Casino operator adjusts construction phasing following city’s legalisation of video gaming terminals while securing $560m in financing for separate Bronx project.
Bally’s has adjusted the sequence of construction at its Chicago casino and resort amid ongoing uncertainty triggered by the Illinois city’s recent legalisation of video gaming terminals.
The Chicago project, approved by the city in May 2022, had been on track to satisfy development obligations and timelines set out under a host community agreement. In August, Bally’s altered the sequencing of certain non-gaming components following the VGT legalisation, having earlier warned the city that the move violated the terms and financial assumptions supporting the agreement.
In an update to investors, the operator said the reconfigured development timetable reflects the uncertainty around video gaming terminals and is designed to safeguard the project’s value while still meeting contractual requirements.
Soo Kim, executive chairman of the board at Bally’s, rejected reports suggesting work had stopped.
“There have been inaccurate reports suggesting that construction has stopped or paused,” Kim said. “It has not. Construction continues every day, and there are approximately 1,000 skilled trade people working on the construction of the permanent Bally’s Chicago resort.”
He stressed the project remains scheduled to open in early 2027.
“This reset is not a pause or a stoppage. We are aligning the sequencing of our investments and development with requirements and timelines established under the HCA. We’re committed to opening in early 2027,” Kim added.
Bronx Casino Secures $560m Funding
Bally’s confirmed $560m in new financing to advance its land-based casino development in the Bronx.
The operator secured approval for a downstate licence in December last year and acquired a nearly 20-acre site at Ferry Point Park in March this year. The land acquisition requires Bally’s to commence construction within 18 months.
WhiteHawk Capital Partners led the new financing arrangement, which comprises $400m in closing date term loan commitments and $160m in delayed draw term loan commitments. Proceeds will cover pre-construction costs and related project expenditures. The financing is expected to close in the third quarter of 2026, subject to regulatory sign-off and closing conditions.
“This important financing allows us to progress the pre-construction planning process so that we are ready to complete the remainder of the capital raise and remain on schedule,” Kim said. “Furthermore, the additional liquidity provides us greater flexibility for other capital opportunities.”
The Bronx casino complex will house 3,500 slot machines, 210 table games and 40 poker tables, alongside 500 hotel rooms, a 2,000-seat event centre, nightclub, spa, food and beverage outlets and retail facilities.