Latest news with #Bally's
Chicago Tribune
6 days ago
- Business
- Chicago Tribune
Long-delayed $250 million Bally's Chicago IPO may finally close in August
Eight months after launching its $250 million initial public offering, Bally's Chicago is making a final push to solicit investors and complete the long-stalled offering within weeks. The IPO, which has navigated lawsuits and regulatory delays, was refiled for a second time July 15 with the Securities and Exchange Commission to update the company's financials, according to the company. Bally's Chicago is hoping to get SEC approval and close the offering by early August, according to a note to prospective investors Wednesday. 'It's still under review by the SEC,' said Chris Jewett, Bally's senior vice president of corporate development. 'But we feel like we are hopefully closer to being able to launch.' Bally's Chicago opened the $250 million IPO in January exclusively 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. Chicago-based Loop Capital Markets serves as the lead placement agent for the IPO, which initially was limited to Blacks, Asian Americans, Hispanics and other 'socially disadvantaged' people as defined by city guidelines. 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. A discrimination lawsuit brought by Wilmette resident Mark Glennon was dismissed April 30 — eight days after the first IPO refiling with the SEC. In June, Bally's and the city settled a similar lawsuit brought by the American Alliance for Equal Rights, 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. Jewett said he is confident the Bally's Chicago IPO will be fully subscribed and that it will help fulfill the casino's minority equity requirement, despite being opened up to all investors. 'There is definitely (investor) interest, for sure,' Jewett said Wednesday. In May 2022, Rhode Island-based Bally's was selected to build the Chicago casino, besting finalists Rivers Casino and Hard Rock with a proposal that includes an exhibition hall, a 500-room hotel, a 3,000-seat theater, 10 restaurants and 4,000 gaming positions. But Bally's Chicago, which has been operating a temporary casino at Medinah Temple since September 2023, has hit some bumps in the road on the way to building the permanent casino. Bally's navigated a one-month demolition stoppage in December after construction debris from the remnants of the Freedom Center, once the largest newspaper printing plant in North America, spilled into the river. In May, construction was shut down for two weeks by the Illinois Gaming Board to investigate the use of an unauthorized subcontracted waste hauler previously alleged to have had ties to organized crime. Bally's got the green light to resume construction after booting the waste hauler and agreeing to a better vendor vetting process. The permanent casino remains on target, however, to be opened by September 2026, Jewett said. 'The tower crane just went up, steel is starting to get delivered,' Jewett said. 'Hundreds of thousands of tons of steel are going to come in over time. The main building construct is steel and concrete.' Given the success of recent permanent casinos openings at Wind Creek in the south suburbs and Hard Rock in Rockford, and with Hollywood Joliet set to open its new land-based casino next month, Bally's Chicago is eager to get its planned casino complex at the former site of the Chicago Tribune printing plant up and running. Rivers Casino Des Plaines was once again the state's top casino in June with $40.3 million in adjusted gross receipts, followed by newcomer Wind Creek, which generated nearly $16.8 million in revenue, according to Gaming Board data. Hard Rock Rockford ranked third with $12.2 million in revenue during June, followed by Grand Victoria in Elgin at $11.9 million and Bally's Chicago at $10.7 million. Through the first six months of 2025, the state's 17 casinos have generated $954 million in adjusted gross receipts, up nearly $127 million or 15.3% over last year, according to Gaming Board data. The casinos totaled more than 7.6 million visitors, up 1.5 million or 24% year over year. Most of that growth came from the opening of Wind Creek Chicago Southland in November, which has quickly become the second busiest casino in the state behind perennial leader Rivers. During the first six months of 2025, Wind Creek topped $96 million in revenue and welcomed 1.1 million guests. Rivers Casino generated nearly $250 million in adjusted gross receipts and saw nearly 1.5 million admissions through June, according to Gaming Board data. Hollywood Joliet, one the state's original riverboat casinos, ranked ninth during the first six months with $43.4 million in revenue, but it expects business to boom with the planned opening next month of a new $185 million land-based casino. Bally's Chicago, which has been flat through June, ranking fifth in revenue at $63 million and fourth in admissions at 649,000, is hoping for a similar boost next year when its permanent casino opens, Jewett said. 'The temporary served a purpose,' Jewett said. 'It was to start generating tax revenue, creating jobs and really building up to what the permanent is. It was never meant to be the permanent in itself. It's a good experience, beautiful building, good location, but it's not the permanent.'
