Bally’s Chicago Casino draws 1.3M visitors, $114M
The Essentials at a Glance
- Bally’s Chicago Casino attracted over 1.3 million visitors in its first year.
- The temporary casino is located in the Medinah Temple, a historic building in Chicago.
- With annual revenue of $114 million, it ranks among the top four casinos in Illinois.
- However, revenues and taxes fell short of initial expectations.
- A permanent $1.7 billion casino project is already under construction and is set to open in 2026.
Successful First Year for Bally’s Chicago Casino
Since its opening in September 2023, Bally’s Chicago Casino has welcomed more than 1.3 million visitors to its temporary location in the Medinah Temple. With 754 slot machines and 56 gaming tables, the casino attracts over 100,000 guests monthly. In August 2024 alone, nearly 125,000 visitors came, generating $10.7 million in revenue.
Economic Impact and Challenges
Despite the strong visitor numbers, the casino fell short of its initial financial expectations. In its first year, Bally’s Chicago generated $114 million in adjusted gross revenue. The Illinois Gaming Board reported that the casino contributed nearly $12.9 million in local taxes. However, this is well below the projected $243 million in revenue and $35 million in taxes expected for 2024.
Optimism for the Future
George Papanier, President of Bally’s, remains optimistic: “Since our opening, we have worked hard to meet our obligations to the City of Chicago, and we are proud of what we have achieved in just one year.”
In addition to operating the temporary casino, work is already underway on a permanent location. The $1.7 billion project is being built on the site of the former Tribune Publishing facility in River North. The plan includes a massive casino with 4,000 gaming positions, a hotel, a theater, and several restaurants. Once completed in 2026, it will be the largest casino in Illinois.
Medinah Temple: A Historic Venue in New Splendor
The temporary casino is housed in the Medinah Temple, an iconic building with Moorish architecture, which was renovated for $50 million. The 130,000-square-foot space offers an impressive setting for gambling and adds to the casino’s appeal.
Competition in Illinois
Although Bally’s Chicago is performing well, it lags behind the state’s leading casino, Rivers Casino Des Plaines, which generated an impressive $520 million over the same period. However, Bally’s Chicago plans to strengthen its position with the new location in River North.
Our Assessment
Bally’s Chicago achieved impressive visitor numbers in its first year and has established itself as one of the top casino locations in Illinois. Despite missing revenue expectations, the company remains optimistic and is banking on future growth through the construction of the new, permanent casino. The competition in Illinois is fierce, but with the planned mega-project, Bally’s could play an even larger role in the state’s gambling market in the coming years.
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