Demolition crews started work on Bally’s ambitious casino project in Chicago’s River West neighborhood.
The Rhode Island-based casino giant, led by chairman Soo Kim, has begun converting the former Chicago Tribune printing plant at 777 West Chicago Avenue into a $1.7 billion casino complex, the Chicago Sun Times reported. On Tuesday, demolition crews were seen tearing down the old printing plant, a pivotal step in bringing the casino project to life.
Set to open by September 2026, the casino complex promises to redefine Chicago’s gambling scene and help capture revenue currently going to Indiana casinos. Despite skepticism from some local officials and industry competitors, Kim is confident that Bally’s will thrive in the crowded Illinois gambling market.
“I think this is probably why they spend so much time pooh-poohing our stuff, because let me tell you: We’re going to be eating a lot of people’s lunches. Most importantly, Indiana,” Kim said. “It’s not great for Illinois that all that [gambling] money goes to Indiana.”
Bally’s vision features a 500-room hotel tower. In addition to the hotel, the project will encompass a casino with about 3,300 slot machines, a 3,000-seat theater, six dining venues and a 2-acre public park.
While the casino development has its supporters, it has also faced its share of skepticism. Initial doubts about Bally’s ability to finance the project were quieted last month when the company announced it had secured funding to cover an $800 million shortfall. Further solidifying their commitment, Kim’s hedge fund, Standard General, orchestrated a $4.6 billion merger to keep Bally’s publicly traded, signaling confidence in the venture.
Chicago Mayor Brandon Johnson, who once voiced reservations about Bally’s capabilities, now hails the project as a major economic boon.
“Like all Chicagoans, I will be watching eagerly as Bally’s rises along the river,” he said.
Bally’s has faced its share of challenges, particularly with a temporary casino at Medinah Temple that has underperformed financially. Still, Kim remains unfazed, projecting long-term success once the permanent casino opens.
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— Andrew Terrell