17-07-2025
- Business
Inside the high-stakes battle to win a New York City casino license
NEW YORK -- A Caesars Palace casino in the heart of Times Square. A sprawling gambling hall along Coney Island's iconic boardwalk. A Hard Rock casino complex next to the home stadium of baseball's New York Mets. Eight projects are bidding for a state license to operate a casino in the lucrative New York City market, each dangling the prospect of generational investment in America's largest metropolitan region. But one — a Bally's casino proposed on a Bronx golf course once run by President Donald Trump's company — may have already run out of luck, after city lawmakers denied it a key approval this week. All of the proposed casinos, in application materials submitted in recent days, promise to create thousands of new jobs, flashy new community amenities in the form of hotels, shops, restaurants and entertainment venues and billions of dollars a year in taxable gambling revenues for the state's coffers. How realistic those promises are, though, is an open question, given the proliferation of casinos in the northeast and the explosion of online gambling in recent years, casino experts say. The arrival of full-fledged casino resorts in New York City has been years in the making. The gambling industry spent mightily to secure approval from New York voters in a referendum authorizing the licensing of up to seven full casinos with live table games back in 2013. But the state initially allowed upstate venues a head start. The state's Gaming Commission says it hopes to finally award up to three downstate licenses in December. But before then, community advisory committees appointed by lawmakers and local officials will weigh community opinions of each plan. Nearly all the casino proposals face some degree of local push back. On Monday, the New York City Council denied Bally's a needed rezoning change following local resident concerns about the environmental impact of its $4 billion proposal, which also calls for a 500-room hotel and a 2,000-seat event center. Bally's, which bought the former Trump Links course in 2023, had promised to pay Trump another $115 million if it were to secure a casino license, though that was not among the objections voiced by the Democratic majority on the council nor the Republican lawmaker representing the Bronx district. Spokespersons for Bally's declined to comment on the future of the project this week. Not surprisingly, the debate over the proposed Times Square casino has taken center stage, with supporters and opponents recently holding dueling rallies in the Crossroads of the World. Among the prominent groups opposed to the $5.4 billion plan is the Broadway League, a trade group representing America's performing arts theaters. It says a casino would draw patrons away from neighborhood businesses and threaten a theater industry still reeling from the COVID-19 pandemic. The project's backers have countered that the plan, which calls for renovating a skyscraper that currently houses the Minskoff Theatre, home of long-running 'The Lion King' musical, will actually boost demand for Broadway tickets. The developers, which have also enlisted Jay-Z's Roc Nation to curate their entertainment offerings, promise $250 million in community projects, including a public safety plan designed by former NYPD Commissioner Bill Bratton and a multimillion-dollar civil rights museum that helped earn an endorsement from the Rev. Al Sharpton. The two other casinos proposed in Manhattan — one for its West Side and another on its East Side — could face similar headwinds, given their proximity to residential neighborhoods, according to casino experts. But the proposed West Side resort, near the Jacob K. Javits Convention Center and the Lincoln Tunnel to New Jersey, could reel in business travelers and convention attendees, if it can win over locals, said Soojin Ha, a lecturer at Cornell University's business school. Meanwhile in Brooklyn, organizers of the quirky Mermaid Parade are among those leading the charge against a Coney Island casino, arguing the plan would remove large chunks of the boardwalk's iconic amusement rides and block access to the public beach. Since the 2013 referendum, four full casinos have opened in New York, though all of them are located upstate, miles away from Manhattan. The state also has nine gambling halls offering slot machines and other electronic gambling machines but no live table games. Some three hours drive north of Manhattan are the Native American tribe-owned Mohegan Sun and Foxwoods casinos in Connecticut. Two hours south are the New Jersey shore casinos of Atlantic City, and less than two hours due west in Pennsylvania is the tribe-owned Wind Creek Casino at the former site of Bethlehem Steel. Despite the competition from seemingly all corners, New York City's dense market could sustain three gambling halls, depending on where they're located, suggests John Holden, a business professor at Indiana University who specializes in gambling law. 'We typically see fairly rosy revenue projections put out by the gaming industry, but the New York City market is really without comparison,' he said. The state could hedge its bets by awarding two of the three licenses to proven winners: the racinos -- slot parlors built alongside horse racing tracks — that have been successfully operating for years in the New York City area, said Alan Woinski, a New Jersey-based gambling consultant. MGM Resorts is proposing a $2.3 billion expansion of the Empire City Casino at Yonkers Raceway. Resorts World, owned by Malaysian casino giant Genting, is proposing a $5.5 billion investment to its gaming facility at the Aqueduct Racetrack in Queens. Those expansions, Woinski noted, could be rolled out in a matter of months, meaning the state wouldn't have to wait years for the construction of a wholly new site to start reaping the financial windfall.
