Bally’s secures financing for permanent hotel, releases updated construction plan

Bally's Casino has acquired a $940 million financing agreement with Pennsylvania's real estate investment trust, Gaming and Leisure Properties, to build a $1.7 billion casino complex with a 500-room hotel tower at the site of the former Tribune Freedom Center complex in River West.

Construction on the sprawling casino grounds will reportedly be completed in a single-phase, according to a statement from Bally's. The casino will feature a number of amenities outside of the slots, including a 3,000-seat theatre, six restaurants, cafes, and a public park.

The adjacent 34-story hotel skyscraper will be located within the south end of the complex, along the Chicago River, and include a pool, fitness center, spa, sun deck, and rooftop bar and restaurant.

The newly released plans are a major step forward for the project which has spent years in development. After opening a temporary casino in River North in 2023, concerns loomed over whether Bally's would be able to secure financing for a permanent casino.

The casino is slated to open by September of 2026 barring any delays. According to Bally's, the casino is expected to generate 3,000 construction jobs during development and an additional 3,000 casino jobs upon opening.

“We’ve been working hard in the background to restore the full hotel tower for Bally’s Chicago Casino and absolutely intend to meet the September 2026 opening date as planned,” said George Papanier, President of Bally’s Corporation in a statement.

“With keys to the property in hand, the new financing secured, a site plan that exceeds the original, and demolition set to start this summer, let there be no doubt that Bally’s Chicago Casino and Hotel will soon rise up along the Chicago River."