Bally’s Corporation engages community in casino bid
View looking Northwest from above the Chicago River
Bally’s Corporation is one of three finalists in the running for a Chicago Casino license. Rivers 78 and Hard Rock are the other two finalists. The final three companies were announced in mid-March.
Hard Rock gave its presentation on Tuesday, April 5th, and Rivers 78 gave its presentation on Thursday, April 7th. The goal of the events were to present their bids to the community and answer any questions residents might have about everything from safety to traffic. The City of Chicago has been mulling over the idea of having a casino for 30 years.
“We have spent countless hours analyzing each proposal for Chicago’s casino license and have determined Bally’s Tribune, Hard Rock Chicago, and Rivers 78 best fit the core goals we want to achieve for the City's first integrated casino-resort,” Chicago Mayor Lori E. Lightfoot said in a release. “Each proposal offers economic, employment, and equity-focused opportunities for Chicago, while simultaneously enhancing the City’s cultural, entertainment and architectural scenes with world-class amenities and design. Our teams look forward to heading into discussions with the finalists and getting one step closer to bringing this decades-long project to fruition.”
Samir Mayekar, the Deputy Mayor for Neighborhood & Economic Development, said having a casino in Chicago is vital to the city’s economic recovery.
Jenny Huang Bennett, Chief Financial Officer for the City of Chicago, said there is a loss of $400 million in revenue from Chicago not having a casino.
“This project is expected to create new jobs,” Bennett said. “Each bidder has proposed a mixed-use development, as well as a transportation plan.”
Soo Kim, Chairman of Bally’s Corporation, acknowledged the long process of listening to and addressing concerns from the city and the community, along with meeting with more than 50 community organizations. He added that it is the company’s plan to exceed all of the guidelines set in place by the City of Chicago.
Bally’s Corporation is proposing an almost $2 billion entertainment, with gaming as the anchor. Bally’s would construct a temporary casino site that would open in the second quarter of 2023, with the permanent casino to open the first quarter of 2026, if approved.
Kim said the Bally’s casino project would create less density, less traffic, more public space and more access.
“Our site happens to have the best in terms of revenue potential. Our site is also closest to the urban core,” said Kim. “Our casino has the highest potential to bring people into the city.”
Kim also talked up the non-gaming amenities that would be available to those who don’t want to gamble. Those amenities include restaurants and entertainment venue spaces.
Kim said the project will lift up the entire community and the most important element of economic impact is jobs. The project is the opportunity to bring jobs to the city and the community.
The next step in the process is a selection of a finalist, creation of a Host Community Agreement, evaluation of the Host Community Agreement, city council approval and Illinois Gaming Board approval.
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