Latest news with #JimReynolds
Bloomberg
16-05-2025
- Business
- Bloomberg
Chicago Taps EY to Close $1 Billion Gap as Trump Threatens Funds
Chicago is hiring Ernst & Young LLP to help the city slash costs and close budget gaps that are forecast to top $1 billion in each of the next two years. The consulting firm will support Mayor Brandon Johnson and a newly appointed working group co- led by Loop Capital's Jim Reynolds to make recommendations to improve long-term financial stability.
Bloomberg
12-05-2025
- Business
- Bloomberg
Chicago Taps Loop Capital Founder to Fix $1 Billion Budget Hole
Loop Capital founder Jim Reynolds will co-lead a working group established by Chicago Mayor Brandon Johnson to find ways for the city to close its deficits that are projected to top $1 billion in each of the next two years. Reynolds, who began his muni career as a short-term bond trader in 1981 and founded Chicago-based Loop in 1997, will serve as co-chair of the group with Chicago Urban League Chief Executive Officer Karen Freeman-Wilson, the former mayor of Gary, Indiana. Johnson, who confirmed the appointments in an interview at City Hall, said the group will meet for the first time on Saturday. Reynolds and Freeman-Wilson didn't immediately respond to requests for comment on Monday.
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.'
Bloomberg
10-03-2025
- Business
- Bloomberg
Loop's Reynolds Sees 2025 Muni Sales Rising Up to $600 Billion
Loop Capital founder Jim Reynolds expects municipalities to sell as much as $600 billion of bonds this year. The market has already seen the biggest start to a year since at least a decade. Long-term state and local government bond issuance may reach $550 billion to $600 billion in 2025, based on volume so far this year, the chief executive officer of Chicago-based Loop said during a Bond Dealers of America conference last week.
