Bally’s Chicago tops off permanent casino, targets 2027 opening

Bally’s marked a key construction milestone on its permanent Chicago casino project with the installation of the final structural beam, as the company reaffirmed plans to open the $1.7 billion development in early 2027.

The project, a 30-acre redevelopment of the former Chicago Tribune Freedom Center site, had originally been expected to open in 2025 but has been pushed back after a series of delays.

“It’s like the end of the beginning,” said Soo Kim, chairman of Bally’s Corp, during the topping-off ceremony. “To get here, we just had a lot of random delays. Now it just feels real good.”

Kim said: “A thousand people working on-site — I can’t believe how fast we’re building now. So we feel good that we’ll be open early next year."

The development is expected to create around 3,000 permanent jobs and will feature 3,400 slot machines, 173 table games, a 500-room hotel, a 3,000-seat entertainment venue, and multiple food and beverage outlets, positioning it as a major riverfront destination.

Chicago Mayor Brandon Johnson said the completed complex could generate significant fiscal benefits for the city.

“The casino, the hotel, entertainment venue, and restaurants are anticipated to generate more than $100 million in new revenue every year, which is going to make me and [Ald. Walter Redmond Burnett’s] job a little bit easier to pass budgets that are equitably maintained,” he said.

However, the project continues to face regulatory, financial, and competitive challenges.

Under current state law, Bally’s must close its temporary casino at Medinah Temple in early September, three years after opening. A proposed bill in Illinois could allow the company to continue operating the site for up to another year if approved by lawmakers before the end of May.

“We’re not concerned,” Kim said. “I think everyone knows it makes sense to do, so we’re confident that we’ll have good outcomes in Springfield.”

The temporary casino has generated $311.6 million in revenue so far, contributing $46.9 million in state taxes and $38.2 million to the city, though those figures have fallen short of initial projections.

The permanent project has also been slowed by several issues, including a redesign to avoid damaging water mains, the need to secure $940 million in financing, and a two-week work stoppage linked to a subcontractor using a waste hauler with alleged mob connections.

Further pressure could come from the expansion of video gambling terminals across Chicago, after the city opened the door for such machines in bars and other venues. At least 231 establishments have applied for licenses, raising concerns about increased competition for Bally’s.

Despite the challenges, Kim said the finished project would stand out in the region.

“This is a game changer,” he said. “There’s nothing like this in the Chicagoland area. There’s nothing like this for a long ways.”