San Francisco Chronicle
17-07-2025
- Business
- San Francisco Chronicle
Inside the high-stakes battle to win a New York City casino license
NEW YORK (AP) — A Caesars Palace casino in the heart of Times Square. A sprawling gambling hall along Coney Island's iconic boardwalk. A Hard Rock casino complex next to the home stadium of baseball's New York Mets. Eight projects are bidding for a state license to operate a casino in the lucrative New York City market, each dangling the prospect of generational investment in America's largest metropolitan region. But one — a Bally's casino proposed on a Bronx golf course once run by President Donald Trump's company — may have already run out of luck, after city lawmakers denied it a key approval this week. All of the proposed casinos, in application materials submitted in recent days, promise to create thousands of new jobs, flashy new community amenities in the form of hotels, shops, restaurants and entertainment venues and billions of dollars a year in taxable gambling revenues for the state's coffers. How realistic those promises are, though, is an open question, given the proliferation of casinos in the northeast and the explosion of online gambling in recent years, casino experts say. Gambling industry spending big, but some locals aren't sold The arrival of full-fledged casino resorts in New York City has been years in the making. The gambling industry spent mightily to secure approval from New York voters in a referendum authorizing the licensing of up to seven full casinos with live table games back in 2013. But the state initially allowed upstate venues a head start. The state's Gaming Commission says it hopes to finally award up to three downstate licenses in December. But before then, community advisory committees appointed by lawmakers and local officials will weigh community opinions of each plan. Nearly all the casino proposals face some degree of local push back. On Monday, the New York City Council denied Bally's a needed rezoning change following local resident concerns about the environmental impact of its $4 billion proposal, which also calls for a 500-room hotel and a 2,000-seat event center. Bally's, which bought the former Trump Links course in 2023, had promised to pay Trump another $115 million if it were to secure a casino license, though that was not among the objections voiced by the Democratic majority on the council nor the Republican lawmaker representing the Bronx district. Spokespersons for Bally's declined to comment on the future of the project this week. Not surprisingly, the debate over the proposed Times Square casino has taken center stage, with supporters and opponents recently holding dueling rallies in the Crossroads of the World. Among the prominent groups opposed to the $5.4 billion plan is the Broadway League, a trade group representing America's performing arts theaters. It says a casino would draw patrons away from neighborhood businesses and threaten a theater industry still reeling from the COVID-19 pandemic. The project's backers have countered that the plan, which calls for renovating a skyscraper that currently houses the Minskoff Theatre, home of long-running 'The Lion King' musical, will actually boost demand for Broadway tickets. The developers, which have also enlisted Jay-Z's Roc Nation to curate their entertainment offerings, promise $250 million in community projects, including a public safety plan designed by former NYPD Commissioner Bill Bratton and a multimillion-dollar civil rights museum that helped earn an endorsement from the Rev. Al Sharpton. The two other casinos proposed in Manhattan — one for its West Side and another on its East Side — could face similar headwinds, given their proximity to residential neighborhoods, according to casino experts. But the proposed West Side resort, near the Jacob K. Javits Convention Center and the Lincoln Tunnel to New Jersey, could reel in business travelers and convention attendees, if it can win over locals, said Soojin Ha, a lecturer at Cornell University's