Chicago Approves Full Casino License and Extends Lease for Bally's
Last year, Bally’s received city approval to open its first casino in Chicago. The temporary facility, which will operate during the construction of the permanent complex, is located in the historic Medinah Temple. The gaming venue began operations in September of this year.
Under state law, the Illinois Gaming Board can permit a temporary establishment to operate for up to two years, with an option for a one-year extension. In addition to granting the gaming license, the Board also voted to extend Bally’s lease at the Medinah Temple. This means the operator now has the maximum allowable time to run the temporary venue while focusing on the construction of the permanent casino.
The future gaming complex, which will cost $1.7 billion (over 159 billion rubles), will be built on the site currently occupied by the Tribune Publishing printing plant. The publisher is expected to vacate the building by July 2024, after which the facility will be demolished to make way for the new complex.
The permanent casino is planned to feature 3,400 slot machines and 173 table games. Additionally, the complex will include a 500-room hotel, 11 restaurants, an exhibition space, and an event hall with a capacity of 3,000. The existing casino at the Medinah Temple offers 750 slot machines, 55 table games, two restaurants, and a café.
Chicago officials are keen on the operation of both the temporary and permanent Bally’s casinos, as tax revenues from gaming establishments are earmarked for additional funding of pension benefits for firefighters and police officers. In 2024, the city expects to generate around $35 million (3.3 billion rubles) in taxes from the temporary venue. According to city officials, the opening of the permanent casino is projected to increase tax contributions to $200 million (18.7 billion rubles).
It is worth noting that Las Vegas Sands continues to compete for a license for a $5 billion resort-casino in New York.
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