Bally’s Says Chicago Casino Will Open on Time Despite Debt Concerns

^{Bally's Chicago casino, seen here at its temporary Medinah Temple location, says its permanent complex should open on schedule despite the company's financial concerns. (Photo: courtesy of Bally's Corp.)}

A Bally’s executive offered reassurances that the company’s permanent Chicago casino would open on time next year after it slowed construction on non-gaming amenities at the River West site earlier this month.

Bally’s claimed it was slowing construction in response to the city’s decision to allow video gaming terminals (VGTs) to be licensed for bars, restaurants, and bowling alleys across Chicago.

Barker: Bally’s Chicago Still In ‘Strong Position’

According to Bally’s, that decision would violate the casino's Host Community Agreement. However, speculation that the slowdown in construction could be connected to financial issues for the gaming firm ramped up after the company filed its second-quarter earnings with the Securities and Exchange Commission (SEC) last week, issuing a going concern warning as part of the filing.

The company’s large debt load has long been an issue for Bally’s, which also saw Fitch Ratings revise its outlook on Bally’s to negative in June 2026, citing “elevated leverage, [free cash flow] deficits, and developmental spending.”

According to NBC Chicago, Bally’s Executive Vice President and Chief Legal Counsel Kim Barker says none of those issues will affect Bally’s Chicago.

“Bally’s continues to be in a strong position to deliver the integrated casino and resort,” Barker said. “That is without question, we do have the funding and we will complete it on time.”

Bally’s has maintained that the Chicago complex is fully funded after the company received nearly $1 billion in additional funding via an agreement with Gaming and Leisure Properties in 2024. The company has also invested significant resources into its downstate New York casino, Bally’s Bronx, which is expected to open in 2030.

“Capital projects of this size and scope require a large outlay of funding before revenue comes in the door,” Barker said.

Finances Raise Questions For Several Bally’s Projects

But some members of the Chicago City Council aren’t convinced. After Bally’s announced its slowdown, 28 alders signed a letter accusing Bally’s of using the VGT issue as an excuse.

“Many of us suspect that this is really a cash flow issue for Bally’s,” Ald. Brendan Reilly (42nd Ward) told the Chicago Sun-Times. “They’ve told their own investors that they are heavily leveraged and have over $5 billion in debt, and that encumbrance could have a negative impact on their future operations.”

And officials in Chicago aren’t the only ones questioning how the company’s financial position will impact its major projects across the country. On Thursday, Bally’s attempted to assure the Las Vegas Stadium Authority that it would complete construction of the Athletics’ $2 billion stadium on time for the 2028 MLB season after submitting revised plans earlier in the week that split the stadium, casino, and additional facilities into three phases of construction.

“There have been some challenges out of the gate,” Bally’s Senior Vice President of Development Nick Tomasino told the Stadium Authority. “However, we are very happy to say that we are close to being able to secure the financing.”

Currently, Bally’s Chicago is being operated out of a temporary facility at the historic Medinah Temple. The permanent facility is scheduled to open in early 2027.

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