Bally’s Wraps Up Chicago IPO, 1,800 Investors Participated
Posted on: August 15, 2025, 11:26h.
Last updated on: August 15, 2025, 11:44h.
- Regional casino operator closes Chicago IPO
- Majority of participating investors hail from the city
Bally’s said it closed its Chicago initial public offering (IPO), the first of what could be multiple placements aimed at generating capital for the operator’s $1.7 billion casino hotel in the city.
The Rhode Island-based regional casino operator said 1,800 investors participated in the offering, with nearly 1,600 hailing from Illinois. The IPO was open to nonaccredited market participants and is part of the gaming company’s host city agreement.
Nearly 1,800 unique shareholders including 1,007 Chicagoans and 1,573 Illinois-based shareholders are now partners of the project, going a long way to fulfilling our commitment to the City of Chicago,” said the company in a press release.
Bally’s said in July that it was hoping to conclude the Chicago IPO this month and that its goal was to raise $250 million, though some reports suggest that figure was pared to $190 million. The company didn’t say how much it raised. Loop Capital, a Chicago-based investment bank, led the offering.
Bally’s Chicago IPO Was Once Controversial
As part of the host city agreement (HCA), Bally’s wanted to sell a 25% stake in the first gaming venue in the Chicago city limits, but the offering was originally confined to minorities and women. There was investor interest in that plan, but it also drew legal challenges on the basis that it was discriminatory.
Bally’s warned of protracted legal battles and costs, but ultimately joined Illinois regulators in settling two suits, including one courtesy of the Liberty Justice Center, brought by would-be investors who claimed they weren’t allowed to buy shares in the Chicago casino because they’re white men.
Those issues led to delays around the Chicago sale. In March, Bally’s Chicago IPO plan was delayed because the Securities and Exchange Commission (SEC) didn’t declare it effective. The company later opened the IPO to a broader investor base, paving the way for it to proceed. It didn’t disclose the gender or racial breakdown of those bought shares in the now closed offering.
Bally’s has been operating a temporary gaming venue in Chicago’s Medinah Temple neighborhood since 2023, with the permanent integrated resort scheduled to open in the River West area next year.
More Share Sales Could Be on the Way
In the future, Bally’s could sell additional equity stakes in the Chicago casino, though no timeline for such offerings was provided.
Bally’s delivers on an innovative way to do public-private partnerships,” according to the press release. “This is the first of what Bally’s Chicago, Inc. intends to be a few rounds of placements.”
The company has pledged to execute a similar share sale in New York if it wins a license to bring a casino to a Bronx property that currently operates as a golf course.
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