In a unanimous vote, the Illinois Gaming Board (IGB) recently granted Bally’s a full gaming license for its permanent casino complex in River West in Chicago. The company now has until September 9, 2026 to complete its $1.7 billion, 505,000-square-foot gaming complex at the site of the Chicago Tribune print plant at 777 W. Chicago Avenue.
Construction will begin July 2024, officials said. Meanwhile, Bally’s can operate its temporary casino, which opened in September at the historic Medinah Temple, for three years.
Bally’s Chicago General Manager Mark Wong told IGB members, “We’re all very confident that we’ll meet the timeline. However, it is a huge project.”
Wong said more than 145,000 people have visited Medinah Temple since it opened. The temporary site offers 800 slot machines and 56 table games. The permanent venue will have 3,400 slots and 173 tables.
Bally’s made $6.7 million in gross gaming revenue in its first three weeks at Medinah, generating $695,000 in tax revenue for the city, which will go toward police and firefighter pension funds.
Former Mayor Lori Lightfoot’s analysts had predicted the casino would produce $12.8 million for the city by the end of 2023. City officials said they expect Medinah to generate more than $34 million next year and ultimately $200 million annually from the permanent casino.
Bally’s will pay River North landlord Albert Friedman more than $16.5 million in rent by the end of Medinah’s lease in 2026. In addition, under the deal with Friedman, the company will pay Medinah’s property taxes of more than $1.1 million a year, as reported by the Chicago Sun-Times.
