Bally’s Chicago is challenged. Bally’s was awarded the Chicago license in May 2022. There were five initial bidders, whittled down to three: Hard Rock, Rush Street, and Bally’s. Then-Mayor Lori Lightfoot chose Bally’s as the best for Chicago and its goals. Lightfoot and her administration wanted iconic architecture, entertainment and conventions without harming the existing industries, and an investment in the $1.7 billion range. The winning bidder was required to have 25 percent of minority investors and 25 percent of the construction done by minority-owned companies. In the end, Bally’s won, because its bid projected $800 million a year in adjusted gaming revenue.
Chicago is the third largest city in the country and that makes it desirable — expensive, but still desirable. That is what the city hoped for when it first put out feelers, but the response was less than overwhelming. None of the topflight gaming companies expressed an interest; the tax rate was given as one of the reasons. The mayor took that to heart and convinced the legislature to lower the proposed tax rate from 70 percent to 40 percent. With the new tax rate in hand, Chicago sent out a request for proposals. Still, no one from Las Vegas applied and the lack of Vegas competitors increased Bally’s chances.
Bally’s is ambitious and expansion minded. It began life as BLB Investments, which then morphed into Twin River. Its primary asset was Lincoln Park in Rhode Island, a dog track with slots. In 2007, Twin River expanded Lincoln Park into a full-fledged casino and rebranded it as Bally’s Twin River Lincoln. Beginning in 2014, Bally’s started to expand outside of Rhode Island with purchases in Mississippi and beyond. By 2024, the company had 19 casinos in 11 states, a golf course in New York, a racetrack in Colorado, and igaming and sports betting platforms. Bally’s also has one casino in Great Britain. Last month it purchased Star Entertainment in Australia. In 2024, Bally’s revenue was $2.45 billion…