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Summary:
- Bally’s Chicago casino project at 777 W. Chicago Ave has officially started with demolition work initiated behind red and white smoke bombs and “We Will Rock You” as a soundtrack.
- The former Chicago Tribune printing plant will be turned into a casino by September 2026.
- As the knock-down work began, chairman Soo Kim expressed optimism about the revenue potential of the new casino being built at the site.
As excavators were seen making their way for Chicago’s next mega-casino expected to see the light of day in September 2026, Bally’s chairman took the opportunity to once again express confidence in the project’s revenue potential.
The dramatic demolition took place behind red and white smoke bombs and Queen’s iconic “We Will Rock You” sound was heard in the background.
While the tearing down began at the former Chicago Tribune printing plant at 777 W. Chicago Ave., chairman Soo Kim explained that his hedge fund’s $4.6 billion merger deal aimed at buying out shareholders should be considered an “indicator” of their optimism regarding the massive casino underway at the site.
“500-Room Hotel Tower, at Four-Star Level or Better”
Leaving aside critical voices questioning whether the corporation has what it takes to finish the $1.34 billion casino project in the River West area that is already suffocated by gambling venues and video gaming options, Kim said Bally’s will begin “eating a lot of people’s lunches” in the market.
“Most importantly, Indiana”, Kim added during a meeting with the Chicago Sun-Times Editorial Board.
The chairman expressed his disagreement with the current state of things that is seeing gambling money reach Indiana, which he said was “not great for Illinois”, adding their projected amenities including a 500-room hotel tower “at four-star level or better” will “not even be close” to the current market offerings.
In July, Bally’s announced that it secured financing to cover the $800 million funding gap for the new casino project while releasing the new site plan displaying the hotel tower on the south end of the gaming campus that will spread across 30 acres.
The redesign became mandatory once planners acknowledged the original placement planned for the Chicago River could have damaged a water main in the city.
Kim’s hedge fund, Standard General, managed to reach a merger deal at $4.6 billion to buy out Bally’s shareholders.
The agreement will help keep the company publicly traded while pending federal review.
The New Casino to “Have an Incredible Impact” on Chicago
While Mayor Brandon Johnson was not present during the demolition, he appears to have had a change of heart, becoming less skeptical than he was earlier in the year.
In a Tuesday statement provided by Bally’s, Johnson called the upcoming casino “one of the largest economic investments in Chicago” and expected to “have an incredible impact” on the city “as a job creator, hospitality destination, and revenue generator”.
Since its grand opening in September 2023, Bally’s temporary casino at the historic Medinah Temple has fallen far short of the city budget projections.
Kim explained to the editorial board that they were “still ramping” at the Medinah operation, adding the $200 million per year projections were still feasible.
The chairman also added that Bally’s could install slot machines at Midway Airport within one year, as per the state gambling expansion law passed in 2019, authorizing a casino in the city.
