CEO of Gaming & Leisure Properties Expresses Satisfaction with Company's Current Status Amidst Uncertainties Regarding Bally's Chicago Operations
The Chicago casino project, a joint venture between Gaming & Leisure Properties (GLPI) and Bally's, is moving forward with construction at 705 W. Chicago Avenue. A superstructure permit for the seven-story casino portion has been issued, and the project is making significant progress[1].
The project, which includes a 500-room hotel tower, a 3,000-seat theater, multiple restaurants, and a two-acre public park, is expected to open both casino and hotel towers in late 2026[1]. Bally’s is investing around $1.7 billion in this integrated resort casino complex, expected to generate approximately $200 million annually for the state[3].
Despite concerns about potential competition from Video Gaming Terminals (VGTs) in the city, construction is progressing well. The project has moved vertical on the casino building, and foundation and tower crane permits have been issued[1]. Bally’s temporary casino, operational since September 2023, has produced $14 million in tax revenue in its first year, below the $35 million target but still impactful[3].
Meanwhile, GLPI is also involved in other projects. The company held a second quarter investor's call, and plans to produce a quarterly newsletter about Chicago's progress, including photographs for investors[2]. GLPI is also committed to a new baseball stadium for MLB's Athletics in Las Vegas, having already spent $50 million on demolition[2].
In addition, GLPI has a potential commitment with Bally's to help fund casinos in New York, but the project's ability to go forward is uncertain[2]. The remaining $125 million for the Las Vegas stadium is subject to negotiation, as GLPI aims to own a part of the property[2]. GLPI's Chief Development Officer, Steven Ladany, is open to discussions about potential projects in New York[2].
Financially, GLPI is in a strong position. In Q2 2025, the company posted revenue of $394.4 million, a 3.8% increase from the same quarter in 2024. Adjusted EBITA was up 6.2% to $361.5 million, and adjusted funds from operations were $276.1 million, a 4.4% increase compared to the same period in 2024[2].
Peter Carlino, Chairman and CEO of Gaming & Leisure Properties, responded to a question about the focus on potential issues with some projects. He noted that he is rarely asked about what is going right with the projects[2]. Despite the confusion about the terms of Chicago's economic development agreement, no changes have been made to it[0].
In summary, the Bally’s Chicago casino project is well underway with key construction permits in place, a late 2026 opening projected, and ongoing discussions about the impact of competing gaming options in the city. GLPI is also involved in other projects, such as the Las Vegas stadium and a new baseball stadium for MLB's Athletics, and is financially strong, with increased revenue and profitability in Q2 2025.
- The ongoing casino-and-gambling project in Chicago, a joint venture between Gaming & Leisure Properties (GLPI) and Bally's, is expected to include casino-games, lotteries, and multiple restaurants, aiming for a late 2026 opening.
- Bally’s is investing approximately $1.7 billion into this integrated resort casino complex, anticipating annual revenue generation of $200 million for the state.
- Meanwhile, GLPI is also involved in other projects, such as a new baseball stadium for MLB's Athletics in Las Vegas and potential casino projects in New York.
- Beyond the Bally’s Chicago project, GLPI is financially strong, with increased revenue and profitability in Q2 2025, emphasizing the importance of responsible-gambling in casino-culture.