business school. Meanwhile in Brooklyn, organizers of the quirky Mermaid Parade are among those leading the charge against a Coney Island casino, arguing the plan would remove large chunks of the boardwalk's iconic amusement rides and block access to the public beach. New York market could support 3 casinos, expert says Since the 2013 referendum, four full casinos have opened in New York, though all of them are located upstate, miles away from Manhattan. The state also has nine gambling halls offering slot machines and other electronic gambling machines but no live table games. Some three hours drive north of Manhattan are the Native American tribe-owned Mohegan Sun and Foxwoods casinos in Connecticut. Two hours south are the New Jersey shore casinos of Atlantic City, and less than two hours due west in Pennsylvania is the tribe-owned Wind Creek Casino at the former site of Bethlehem Steel. Despite the competition from seemingly all corners, New York City's dense market could sustain three gambling halls, depending on where they're located, suggests John Holden, a business professor at Indiana University who specializes in gambling law. 'We typically see fairly rosy revenue projections put out by the gaming industry, but the New York City market is really without comparison,' he said. The state could hedge its bets by awarding two of the three licenses to proven winners: the racinos -- slot parlors built alongside horse racing tracks — that have been successfully operating for years in the New York City area, said Alan Woinski, a New Jersey-based gambling consultant. MGM Resorts is proposing a $2.3 billion expansion of the Empire City Casino at Yonkers Raceway. Resorts World, owned by Malaysian casino giant Genting, is proposing a $5.5 billion investment to its gaming facility at the Aqueduct Racetrack in Queens. Those expansions, Woinski noted, could be rolled out in a matter of months, meaning the state wouldn't have to wait years for the construction of a wholly new site to start reaping the financial windfall.
The Hill
17-07-2025
- Business
- The Hill
Inside the high-stakes battle to win a New York City casino license
NEW YORK (AP) — A Caesars Palace casino in the heart of Times Square. A sprawling gambling hall along Coney Island's iconic boardwalk. A Hard Rock casino complex next to the home stadium of baseball's New York Mets. Eight projects are bidding for a state license to operate a casino in the lucrative New York City market, each dangling the prospect of generational investment in America's largest metropolitan region. But one — a Bally's casino proposed on a Bronx golf course once run by President Donald Trump's company — may have already run out of luck, after city lawmakers denied it a key approval this week. All of the proposed casinos, in application materials submitted in recent days, promise to create thousands of new jobs, flashy new community amenities in the form of hotels, shops, restaurants and entertainment venues and billions of dollars a year in taxable gambling revenues for the state's coffers. How realistic those promises are, though, is an open question, given the proliferation of casinos in the northeast and the explosion of online gambling in recent years, casino experts say. Gambling industry spending big, but some locals aren't sold The arrival of full-fledged casino resorts in New York City has been years in the making. The gambling industry spent mightily to secure approval from New York voters in a referendum authorizing the licensing of up to seven full casinos with live table games back in 2013. But the state initially allowed upstate venues a head start. The state's Gaming Commission says it hopes to finally award up to three downstate licenses in December. But before then, community advisory committees appointed by lawmakers and local officials will weigh community opinions of each plan. Nearly all the casino proposals face some degree of local push back. On Monday, the New York City Council denied Bally's a needed rezoning change following local resident