Bally casino settles suit after would-be investors allege they were barred from investing for being white
A Chicago casino settled a lawsuit last week after two would-be investors claimed the business had a policy of preventing White men from investing in the enterprise.
Bally's Chicago, which is projected to be Illinois' biggest casino with a 500-room hotel tower and 3,000-seat theater, was accused of excluding White males from its $250 million IPO as part of its Host Community Agreement with the City of Chicago.
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The $1.7 billion casino and resort, set to open in 2026, faced a lawsuit launched by the Wisconsin Institute for Law and Liberty on behalf of two White male investors and the American Alliance for Equal Rights (AAER).
The casino committed to 25% minority and women ownership as part of the community agreement, which was drafted as part of a 2019 Illinois state law expanding gambling in the state.
In order to take part in the IPO, an investor would have had to meet its 'Class A Qualification Criteria,' which stated that an investor must be a 'minority or woman.'
Bally's accepted deposits from 1,500 investors starting in December, but wound up refunding them in February because the SEC had yet to approve of the IPO, the Chicago Sun Times reported.
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In April, the casino dropped the controversial provisions from the IPO, but stated they preferred investors to be from the Chicago area.
Bally's Chicago was accused of excluding White males from its $250 million IPO as part of its Host Community Agreement with the City of Chicago.
Christopher Sadowski
WILL, which represented investors Richard Fisher and Phillip Aronoff in their case, alleged that Bally's was in violation of the Civil Rights Act of 1866, which bars racial discrimination in contracts, the first Ku Klux Klan Act and years of Supreme Court precedent.
The conservative legal group is now celebrating the settlement with the casino.
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'This is a great win for equality. Bally's Casino in Chicago, the city of Chicago, the state of Illinois had all agreed that they were going to open a new casino in Chicago and only allow minorities and women to own 25% of the casino as part of an investment. And Bally has now dropped that requirement. They filed papers with the SEC stating that the investment will now be open to everybody. And we think that's a great win for equality and we're very happy with this result,' WILL's managing vice president Dan Lennington told Fox News Digital.
Patrick Callahan, 39, a Chicago attorney who had been prevented from investing in the casino, was pleased with the settlement, but voiced a note of caution about the future of his city.
Bally's accepted deposits from 1,500 investors starting in December, but wound up refunding them in February because the SEC had yet to approve of the IPO.
Bally's
'Under current state and local leadership, it's hard to be too optimistic that Chicago will suddenly become a bastion of nondiscrimination. That being said, this is a big victory and I'm hoping to see many more of them,' Callahan said.
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Fox News Digital reached out to Bally's, the Chicago mayor's office and the Illinois Gaming Commission for comment.
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