Bally’s has recently announced updated plans for the Bally’s Chicago Casino, which will include a 500-room hotel tower and a $1.7 billion casino complex. The new renderings show that the hotel tower will now be located on the southern end of the development, along Ohio Street and near the Chicago River.
This change was made after concerns were raised by city officials about potential damage to water pipes if the hotel were built in its originally planned location on the northern side of the development. To fund this project, Bally’s has entered into a binding term sheet with Gaming and Leisure Properties (GLPI) for $940 million in construction funding.
In addition to this financing agreement, GLPI and Bally’s have formed a strategic alliance for developing boththe casino and hotel tower at their improved site plan designed by HKS , an international design firm with an office in Chicago.
“With all necessary approvals secured, new financing secured,and demolition set to begin this summer,the future is brightforBally’sChicagoCasinoandHotel,” stated George Papanier,PresidentofBally’s.”We are excitedto bringthis world-class destinationto lifealongthe beautifulChicagoRiver.”
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