Gaming and Leisure Properties (GLPI) is to provide Bally’s Corporation with up to US$2.07bn in funding to complete the construction of its redesigned permanent Chicago casino and entertainment complex.

Bally's Corporation

The plan, which requires approval from the Chicago Department of Planning & Development, would see around 3,300 slots, 173 table games and VIP gaming areas be housed in the casino.

A 500-room, 34-storey hotel tower would also be constructed alongside a 3,000-seat theatre, six restaurants, cafes and a food hall.

A two-acre public park has also been included in initial renderings of the site that Bally’s wants up and running in September 2026.

George Papanier, president of Bally’s, said GLPI’s financing of the project into a single phase of construction will deliver a “better project in a more time-efficient manner.”

The “improved” plan “elevates the grandeur” of the new site, added Christopher Jewett, Bally’s senior vice president of corporate development.

The complex will be located on W. Chicago Avenue, at the former site of Tribune Publishing, which Bally’s took possession of on July 5.

Brandenburg Industrial Service Company, the project’s demolition contractor, began preparations to level the site ready for construction of the permanent casino and entertainment complex.

The Bally’s Chicago Casino will feature its hotel tower on the southern end of the casino development nearest Ohio Street along the Chicago River. Originally intended for the northern end, the hotel tower was moved due to potential risks of damage to portions of Chicago’s underground infrastructure.

Bally’s said the project will generate around 3,000 construction jobs and 3,000 casino jobs when operational.

The Chicago Community Builders Collective, a minority-led construction partnership, is set to implement the site plan.

“As the general contractor, we are proud to be at the forefront of this significant development that promises to bring jobs, economic growth and vibrant entertainment to our city,” said Jimmy Akintonde, CCBC member and president & CEO of Ujamaa Construction.

“We look forward to this project's positive impact on Chicago and are committed to ensuring its success."

“With keys to the property in hand, the new financing secured, a site plan that exceeds the original and demolition set to start this summer, let there be no doubt that Bally’s Chicago Casino and Hotel will soon rise up along the Chicago River,” Papanier added.

To finance the deal, an affiliate of GLPI has reached an agreement to acquire the real estate underlying the project and has agreed to amend the existing land lease via a new master lease agreement (MLA) with Bally’s as tenant.

The Chicago MLA, which will have an initial term of 15 years, can provide up to additional $940 million of construction financing funding for the project’s “hard costs” through monthly draws, subject to certain conditions and requisite approvals.

The binding term sheet entered by Bally’s also allows GLPI to acquire and lease back certain real property interests underlying Bally’s Kansas City and Bally’s Shreveport for $395m.

Bally’s will furthermore amend its contribution agreement with GLPI and has reiterated its intention to sell and lease back its Twin River Lincoln property to GLPI before the end of 2026 for $735m.

“As a part of the amendment, GLPI will be granted a right to call the Lincoln Transaction beginning in October 2026, coinciding with the scheduled maturity of Bally’s revolving credit facility. All such transactions are subject to required regulatory approvals,” Bally’s said.