Bally’s Chicago IPO draws 1,800 investors but falls short of fundraising target

Bally’s Chicago said on Friday it completed its long-delayed $250 million initial public offering, bringing nearly 1,800 new shareholders into its planned $1.7 billion casino and resort project, though the deal fell short of fundraising expectations.

The company created 10,000 Class A shares offered across four tiers ranging from $250 to $25,000, but sold only 2,551 shares to the public, generating gross proceeds of $5.5 million, according to a filing with the U.S. Securities and Exchange Commission. The IPO was valued at $96.7 million when including private placements and funding support from Bally’s.

"Nearly 1,800 unique shareholders, including 1,007 Chicagoans and 1,573 Illinois-based shareholders, are now partners of the project, going a long way to fulfilling our commitment to the City of Chicago," the company said in a statement.

The final tally included 2,076 shares at $250 each, 173 shares at $2,500, 148 shares at $5,000, and 154 shares at $25,000. Chicago-based Loop Capital Markets acted as lead placement agent.

Bally’s Chairman Soo Kim told the Chicago Tribune: “It just was a long journey to get that through the federal government, but we were able to do it, and now there’s going to be 1,800 more investors in the Bally’s Chicago project. It’s not huge dollars, but it’s an opportunity to let people participate with us, and also absolutely helps us achieve the goals of the host community agreement.”

The IPO, first filed in January, was delayed by lawsuits and regulatory reviews before being refiled in July. It was initially limited to women and minority investors but later expanded after legal challenges alleging discrimination. Both lawsuits were settled.

Bally’s was selected by the city in May 2022 to build Chicago’s first casino on the site of the former Tribune printing plant in River West. The complex is expected to feature a 500-room hotel, 3,000-seat theater, 10 restaurants, and 4,000 gaming positions.

The company has been operating a temporary casino at Medinah Temple since September 2023. While Bally’s has started construction on the permanent site, Kim suggested delays may push the opening from September 2026 to late that year. “We’re trying. It’s just taken a long time to get the building going,” he said.

The project comes as several competing casinos have opened in Illinois, including Wind Creek Chicago Southland, Hard Rock Rockford, and the new $185 million Hollywood Casino Joliet.