Plans for a $1.7 billion casino and adjacent 34-story hotel are moving forward in Chicago, as the gaming operator reports that it has secured $940 million to complete the project’s financing and set the demolition of ‘a printing building which now occupies the site for this summer.
Bally’s, which owns the 30-acre property in the River West neighborhood, and Gaming and Leisure Properties, Inc., (GLP), a Pennsylvania-based real estate investment trust, closed a deal on July 12 to finance the construction of the casino and a 500-room hotel tower. In total, with other financing transactions, GLP will contribute $2.07 billion to Bally’s. Under the plan, GLP will purchase, finance and own the land and lease it back to Bally’s.
On July 5, Bally’s took possession of the property, which was formerly the site of the Chicago Tribune printing plant. Brandenburg Industrial Service Co., the project’s demolition contractor, has since begun preparing the site for demolition.
“With the keys to the property in hand, new financing secured, a site plan that surpasses the original, and demolition set to begin this summer, there can be no doubt that Bally’s Chicago Casino and Hotel will soon rise along the Chicago River.” George Papanier, president of Bally’s, said in a statement.
As ENR previously reported, the general contractor for the project is the Chicago Community Builders Collective, a management team of minority-led companies that includes Brown & Momen Inc., d’Escoto Inc., LiveWire Construction Inc., Milhouse Engineering & Construction , Powers & Sons Construction, UJAMAA Construction Inc., Riteway-Huggins Construction Services Inc. and SQN Associates LLC, along with Gilbane Building Co.
Bally’s has also released new plans for a hotel that had to be moved from north to south of the site to prevent it from damaging city water pipes along the Chicago River. The hotel tower would include a pool spa and sun deck, and a rooftop bar and restaurant.
“We have been working hard in the background to restore the entire hotel tower for Bally’s Chicago Casino and we absolutely intend to meet the September 2026 opening date as planned,” Papanier said.
He said the hotel project will be completed in a single phase instead of two phases as previously planned.
Renderings of the new site plan were prepared by HKS Chicago, which provides hospitality and entertainment design services.
In addition to the casino and hotel, the plan calls for a 3,000-seat theater, six restaurants and a 2-hectare public park. The lower riverfront will be connected to the property by an approximately 2,000-foot-long stretch of riverwalk extending south from West Chicago Avenue.
The casino plan won approval from the Chicago City Council in December 2022. The proposed hotel still needs to be approved by the city.
