NYSE-listed, global casino entertainment company Bally’s Corporation has scored a big victory in its endeavor to see its new flagship casino rise in Chicago. The City Council offered a favorable vote to an amendment to Planned Development No. 1426 which would give the green light for zoning for the building of Bally’s $1.7 billion Chicago Casino.
First Phase of the Chicago Casino Project
During the first phase of the massive project, Bally’s will be busy building a casino building that will spread across one million square feet, along with a hotel hosting 500 rooms with a rooftop bar, an event space that would receive 3,000 guests, and a large open space for the general public. Bally’s will also bring several improvements to the infrastructure in the area. The project also includes a public riverwalk featuring a taxi stop, a 20,000-square-foot exhibition space, an outdoor green space and an outdoor music venue.
Chicago Aldermen also gave the green light to the ordinance which would allow as many as 3,000 new construction jobs to become available, togeth ufa888 er with an equal number of permanent jobs. The new casino is also expected to generate millions in tax revenue on a yearly basis.
Bally’s considers the new development a “significant achievement” as well as a new critical step in the process. The good news comes right after the operator received the support of the Plan Commission and Committee on Zoning which lobbied for the approval of the project to the council earlier in the week.
Expected Benefits of the New Riverfront Casino
During the city council vote, development team members spoke about the perks and resources that the new casino would attract to the area. Among others, they mentioned new vendor contracting, the growth of the workforce in the region, and a series of equity ownership opportunities for both women and minority groups. Bally’s chair Soo Kim also expressed confidence in the “numerous long-term, positive economic benefits” of the project, including rewarding union jobs with good pay.
Bally’s Chicago aims to showcase “The Best of Chicago” in terms of spots, food, culture, arts, entertainment, and curated dining. The venue will be built on the 30-acre Chicago Tribune Publishing Center located at the intersection of Halsted Street and Chicago Avenue and it is expected to change the site that is not currently in use into a big economic driver for Chicago.
The casino will host 170 table games, 3,400 slots, and ten venues dedicated to food and beverage.
At the start of the month, Bally’s representatives addressed the concerns of the local community regarding the new project. The corporation won the bid for running the new casino at the start of May.