concerns about the environmental impact of its $4 billion proposal, which also calls for a 500-room hotel and a 2,000-seat event center. Bally's, which bought the former Trump Links course in 2023, had promised to pay Trump another $115 million if it were to secure a casino license, though that was not among the objections voiced by the Democratic majority on the council nor the Republican lawmaker representing the Bronx district. Spokespersons for Bally's declined to comment on the future of the project this week. Not surprisingly, the debate over the proposed Times Square casino has taken center stage, with supporters and opponents recently holding dueling rallies in the Crossroads of the World. Among the prominent groups opposed to the $5.4 billion plan is the Broadway League, a trade group representing America's performing arts theaters. It says a casino would draw patrons away from neighborhood businesses and threaten a theater industry still reeling from the COVID-19 pandemic. The project's backers have countered that the plan, which calls for renovating a skyscraper that currently houses the Minskoff Theatre, home of long-running 'The Lion King' musical, will actually boost demand for Broadway tickets. The developers, which have also enlisted Jay-Z's Roc Nation to curate their entertainment offerings, promise $250 million in community projects, including a public safety plan designed by former NYPD Commissioner Bill Bratton and a multimillion-dollar civil rights museum that helped earn an endorsement from the Rev. Al Sharpton. The two other casinos proposed in Manhattan — one for its West Side and another on its East Side — could face similar headwinds, given their proximity to residential neighborhoods, according to casino experts. But the proposed West Side resort, near the Jacob K. Javits Convention Center and the Lincoln Tunnel to New Jersey, could reel in business travelers and convention attendees, if it can win over locals, said Soojin Ha, a lecturer at Cornell University's business school. Meanwhile in Brooklyn, organizers of the quirky Mermaid Parade are among those leading the charge against a Coney Island casino, arguing the plan would remove large chunks of the boardwalk's iconic amusement rides and block access to the public beach. New York market could support 3 casinos, expert says Since the 2013 referendum, four full casinos have opened in New York, though all of them are located upstate, miles away from Manhattan. The state also has nine gambling halls offering slot machines and other electronic gambling machines but no live table games. Some three hours drive north of Manhattan are the Native American tribe-owned Mohegan Sun and Foxwoods casinos in Connecticut. Two hours south are the New Jersey shore casinos of Atlantic City, and less than two hours due west in Pennsylvania is the tribe-owned Wind Creek Casino at the former site of Bethlehem Steel. Despite the competition from seemingly all corners, New York City's dense market could sustain three gambling halls, depending on where they're located, suggests John Holden, a business professor at Indiana University who specializes in gambling law. 'We typically see fairly rosy revenue projections put out by the gaming industry, but the New York City market is really without comparison,' he said. The state could hedge its bets by awarding two of the three licenses to proven winners: the racinos — slot parlors built alongside horse racing tracks — that have been successfully operating for years in the New York City area, said Alan Woinski, a New Jersey-based gambling consultant. MGM Resorts is proposing a $2.3 billion expansion of the Empire City Casino at Yonkers Raceway. Resorts World, owned by Malaysian casino giant Genting, is proposing a $5.5 billion investment to its gaming facility at the Aqueduct Racetrack in Queens. Those expansions, Woinski noted, could be rolled out in a matter of months, meaning the state wouldn't have to wait years for the construction of a wholly new site to start reaping the financial windfall.
