Chicago Mayor Lori Lightfoot last week announced the city has received the $40 million Bally’s pledged as part of its bid to develop a $1.7 billion downtown riverfront casino resort. The money will be used to support the city’s pension funds.
Bally’s also committed to pay the city $4 million a year and generate $200 million in annual tax revenue. In addition, Bally’s will invest $75 million in infrastructure improvement projects around the casino site, including synchronized traffic signals, road reconstruction and more.
The permanent Bally’s casino will be built at the Tribune Publishing location at 700 W. Chicago Ave. It will feature 3,400 slots, 173 table games, a 500-room hotel, 3,000-seat entertainment venue, six restaurants, a food hall and three bars.
Lightfoot recently signed an extensive community host agreement for the casino, spelling out Bally’s license to operate, the casino’s size, deadlines and other details.
In a statement, the mayor’s office said, “This is the first down payment from the casino on the future of Chicago’s pensions and a clear indication of the city’s commitment to its hardworking public safety professionals. Mayor Lightfoot and her team look forward to building upon this success by bringing thousands of good-paying union jobs and a world-class entertainment district to the River West neighborhood. The mayor also looks forward to continuing to engage with community through the establishment of a casino community advisory council.”
