Bally’s Chicago Aims to Raise $250M through Minority Investors
Bally’s Chicago is hoping to increase diversity and inclusion in its $1.7 billion casino and resort project in River West with the launch of an inclusive investment initiative aimed at empowering women and minority investors. The program offers the opportunity to acquire a 25% stake in the project, which is currently under construction.
LISTEN TO THIS ARTICLE:Program Fits with Bally’s Host Community Agreement
Bally’s has designed the program to align with its Host Community Agreement (HCA) with Chicago, which requires significant minority and female ownership. Individual investments can range from $250 to $25,000, with the goal of raising $250 million to fund the casino at the former Tribune Publishing site. The complex, expected to open in late 2026, will feature a vast casino floor, a 500-room hotel, and a variety of entertainment amenities.
Related: Bally’s shareholder wants full control of the company
According to Bally’s, the investment initiative is designed to promote equity and create opportunities for underrepresented groups to gain ownership in a high-profile development. While acknowledging the inherent risks of investing, Bally’s highlights the potential rewards, including nurturing a sense of inclusion in Chicago’s economic growth. The project is also expected to generate substantial tax revenue to support the city’s first responder pensions.
The Rhode Island-based gaming company has partnered with Chicago’s Loop Capital Markets to facilitate the equity offering. Loop Capital, under the leadership of Jim Reynolds, is exclusively managing the sale of shares to public and private investors.
The investment offering is contingent on approval from the US Securities and Exchange Commission (SEC). Prospective investors must meet specific eligibility criteria outlined in Bally’s investor materials.
More Business News
Expansive Riverwalk and Entertainment Hub
The project, set to become the largest casino in Illinois, will house over 3,400 slot machines, 173 table games, and exclusive VIP gaming areas. Beyond gaming, plans include a 3,000-seat theater, a rooftop bar, a gym, and an outdoor public park. The development will also extend Chicago’s iconic riverwalk by 2,000 feet, connecting it to the casino site.
The casino’s construction is already underway, with crews clearing the site after demolishing the old Tribune printing facility. Meanwhile, Bally’s is operating a temporary casino at the Medinah Temple to maintain its presence in the city.
RELATED TOPICS: Business
Latest News
Most Read
Mohegan's South Korea Casino Future a Concern as Loan Defaults Appear Imminent
Jan 02, 2025Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Bally’s Chicago Aims to Raise $250M through Minority Investors