Plan Commission, Committee on Zoning, and City
Council approve next steps for the development of the world-class
entertainment center
CHICAGO, Dec. 14,
2022 /PRNewswire/ -- Bally's Corporation (NYSE: BALY)
today garnered a major victory after Chicago's City Council voted to approve an
amendment to Planned Development No. 1426, authorizing zoning for
the construction of Bally's Chicago Casino – a $1.7 billion flagship entertainment destination.
The first phase of this project will include the one million square
foot casino building, 500-room hotel, 3,000-person event space,
dozens of infrastructure improvements in the surrounding area, and
a significant amount of public open space. Chicago Aldermen also approved the ordinance,
making way for 3,000 construction jobs, 3,000 permanent jobs, and
millions of dollars in tax revenue that the casino will generate
annually.
"This is a significant achievement and another critical step
forward in the process of developing Bally's Chicago," said Bally's Chairman, Soo Kim. "We are confident that the casino will
bring numerous long-term, positive economic benefits, including
good-paying, union jobs, to this great city."
The support comes after the Plan Commission and Committee on
Zoning recommended approval of the project to the Chicago City
Council earlier this week. During the vote, members of the
development team described the benefits and resources that the
riverfront casino is expected to bring, such as its ambitious and
industry-leading vendor contracting, workforce development, and
equity ownership opportunities for minorities and women.
About Bally's Chicago
Bally's Chicago is a
$1.7 billion destination casino,
entertainment and hotel offering that will showcase "The Best of
Chicago" arts and culture, food
and sports, and curated dining and entertainment experiences.
Located on the 30-acre Chicago Tribune Publishing Center at the
intersection of Chicago Avenue and Halsted
Street, Bally's Chicago
will transform this currently underutilized site into a major
economic driver for the city.
Among other features and amenities, Bally's Chicago will include 3,400 slots, 170 table
games, 10 food and beverage venues, a 500-room hotel tower with
rooftop bar, a 3,000 seat / 65,000 square foot entertainment
center, a 20,000 square foot exhibition, outdoor music venue, and
outdoor green space including an expansive public riverwalk with a
water taxi stop. The project also provides Bally's with the
exclusive right to operate a temporary casino for up to three years
while the permanent casino resort is constructed.
For more information on Bally's Chicago, visit www.ballyschicago.com.
About Bally's Corporation
Bally's Corporation is a global casino-entertainment company
with a growing omni-channel presence of Online Sports Betting and
iGaming offerings. It currently owns and manages 15 casinos across
10 states, a horse racetrack in Colorado and has access to OSB licenses in 18
states. It also owns Bally's Interactive International, formerly
Gamesys Group, a leading, global, online gaming operator, Bally
Bet, a first-in-class sports betting platform and Bally Casino, a growing iCasino platform.
With 10,500 employees, Bally's casino operations include
approximately 15,000 slot machines, 600 table games and 5,300 hotel
rooms. Upon completing the construction of a temporary casino
facility in Chicago, IL and a
land-based casino near the Nittany Mall in State College, PA, Bally's will own and manage
17 casinos across 11 states. Its shares trade on the New York Stock
Exchange under the ticker symbol "BALY".
Investor Contact
Robert
Lavan
Chief Financial Officer
401-475-8564
InvestorRelations@ballys.com
Media Contact
Richard
Goldman
Kekst CNC
646-847-6102
BallysMediaInquiries@kekstcnc.com
BALY-CAS
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SOURCE Bally's Corporation