Bally’s Desires Chicago On line casino, Guarantees to Spend $1.6 Billion
Posted on: October 30, 2021, 02:05h.
Final up to date on: October 30, 2021, 02:05h.
Bally’s Corp. (NYSE:BALY) is eyeing Chicago as the positioning of its flagship gaming property, submitting a proposal to metropolis officers pledging a $1.6 billion funding for an built-in resort within the third-largest US metropolis.
The Rhode Island-based gaming firm introduced the pitch late Friday and is mulling two potential websites: The Chicago Tribune Publishing Middle and the McCormick Place Truck Marshaling Yard.
Chicago is a dynamic, world-class metropolis, which is why we’re committing to make a $1.6 billion funding in establishing Bally’s Chicago as our flagship, and the one property in its class within the Chicagoland market,” stated Soo Kim, Bally’s chairman, in a press release.
Bally’s entry into the Chicago on line casino bidding fray comes amid a flurry of exercise on what was seen as a mission in jeopardy because of onerous tax burdens. As On line casino.org reported Friday, Arduous Rock Worldwide — the gaming arm of the Seminole Tribe — and Rush Avenue Gaming additionally submitted bids.
Final yr, 4 gaming operators participated within the metropolis’s request for info course of with MGM Resorts Worldwide and Wynn Resorts in the end bowing out earlier than officers prolonged the deadline to submit proposals.
Chicago Would Be Coup for Bally’s
Bally’s at the moment operates 14 casinos in 10 states and has publicity to Illinois by way of Jumer’s On line casino & Resort in Rock Island, which it bought in October 2020 for $120 million in money.
Earlier this yr, the regional gaming firm made its long-awaited entry on the Las Vegas Strip, buying the Tropicana from Gaming and Leisure Properties (GLPI). Nonetheless, a Chicago on line casino could be a marquee addition to Bally’s portfolio whereas persevering with its transformation from upstart to main participant on the US gaming scene.
When the operator of Rhode Island’s two casinos went public in March 2019, its roster of properties consisted of the pair in its residence state, a Colorado canine observe, Dover Downs in Delaware, and Arduous Rock in Biloxi, Miss.
Since then, the corporate beforehand often called Twin River Worldwide Holdings entered prime gaming markets, reminiscent of Atlantic Metropolis, NJ and Las Vegas, whereas forging deeper into the iGaming and on-line sports activities wagering industries.
Ought to Bally’s win the Chicago on line casino license and keep inline with the aforementioned $1.6 billion price ticket, that enterprise could be the corporate’s second-largest to this point following solely the $2.7 billion takeover of Gamesys, which wrapped up earlier this yr.
Chicago On line casino Competitors May Be Fierce
Whereas the efficient tax fee of 40 % the operator of the Chicago on line casino will face is excessive relative to different US gaming markets, the market continues to be enticing because of a dearth of high-end gaming venues in main home metropolitan areas.
California and Florida are dominated by tribal gaming enterprises whereas on line casino gaming seems to be a low precedence in Texas and it may take years to approve and open a 3rd gaming venue within the New York Metropolis space.
For its half, Bally’s is saying the suitable issues, pledging that minority buyers will management 25 % of the Chicago on line casino mission whereas promising that 45 % of the staffers on the venue might be girls, 45 % might be minorities and the remaining 10 % might be veterans and other people with disabilities.