Latest news with #Bally'sChicago
Chicago Tribune
03-08-2025
- Business
- Chicago Tribune
Last chance to apply for $250 million Bally's Chicago IPO ends Monday
It's the last call for the Bally's Chicago $250 million initial public offering. 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@
Chicago Tribune
24-07-2025
- 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.'
New York Post
12-06-2025
- Business
- New York Post
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. Advertisement 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. Advertisement 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. Advertisement '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. Advertisement Fox News Digital reached out to Bally's, the Chicago mayor's office and the Illinois Gaming Commission for comment.
Miami Herald
29-04-2025
- Business
- Miami Herald
Bally's Chicago files amended IPO eliminating gender and minority investor requirement
Bally's Chicago has filed an amended registration for its stalled initial public offering with the Securities and Exchange Commission, opening up the investment opportunity beyond women and minorities. Casino executives say they are confident the IPO, which was challenged by two federal lawsuits over alleged discrimination against white men, will pass muster with regulators and still meet a 25% minority investment requirement for Bally's Chicago with the city. "Thousands of qualified minorities have already applied," said Chris Jewett, Bally's senior vice president of corporate development. "We're going to meet the goal." Bally's Chicago launched 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 funds for the construction of its planned $1.7 billion entertainment complex in River West. 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. "As the lead placement agent for the Bally's Chicago IPO, we've seen interest from thousands of people who appreciate having access to this unique investment opportunity in a one-of-a-kind casino and resort project in the city of Chicago," Jim Reynolds, CEO of Loop Capital Markets, said in a news release announcing the amended registration. While the IPO generated applications from thousands of minority investors who opened and funded accounts to buy shares in the city's first casino, the SEC did not declare the registration effective before the prospectus financials lapsed, essentially shutting it down in February. At the time, Bally's Chairman Soo Kim told the Tribune the company didn't know why the IPO stalled, while an SEC spokesperson said the federal agency does not comment on individual company filings. But the only substantial change in the amended registration filing was the removal of the minority investor qualifications. Bally's submitted updated financials and an amended registration statement on April 22, offering 10,000 Class A shares but striking all references to the minority investor requirements. The amended IPO added new language for "preferential allocations" of Class A interests to Chicago and Illinois residents. "We take pride in having attracted a substantial amount of interest in ownership from women and minority groups," Kim said in the news release. "To make this investment available to even more Chicagoans who make this city so great we are extending our investment opportunities, with a preference for residents of Chicago and other parts of Illinois." 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. As part of the winning bid, the city required an equity component of at least 25% minority investment in the proposed casino. The IPO created 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. Qualified minorities applied online through Jan. 31, with the IPO initially expected to close Feb. 7. A private placement sold 1,185 Class A shares to qualified minority investors, as well as 2,141 Class A shares to the Bally's Chicago Holding Company, according to the amended filing. With thousands of additional minority investors applying for shares and putting down deposits during the initial offering in January, Jewett said the amended IPO will still meet the minority equity goals, even if it opens up to non-minority investors. Jewett said Bally's is hoping to close the IPO "as soon as possible," pending SEC approval. A city spokesperson did not immediately respond to a request for comment Monday. It is unclear how the amended IPO will affect separate lawsuits filed in late January against the city and Bally's by the American Alliance for Equal Rights and Mark Glennon, a Wilmette resident. Both lawsuits, which are ongoing in Chicago federal court, alleged the IPO discriminated against white men by limiting the investment opportunity to women and minorities. While the minority requirement has been eliminated, Bally's Chicago said in its amended IPO registration it expects to incur "substantial costs" defending the lawsuits, and may face additional litigation over the matter. Meanwhile Bally's, which has been operating out of a temporary casino at Medinah Temple since September 2023, is making progress in building its permanent facility at the 30-acre site of the former Chicago Tribune printing plant. After some demolition delays, Bally's began driving foundational caissons into the ground in February, with the permanent casino still targeted for a September 2026 opening. "The caissons are almost done," Jewett said. "They're going to start pouring concrete in a couple weeks." Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Chicago Tribune
28-04-2025
- Business
- Chicago Tribune
Bally's Chicago files amended IPO eliminating minority investor requirement
Bally's Chicago has filed an amended registration for its stalled initial public offering with the Securities and Exchange Commission, opening up the investment opportunity beyond women and minorities. Casino executives say they are confident the IPO, which was challenged by two federal lawsuits over alleged discrimination against white males, will pass muster with regulators and still meet a 25% minority investment requirement for Bally's Chicago with the city. 'Thousands of qualified minorities have already applied,' said Chris Jewett, Bally's senior vice president of corporate development. 'We're going to meet the goal.' Bally's Chicago launched 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 funds for the construction of its planned $1.7 billion entertainment complex in River West. 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. 'As the lead placement agent for the Bally's Chicago IPO, we've seen interest from thousands of people who appreciate having access to this unique investment opportunity in a one-of-a-kind casino and resort project in the city of Chicago,' Jim Reynolds, CEO of Loop Capital Markets, said in a news release announcing the amended registration. While the IPO generated applications from thousands of minority investors who opened and funded accounts to buy shares in the city's first casino, the SEC did not declare the registration effective before the prospectus financials lapsed, essentially shutting it down in February. At the time, Bally's Chairman Soo Kim told the Tribune the company didn't know why the IPO stalled, while an SEC spokesperson said the federal agency does not comment on individual company filings. But the only substantial change in the amended registration filing was the removal of the minority investor qualifications. Bally's submitted updated financials and an amended registration statement on April 22, offering 10,000 Class A shares but striking all references to the minority investor requirements. The amended IPO added new language for 'preferential allocations' of Class A interests to Chicago and Illinois residents. 'We take pride in having attracted a substantial amount of interest in ownership from women and minority groups,' Kim said in a news release. 'To make this investment available to even more Chicagoans who make this city so great we are extending our investment opportunities, with a preference for residents of Chicago and other parts of Illinois.' 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. As part of the winning bid, the city required an equity component of at least 25% minority investment in the proposed casino. The IPO created 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. Qualified minorities applied online through Jan. 31, with the IPO initially expected to close Feb. 7. A private placement sold 1,185 Class A shares to qualified minority investors, as well as 2,141 Class A shares to the Bally's Chicago Holding Company, according to the amended filing. With thousands of additional minority investors applying for shares and putting down deposits during the initial offering in January, Jewett said the amended IPO will still meet the minority equity goals, even if it opens up to non-minority investors. Jewett said Bally's is hoping to close the IPO 'as soon as possible,' pending SEC approval. A city spokesperson did not immediately respond to a request for comment Monday. It is unclear how the amended IPO will impact separate lawsuits filed in late January against the city and Bally's by the American Alliance for Equal Rights and Mark Glennon, a Wilmette resident. Both lawsuits, which are ongoing in Chicago federal court, alleged the IPO discriminated against white men by limiting the investment opportunity to women and minorities. While the minority requirement has been eliminated, Bally's Chicago said in its amended IPO registration it expects to incur 'substantial costs' defending the lawsuits, and may face additional litigation over the matter. Meanwhile Bally's, which has been operating out of a temporary casino at Medinah Temple since September 2023, is making progress in building its permanent facility at the 30-acre site of the former Chicago Tribune printing plant. After some demolition delays, Bally's began driving foundational caissons into the ground in February, with the permanent casino still is targeted for a September 2026 opening. 'The caissons are almost done,' Jewett said. 'They're going to start pouring concrete in a couple weeks.'
