Following the waiting process that lasted for an entire year, Bally’s Corporation has been granted permission to officially open a permanent gaming establishment in Chicago.
New license:
On October 25, the Illinois Gaming Board (IGB), an Illinois-based gaming regulatory body, decided via voting to permit Bally’s interim operating license to become a full casino license, meaning the aforementioned firm will be legally licensed to operate its “yet-to-be-built mega casino complex” along the Chicago River at 700 W. Chicago Ave.
Relatedly, the firm officially won the Chicago’s bid to be the only casino in Chicago throughout 2022, which further means there was no legal obstacle to opening its temporary casino at Medinah Temple, 600 N. Wabash Ave, during September. In addition, the said casino is equipped with 2 restaurants, 750 slot machines, a cafe and 55 table games.
Lease extension:
However, beside granting a full casino license, the said regulator also gave permission by vote to the firm to expand its lease at Medinah Temple for the whole of the next year, meaning that Medinah Temple will stay an interim casino for the next 2 years, till 2026, which would offer Bally’s an additional year to finish its permanent location.
According to State Statute, the IGB restricts the operation of temporary property to 2 years, with an alternative to expand it for an extra 12 months. Now company will have the opportunity to make the most of the time it has left at the temporary location. In addition, the said temporary casino is open from 8 AM to 4 PM per day.
The layout of the future permanent casino:
The said permanent casino is an investment worth $1.7 million and will be constructed at the current location of Tribune Publishing. In addition, it will “double“ as a resort with 173 table games and 3,400 slots beside a hotel equipped with 500 rooms, a theater equipped with 3,000 seats, 11 restaurants and an exhibition hall.
What’s more, Tribune Publishing will move out of the building by July of next year, as they have agreed to do so. This will clear the way for construction to begin in 2024 and be finished in 2 years, aka 2026. City tax income from permanent and temporary sites are designated for under-financed firefighter and police pensions. The projected tax income the city will get from Medinah Temple over the next year is approximately $35 million. Also, the sum will grow to more than $200 million when the permanent casino facility officially opens its doors, city executives said, according to Block Club Chicago.
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