Chicago Granted Casino License to Bally's, Timeline for Temporary Operations
Illinois gaming regulators have officially granted Bally's a full license to operate in Chicago. The Illinois Gaming Board unanimously voted in favor of the license, which will be used at their upcoming development in River West.
This approval marks the beginning of the $1.7 billion permanent casino project, which is expected to be completed by September 2026. The timeline for opening this casino is set by the three-year limit on their temporary operation at the historic Medinah Temple.
Bally's temporary casino at the Medinah Temple has been running since September, and is currently operating under a provisional license. Illinois state regulations allow for up to two years of temporary operation, with an optional 12-month extension while the permanent site is being constructed.
Bally's plans for the River West development include a casino with 3,400 slots and 173 table games. There are also plans for a 3,000-seat theater and a 500-key hotel tower.
The approval of Bally's license was a major win for the company, which beat out three other casino bidders last year.
"We're confident that we'll meet the timeline," says Mark Wong, general manager of Bally's Chicago. "However, it is a huge project."
Bally's must complete the construction of their 505,000 square foot casino complex by September 2026.
Focusing on the Temporary Location
Before groundbreaking at the River West site, the attention is on Bally's temporary location in the Medinah Temple.
The temporary casino at the historic Medinah Temple has already brought in $6.7 million and 80,000 visitors in just a few weeks. Its unique Moorish Revival-style architecture has also generated social media attention, with some nations mistaking it for a mosque.
The Medinah Temple site houses around 800 slot machines and 56 table games. Illinois regulators estimate the temporary casino will generate approximately $695,000 in city tax revenue. Chicago's former mayor, Lori Lightfoot, anticipates $12.8 million in city revenue by the end of 2023.
Chicago's Economic Boost
Chicago anticipates $34 million in revenue from the Medinah Temple location in 2024. The previously idle building, located at 600 N. Wabash Avenue, is expected to create up to 700 jobs during its three-year operation.
Upon his visit to the Medinah location in early October, current Chicago Mayor Brandon Johnson declared it as more than just an entertainment venue. "This project will secure Chicago's fiscally strong and vibrant future."
In addition to creating thousands of construction jobs, the permanent casino project will contribute up to $200 million annually to the city.
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Source: www.casino.org
