Bally's settles lawsuit with affirmative action activists
Bally's Chicago has officially closed the book on its previous plan to give minority investors priority in the casino's initial public offering.
Why it matters: The city's first casino has faced a series of setbacks, from construction delays to declining revenue at its temporary space, while the IPO they announced late last year still has not been approved by the SEC.
Driving the news: The casino settled a lawsuit Friday filed by the American Alliance for Equal Rights (AAER) and two white men who alleged the casino's initial offering excluded them from investing based on their race.
For the record: The terms of the settlement are confidential, lawyers for AAER tell Axios.
Flashback: Bally's filed for a $195 million initial public offering last year, but the only eligible buyers were women, minorities or firms majority-owned by women or minorities.
Reality check: At the time, the casino said the rule was in accordance with its Host Community Agreement, which requires that 25% of the Chicago casino be owned by women or minorities.
The latest: In April, Bally's dropped the minority and women requirement for participation in the IPO, but the paperwork still outlined a preference for Chicago and Illinois residents.
State of play: Construction of the permanent casino and entertainment center at the site of the former Freedom Center resumed last month after a Sun-Times investigation led the state gaming board to temporarily halt work.
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