Bally's Chicago Set to Launch in Late 2026, Satisfied with Temporary Gaming Venue
In their recent earnings call, Bally's Corporation executives expressed satisfaction with the temporary casino in Chicago's performance. They maintain that the construction schedule for the permanent resort remains on track.
Bally's recorded $2.44 billion in total revenue for the 2023 fiscal year, marking an 8.5% increase from 2022. The growth was driven by the gaming sector, where the company's casinos and iGaming platforms earned more than $1.99 billion from gamblers, representing an 8% year-on-year increase.
The Rhode Island-headquartered gaming company, controlled by Soo Kim's private equity firm Standard General, reported a net income rebound from a $293 million loss in 2022 to $122.1 million. However, the net loss still stood at $172.6 million, a slight improvement from $425.5 million.
Bally's CEO Robeson Reeves expressed optimism about the company's performance, highlighting strong growth in the fourth quarter. Revenues grew by 6%, and gains were made across all three operating segments: casinos and resorts, international interactive, and North America interactive.
Chicago's Casinos
Reeves also noted the progress at Bally's Chicago, which is showing signs of improvement in its temporary location at the Medinah Temple. The 34,900-square-foot venue, featuring 800 slot machines and 56 live dealer table games, opened on September 9.
The casino's win from slots and tables reached $7.6 million in October and November. Gross gaming revenue increased to $8.5 million in December and nearly $9.3 million in January, excluding sports betting revenue.
Bally's Chicago registered over 438,000 admissions during its first 147 days of operation through January. The casino became fully operational towards the end of December.
Nearly 60,000 patrons have enrolled in Bally's Rewards so far, with new registrants receiving $25 in free slot play and $25 in table credits, as well as free parking. Bally's is also matching rewards tiers of competing casinos in the Chicagoland area.
Despite Bally's glowing report on its Chicago operation, the casino has yet to reach the ambitious income projections set by former Mayor Lori Lightfoot's office. Bally's President George Papanier reassured investors that brighter days are ahead.
Since launching the Chicago facility in September, Bally's has implemented several measures to enhance operations, including enriching its database. Papanier acknowledged delays in meeting the initial ramp-up schedule, citing factors like postponing opening, initial limitations on operating hours, the absence of valet parking, and minimal food and beverage options.
"Our dedicated property team has made amenable efforts to improve operations in anticipation of achieving our desired operational pace. We're tackling these areas for improvement and have already seen success in some areas," Papanier said.
Permanent Casino Specs
Regarding the construction of the $1.7 billion permanent casino to be built at the former Tribune printing plant, known as the Freedom Center, Bally's executives announced that the timeline remains unchanged.
The plan, shared before, involves accessing the Chicago Tribune site in the latter half of this summer, paving the way for demolition and site preparation in late 2024. Completion of the facility is forecasted for the end of the third quarter of 2026.
The Chicago City Council sanctioned the resort's blueprint in December. The casino will feature 3,400 slots, 170 table games, and a sportsbook. The complex will include 500 hotel rooms, six restaurants, a food hall, a 3,000-seat theater, a fitness center, a spa, a sun deck, and an outdoor public park.
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