Bally’s Corporation reaffirmed its commitment to its $1.7 billion permanent Chicago casino on Monday, saying construction was continuing despite a dispute with the city over video gaming terminals (VGTs).
Bally’s Chairman Soo Kim said approximately 1,000 skilled tradespeople were working on the project and that the casino remained on track for an early 2027 opening, although the company had changed how it was “sequencing certain elements of the development.”
The comments came after Bally’s said in August it was resetting the pace of construction on non-gaming elements of the project following Chicago’s move to allow VGTs.
Kim said the company had convened the call to “reiterate our deep commitment to Bally’s Chicago” and address what he called “inaccurate reports” that construction had stopped or slowed.
“Construction continues every day, and there are approximately 1,000 skilled tradespeople working on the construction of the permanent Bally’s Chicago resort,” Kim said.
Bally’s President and interim CFO George Papanier previously said the company would “deliver the event centre, 100 rooms of the hotel and the required food and beverage components” in early 2027. The eventual hotel is planned to have 500 rooms.
The company is reevaluating about 12% of other planned amenities in response to the potential impact of VGTs, including a 3,000-seat theater, 30,000 square feet of convention space, 10 restaurants and bars, and public greenspace.
Papanier said the components being “reset and re-contemplated” were “all in conjunction with the proliferation of VGTs.” Widespread proliferation could result in a “30% to 50% impact on top-line revenue,” he said, adding it would be “irresponsible” to continue construction “until we understand what the landscape looks like”.
Bally’s also paid its required $4 million annual community impact fee to Chicago on Sept. 9, comprising $2 million in direct and $2 million in indirect impact fees.
Chicago authorized VGTs as part of its 2026 budget, with the terminals forecast to generate about $7 million a year in new tax revenue. Bally’s has argued that its Host Community Agreement bars the city from authorizing new forms of gambling, while the city has a contractual counter-argument because VGTs were established under the Illinois Video Gaming Act.
Kim said Bally’s was “over-delivering” on its commitments to the city and that investors should view its actions as protecting its investment while meeting its contractual obligations.
“And let me say this again – we remain fully committed to Chicago,” he said.
Separately, Bally’s secured $560 million in financing from WhiteHawk Capital Partners for its $4 billion Bally’s Bronx project and general corporate purposes. The financing includes $400 million in closing-date term loan commitments and $160 million in delayed-draw commitments.
The financing is expected to close in the third quarter of 2026, subject to regulatory approval and other customary conditions. The Bronx project is targeting a 2030 opening.