Bally’s Chicago, Bronx Casinos Moving Forward, Chairman Says

_{As frustrating as the construction of Bally's Chicago might seem, Executive Chairman Soo Kim recently said the project has not been stopped or paused and remains on schedule for completion in 2027. (Photo: ZUMA Press, Inc. / Alamy)} 

Bally’s Executive Chairman Soo Kim reassured investors that both Bally’s Chicago and Bally’s Bronx remain on target during a Monday call, which he said was necessary to address reporting on the pause in some aspects of construction of the Chicago project.

During the call, Bally’s officials said that much of the Chicago complex, including the casino, would be completed by early 2027.

No Pause, But VGT Issues Persist

Last month, Bally’s said that it was pausing certain non-gaming aspects of the Chicago construction in response to the city’s intention to license video gaming terminals (VGTs) at bars and restaurants, which it said violated the Host Community Agreement (HCA) for the casino.

While Bally’s said that it still planned to complete all required construction, it also suggested that the timeline for other elements of the development would be delayed. Many members of the Chicago City Council demanded answers, and opined that the slowdown might have more to do with Bally’s rising debt load rather than any issues over VGTs.

On Monday’s call, however, Kim said that Bally’s was committed to finishing its work in Chicago, and that reporting to the contrary was false.

“There have been inaccurate reports suggesting that construction has stopped or paused,” Kim told investors. “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.”

However, that statement didn’t contradict the idea that Bally’s had chosen to focus on certain aspects of the resort while pushing back the timeline on others, and other comments by Kim seemed to support that version of events.

“This reset is not a pause or a stoppage,” Kim said. “We are aligning the sequencing of our investments and developments with requirements and timelines established under the HCA. We’re committed to opening in early 2027.”

At a recent City Council hearing, Papanier said wider VGT deployment could cause a 30% to 50% impact on Bally's Chicago's top-line revenue, and described continuing construction on affected components as "irresponsible" until the company has greater clarity on the market. Bally's is currently reassessing roughly 12% of the project's planned amenities, including a planned 3,000-seat entertainment venue, alongside convention space, public areas, and some restaurants and bars.

According to Bally’s President and Interim CFO George Papanier, the company plans to have an event center, 100 hotel rooms, and the required food-and-beverage components ready by early 2027, with other elements to follow. However, he also noted that Bally’s is reevaluating some amenities due to the dispute over VGTs, including convention space, public areas, a theater, and some restaurants and bars.

Bally's is required to meet a $1.34 billion minimum capital commitment under its HCA with the city, and paid its required $4 million annual HCA fee to Chicago last week, which the company says demonstrates its commitment to its obligations.

Bally’s Bronx Receives Additional Financing

In addition, the call addressed Bally’s Bronx, one of the three casino projects to receive a downstate gambling license in New York. Kim told investors that the company has secured an additional $560 million in financing from WhiteHawk Capital Partners, which will be used to fund some pre-construction costs for the New York City development at Ferry Point Park.

“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.”

Bally’s Bronx is expected to cost approximately $4 billion to complete. The facility is expected to open in 2030, joining the already operating Resorts World New York City and Metropolitan Park, which is also scheduled for a 2030 opening.

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