Bally's Chicago Casino Tops Off, Marking Milestone for $1.7B Project

CHICAGO, IL – May 01, 2026 – With the final structural beam hoisted against the city skyline, Bally's Chicago celebrated a pivotal "topping-off" milestone for its permanent casino, a $1.7 billion entertainment complex rising from the former Chicago Tribune Freedom Center site. The ceremony, attended by Mayor Brandon Johnson and Bally's executives, marked significant progress on a project hailed as a future economic engine but shadowed by a complex history and intense scrutiny.

A High-Stakes Bet on Chicago's Finances

The core promise of the Bally's project is economic revitalization. The company projects the creation of 3,000 permanent jobs upon its Spring 2027 opening, in addition to the more than 1,000 union tradespeople already employed during construction. City officials have long championed the casino as a crucial new revenue stream, initially projecting it would generate $200 million annually in taxes earmarked for Chicago's beleaguered police and fire pension funds.

However, the path to that payday has been uneven. The performance of the temporary casino at Medinah Temple, which opened in September 2023, has tempered initial enthusiasm. In its first year, the temporary facility fell short of revenue targets, and in 2025, it generated just $15.28 million in new gaming tax revenue for the city—a fraction of early projections. This underperformance has fueled skepticism among some city aldermen and financial analysts about whether the permanent facility can meet its ambitious financial goals.

Despite the temporary site's struggles, Bally's and city proponents remain steadfast. "This is a significant milestone for Bally's Chicago and reflects the incredible effort of the union trades and partners who have made this moment possible," said Soo Kim, Bally's Executive Chairman, at the ceremony. State revenue analysts also maintain optimism, suggesting that once the full-scale, integrated resort is operational, its comprehensive offerings could allow it to surpass regional competitors and become the state's top revenue generator.

A Project Forged in Controversy and Scrutiny

The journey to yesterday's topping-off ceremony has been anything but smooth. The casino's approval in May 2022 under former Mayor Lori Lightfoot was a contentious process, marked by a 41-7 City Council vote that followed accusations of a rushed timeline and potential conflicts of interest. Aldermen from neighboring wards have remained vocal critics, citing persistent community concerns over increased traffic, potential crime, and the societal costs of problem gambling.

Legal and regulatory hurdles have also plagued the development. In early 2025, Bally's faced lawsuits alleging discrimination in its plan to offer an initial public offering exclusively to minority investors, a plan designed to meet city diversity requirements. The company ultimately revised the share-sale terms to be open to all Illinois residents and settled the suits after the SEC did not approve the original proposal.

More recently, in May 2025, the Illinois Gaming Board (IGB) issued a temporary stop-work order on the construction site after discovering the use of an unapproved vendor, adding another layer of regulatory oversight and public scrutiny to the closely watched project.

Transforming the Riverfront Landscape

Beyond the gaming floor, Bally's Chicago is one of the city's most ambitious urban redevelopment projects in decades. The 30-acre site at 560 W. Grand Ave. is being completely transformed from an industrial printing plant into a public-facing destination. A central component of the design is activating a long-dormant stretch of the Chicago River.

The plan includes a 2,000-foot extension of the public Riverwalk, a new two-acre public park, and outdoor spaces intended to reconnect the River West and Near West Side neighborhoods to the waterfront. The project's architectural centerpiece is a 35-story glass and metal hotel tower, designed by HKS Architects, which will add a new signature to the Chicago skyline. The interior design, led by WATG, aims to create a luxury experience across the resort's 10 food and beverage venues, 3,000-seat theater, and 500-room hotel.

The construction has required adaptation. Original plans were altered after the discovery of unforeseen underground city infrastructure, forcing the hotel tower to be relocated. However, Bally's has since confirmed the project is back on track as a single-phase development, with the full 500-room hotel slated to open with the rest of the resort in spring 2027.

Entering a Crowded and Competitive Arena

When Bally's Chicago opens its doors, it will enter one of the most competitive gaming markets in the country. Illinois is already home to 15 other casinos and thousands of video gaming terminals. The undisputed regional champion is Rivers Casino in Des Plaines, which consistently posts the highest revenues in the state, generating over half a billion dollars in 2024.

Industry analysts widely expect the arrival of a downtown Chicago casino to "cannibalize" a portion of the existing market, drawing customers away from suburban and Indiana-based competitors like Horseshoe Hammond. Bally's strategy relies on its unique position as the only casino within Chicago's city limits and its integrated resort model, which offers entertainment, dining, and hospitality on a scale its regional rivals cannot match.

Ensuring the $1.7 billion project crosses the finish line required significant financial maneuvering. Facing funding challenges, Bally's entered into a complex sale-leaseback agreement with real estate investment trust Gaming and Leisure Properties (GLPI). The deal provides the necessary capital to complete the construction in a single phase, but it also transforms Bally's from a property owner to a long-term tenant on its own site. This financial structure underscores the immense capital required to compete at this level and the high stakes involved in making this monumental bet on the Chicago market pay off.

The release of new interior renderings alongside the topping-off ceremony signals a shift in focus from raw construction to the future guest experience, as Bally's works to build anticipation for what it hopes will become a landmark destination for both Chicagoans and tourists alike.