Bally’s Chicago’s initial public offering (IPO), valued at $250 million, has been in limbo since its announcement eight months ago. Now, it’s moving forward after a series of lawsuits and various regulations scuppered its becoming available when Bally’s wanted it.
It’s now waiting on the Securities and Exchange Commission (SEC) to give the green light to the gambling operator, with potential investors alerted to this on Wednesday, with a planned date set for August. The purpose of the $250 million IPO is to raise money to invest in its $1.7 billion casino resort.
Part of the letter, as reported by Casino.org, reads:
“With this filing completed, assuming no additional comments from the SEC, Bally’s Chicago is currently targeting to close both the IPO and the second tranche of the concurrent private placement in early August 2025.”
When it originally opened the IPO, it was exclusively targeted at women and minorities up to 25% of the investment going into the casino. However, since refiling, it is now open to anyone with “preferential allocations” for those living in Chicago and Illinois.
This can be tied to two lawsuits filed in Chicago, claiming discrimination against white men. Rather than deal with the headaches, one of which was dismissed on April 30, it appears that Bally’s is simply removing this requirement to get the ball rolling faster.
The second suit was settled with the plaintiffs, American Alliance for Equal Rights. This group is headed by Edward Jay Blum, with a focus on suing entities based on their diversity efforts.
Bally’s Chicago casino faces constant set backs
Chris Jewett, the Senior Vice President of Corporate Development, said:
“There is definitely [investor] interest, for sure.”
Despite this, the casino itself has been in development hell. It was planned in 2022, with 500 rooms, a theatre that can hold 3000 people, and 10 restaurants. On top of this, there’s also a planned 4000 seats for gaming.
However, it’s now only really getting started and plans to open in 2026. In December 2024, construction debris spilled into the nearby river, forcing a demolition stoppage. The following May, the Illinois Gaming Board was forced to investigate the site after a waste hauler connected to the mob was found to be in use.
Speaking again, Jewett said:
“The tower crane just went up, steel is starting to get delivered.
“Hundreds of thousands of tons of steel are going to come in over time. The main building construct is steel and concrete.”
Featured image: Bally’s
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