Winnipeg Free Press
17-07-2025
- Business
- Winnipeg Free Press
Inside the high-stakes battle to win a New York City casino license
NEW YORK (AP) — A Caesars Palace casino in the heart of Times Square. A sprawling gambling hall along Coney Island's iconic boardwalk. A Hard Rock casino complex next to the home stadium of baseball's New York Mets. Eight projects are bidding for a state license to operate a casino in the lucrative New York City market, each dangling the prospect of generational investment in America's largest metropolitan region. But one — a Bally's casino proposed on a Bronx golf course once run by President Donald Trump's company — may have already run out of luck, after city lawmakers denied it a key approval this week. All of the proposed casinos, in application materials submitted in recent days, promise to create thousands of new jobs, flashy new community amenities in the form of hotels, shops, restaurants and entertainment venues and billions of dollars a year in taxable gambling revenues for the state's coffers. How realistic those promises are, though, is an open question, given the proliferation of casinos in the northeast and the explosion of online gambling in recent years, casino experts say. Gambling industry spending big, but some locals aren't sold The arrival of full-fledged casino resorts in New York City has been years in the making. The gambling industry spent mightily to secure approval from New York voters in a referendum authorizing the licensing of up to seven full casinos with live table games back in 2013. But the state initially allowed upstate venues a head start. The state's Gaming Commission says it hopes to finally award up to three downstate licenses in December. But before then, community advisory committees appointed by lawmakers and local officials will weigh community opinions of each plan. Nearly all the casino proposals face some degree of local push back. On Monday, the New York City Council denied Bally's a needed rezoning change following local resident concerns about the environmental impact of its $4 billion proposal, which also calls for a 500-room hotel and a 2,000-seat event center. Bally's, which bought the former Trump Links course in 2023, had promised to pay Trump another $115 million if it were to secure a casino license, though that was not among the objections voiced by the Democratic majority on the council nor the Republican lawmaker representing the Bronx district. Spokespersons for Bally's declined to comment on the future of the project this week. Not surprisingly, the debate over the proposed Times Square casino has taken center stage, with supporters and opponents recently holding dueling rallies in the Crossroads of the World. Among the prominent groups opposed to the $5.4 billion plan is the Broadway League, a trade group representing America's performing arts theaters. It says a casino would draw patrons away from neighborhood businesses and threaten a theater industry still reeling from the COVID-19 pandemic. The project's backers have countered that the plan, which calls for renovating a skyscraper that currently houses the Minskoff Theatre, home of long-running 'The Lion King' musical, will actually boost demand for Broadway tickets. The developers, which have also enlisted Jay-Z's Roc Nation to curate their entertainment offerings, promise $250 million in community projects, including a public safety plan designed by former NYPD Commissioner Bill Bratton and a multimillion-dollar civil rights museum that helped earn an endorsement from the Rev. Al Sharpton. The two other casinos proposed in Manhattan — one for its West Side and another on its East Side — could face similar headwinds, given their proximity to residential neighborhoods, according to casino experts. But the proposed West Side resort, near the Jacob K. Javits Convention Center and the Lincoln Tunnel to New Jersey, could reel in business travelers and convention attendees, if it can win over locals, said Soojin Ha, a lecturer at Cornell University's business school. Meanwhile in Brooklyn, organizers of the quirky Mermaid Parade are among those leading the charge against a Coney Island casino, arguing the plan would remove large chunks of the boardwalk's iconic amusement rides and block access to the public beach. New York market could support 3 casinos, expert says Since the 2013 referendum, four full casinos have opened in New York, though all of them are located upstate, miles away from Manhattan. The state also has nine gambling halls offering slot machines and other electronic gambling machines but no live table games. Some three hours drive north of Manhattan are the Native American tribe-owned Mohegan Sun and Foxwoods casinos in Connecticut. Two hours south are the New Jersey shore casinos of Atlantic City, and less than two hours due west in Pennsylvania is the tribe-owned Wind Creek Casino at the former site of Bethlehem Steel. Despite the competition from seemingly all corners, New York City's dense market could sustain three gambling halls, depending on where they're located, suggests John Holden, a business professor at Indiana University who specializes in gambling law. 'We typically see fairly rosy revenue projections put out by the gaming industry, but the New York City market is really without comparison,' he said. Monday Mornings The latest local business news and a lookahead to the coming week. The state could hedge its bets by awarding two of the three licenses to proven winners: the racinos — slot parlors built alongside horse racing tracks — that have been successfully operating for years in the New York City area, said Alan Woinski, a New Jersey-based gambling consultant. MGM Resorts is proposing a $2.3 billion expansion of the Empire City Casino at Yonkers Raceway. Resorts World, owned by Malaysian casino giant Genting, is proposing a $5.5 billion investment to its gaming facility at the Aqueduct Racetrack in Queens. Those expansions, Woinski noted, could be rolled out in a matter of months, meaning the state wouldn't have to wait years for the construction of a wholly new site to start reaping the financial windfall. ___ Follow Philip Marcelo at
