Bally’s Revives Local Share Offer for Chicago Casino
Key Takeaways
Bally’s Corporation is making a second attempt to raise capital for its planned casino in Chicago. The new stock offering specifically targets residents of Chicago and Illinois. The first round of financing failed and triggered legal issues. The project has a total volume of USD 1.7 billion. The casino is scheduled to open in September 2026.
Background: Why Bally’s is Seeking Capital Again
Earlier this year, Bally’s tried to raise funds for its planned Chicago casino through a stock offering. However, the first round was limited to specific target groups – exclusively women and minorities. As a result, two investors from Texas filed a lawsuit accusing the company of discrimination. The offering was subsequently halted.
With this new attempt, Bally’s is responding to the criticism. The revised offering is now aimed at a broader group, particularly residents of Chicago and Illinois. At the same time, the company continues to meet the city’s requirement that at least 25% of the equity must come from minorities or minority-owned businesses.
Details of the New Share Structure
The new offering includes four classes of shares:
- Class A1: USD 250 per share
- Class A2: USD 2,500 per share
- Class A3: USD 5,000 per share
- Class A4: USD 25,000 per share
Classes A1 through A3 also include a subordinated loan. As a result, the actual investment per share increases to USD 25,000. Class A4 is the only option without a loan component.
Tradability and Risks
The offered shares are not listed on a stock exchange. Sales are only permitted under certain conditions. In particular, shares with a loan component can only be resold once the loan has been fully repaid. Additionally, the shares cannot be held in retirement accounts.
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In the prospectus, Bally’s explicitly notes that there is no trading market for the offered shares. This means investors must be prepared for limited liquidity and increased risk.
Previous Placements and Outlook
In an earlier private placement round, 1,185 shares were already sold, generating approximately USD 13.2 million. Additionally, Bally’s Chicago HoldCo, LLC acquired another 2,800 Class A4 shares. It is currently unclear if and when the U.S. Securities and Exchange Commission (SEC) will approve the new offering.
Our Assessment
Bally’s is pursuing an ambitious project with its Chicago casino. The revised stock offering is a step toward broader participation and regulatory compliance. However, the investment remains risky. The lack of tradability, the loan structure, and the uncertain response from the SEC make this offering suitable only for experienced investors with a high risk tolerance. Anyone considering an investment should carefully review the terms and be aware of the limited liquidity.
Sources
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