Last chance to apply for $250 million Bally's Chicago IPO ends Monday
Bally's Chicago will close its online portal Monday at noon, ending the opportunity for potential investors to indicate interest in the offering and perhaps own a piece of the city's first casino.
All investment accounts must be funded before Tuesday at 4 p.m., with Bally's Chicago allocating shares in the IPO by Thursday, according to an email sent to potential investors.
The Bally's Chicago IPO and concurrent private placement is scheduled to close on Friday, the company said.
It has been a long road for the IPO, which has navigated lawsuits and regulatory delays since launching in January. It was refiled for a second time July 15 with the Securities and Exchange Commission to update the company's financials during the eight-month process.
The $250 million IPO was initially an exclusive opportunity for women and minorities to buy a 25% equity stake in the casino, looking to fulfill a commitment to the city and raise money for the construction of its planned $1.7 billion entertainment complex in River West.
In April, Bally's refiled and expanded the IPO to include any potential investors, with 'preferential allocations' to Chicago and Illinois residents.
The elimination of the minority requirements in the IPO came as Bally's and the city faced two lawsuits in Chicago federal court alleging the investment opportunity discriminated against white men. Both lawsuits were settled, according to court filings.
The IPO creates 10,000 Class A shares featuring four classes of stock ranging from $250 to $25,000, supplemented by loans from Bally's Chicago to enable 'underrepresented communities' to participate.
Chicago-based Loop Capital Markets serves as the lead placement agent for the IPO.
In May 2022, Rhode Island-based Bally's was selected by the city to build the Chicago casino with a proposal that includes an exhibition hall, a 500-room hotel, a 3,000-seat theater, 10 restaurants and 4,000 gaming positions at the 30-acre site of the former Chicago Tribune printing plant.
Bally's Chicago has been operating a temporary casino at Medinah Temple in River North since September 2023.
While there have been some construction delays, including a demolition stoppage by the city in December after a debris spill in the Chicago River, and an Illinois Gaming Board-imposed work stoppage in May over the use of unauthorized waste hauler with alleged ties to organized crime, Bally's has begun erecting the steel and concrete casino complex, which remains on target for a September 2026 opening, the company said.
rchannick@chicagotribune.com
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