Bally’s temporary Chicago casino located at the historic Medinah Temple at 600 N. Wabash officially opened at 8 am., Saturday, September 9, but gamblers and gawkers began lining up at 6:30 a.m.
The historic 111-year-old landmark, featuring 800 slots and 56 table games plus three restaurants and two bars, will operate while Bally’s $1.7 billion permanent facility at the Chicago Tribune printing plant in River West is being built. Construction on that venue will start in 2024 with an expected opening in 2026.
Since 1992, former Mayors Richard M. Daley and Rahm Emanuel tried to reach an agreement with lawmakers for a Chicago casino license. Ultimately Mayor Lori Lightfoot succeeded in 2019 and selected Bally’s proposal over three other bidders in 2022.
Bally’s officials said they anticipate the Medinah Temple casino to generate a monthly profit of $3.5 million to $5 million through the end of 2023 and up to $60 million after a full year of operations in 2024. City officials hope to direct an estimated $50 million in annual tax revenue from the temporary casino toward Chicago’s troubled police and firefighter pension funds. The permanent facility, with 3,400 slots, is anticipated to take in more than $800 million by 2028, officials said.
Second Ward Alderman Brian Hopkins is skeptical about casino revenue projections. He told WTTW, “If anything, my concerns are exacerbated right now. Since the city chose Bally’s to operate this casino, their stock is down 27 percent in the last year. They were counting on a much bigger opening weekend. It wasn’t bad, but it wasn’t great either. I just don’t know where the money’s going to come from for them to live up to their obligations.”
Also sharing concerns about the temporary casino are members of the River North Residents Association. Director Emeritus Brian Israel told NBC Chicago, “Our concern isn’t with the inside of the casino, but with the outside, neighboring businesses. These areas have seen significant increases in crime in the past few years, and so the last thing we want to do is make anything worse. If you picture thousands of patrons moving through the neighborhood at all hours to gamble, it’s pretty hard to imagine how that makes the situation better.”
Observers said within the first few hours of operation, the number of visitors was far below the casino’s 3,200-person capacity, although a steady stream of players entered the building. Several visitors said they did not experience the traffic jams predicted by opponents, including local 42nd Ward Alderman Brendan Reilly.
Open from 8 a.m. to 4 a.m. seven days a week, the venue eventually will operate 24/7, officials said.
While no life-changing jackpots have been announced at the casino, the Chicago Sun-Times reported Medinah landlord Albert M. Friedman will receive more than $16.5 million in rent and a $330,000 management fee under his 4-year lease. Bally’s also will pay the facility’s property tax bill, which has surpassed $1.1 million a year. And if Bally’s extends the lease for another two years, Friedman would get an additional $9.6 million in rent and management fees, and the casino operator would continue to pay the property taxes.
The Shrine Circus was a staple of the Medinah Temple for many years. When it left, Friedman converted the building into a Bloomingdale’s furniture, with assistance from the city. Bloomingdale’s moved out in October 2020 during the Covid-19 pandemic and the property remained vacant until Bally’s moved in.
Besides the Medinah Temple, Friedman Properties owns several historic River North buildings and has redeveloped 12 city blocks, frequently with government funding. Tenants have included some of the city’s top restaurants plus campaign offices for Mayor Brandon Johnson, Lightfoot and Emanuel. Friedman and his company have donated hundreds of thousands of dollars to the political campaigns of Daley and Cook County Board President Toni Preckwinkle, among others.
