gaps.
That deal was valued at $2.07 billion, including the sale of the Chicago casino real estate to the real estate investment trust (REIT). In the third-largest US city, Bally’s will be paying GLPI annual rent of $20 million at a cap rate of 8.5%.
The project is also vital to the city because it was pitched as a revenue-generator for potentially tackling some of Chicago’s $37.2 billion in public employee pension debt — a sum that by some estimates exceeds the pension liabilities of all but four states.
Bally’s Chicago Details
To the point about revenue additions, Bally’s Chicago on its own won’t solve Chicago’s pension crisis, but the casino hotel will create 3,000 permanent jobs and that means more revenue for the city and state in the form income taxes.
As for the venue itself, the hotel will feature 500 guestrooms and a rooftop bar while the casino will include 173 table games and 3,400 slot machines. There will be 10 food and beverage destinations and 3,000-seat event center.
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