Casino.org reports that Bally’s Chicago has been awarded a casino license and has a limited time to begin operations.
Posted on: October 31, 2023, 12:56h.
The last update was on October 31, 2023 at 08:35h.
The Illinois Gaming Board has given the green light for Bally’s to operate as a full-fledged betting venue in Chicago. The approval was unanimous and the license will cover the upcoming megadevelopment in River West.
The temporary Chicago casino at the Medinah Temple, managed by Bally’s, generated $6.7 million in revenue and attracted 80,000 visitors within its initial weeks of operation. (Photo: Friedman Properties)
The $1.7 billion permanent casino must be operational by September 2026, as dictated by the three-year time limit on the license granted for the temporary casino at the Medinah Temple. License approval marks the beginning of this timeline.
Bally’s opened the Medinah location in September with a temporary license. Illinois state law gives casino operators two years to run a temporary site, with an optional 12-month extension while a permanent site is being constructed.
Bally’s new location in River West is being promoted as the first urban casino in the city. The complex will feature a casino with 3,400 slot machines and 173 table games. Additionally, there are proposals for a 3,000-seat theater and a 500-room hotel tower.
It’s that $1.7 billion plan that won former Mayor Lori Lightfoot’s approval over three other casino bidders last year.
“We are all highly confident that we will meet the designated timeline,” stated Mark Wong, the general manager of Bally’s Chicago, to the members of the gaming board. “However, it is a significant undertaking.”
Bally’s must finish the 505,000-square-foot casino complex by September 9, 2026.
The temporary location of Bally’s has received notice.
The temporary location is currently in the spotlight, with construction on the new site scheduled to commence in July 2024.
The first few weeks of operation at the Medinah Temple location brought in $6.7 million and 80,000 visitors. Its construction in 1912, featuring a Moorish Revival-style, garnered attention and sparked discussion on social media as it bears resemblance to a mosque. According to Casino.org, this generated interest in the temple’s unique design.
The Medinah Temple, a significant historical site, currently houses approximately 800 slot machines and 56 table games. Based on reports from state regulators, it has already contributed around $695,000 in tax revenue to the city. Former Chicago mayor, Lori Lightfoot, anticipates that this location will generate $12.8 million for the city by the end of 2023.
The Mayor has pledged to create a dynamic and prosperous future for the city.
Chicago is anticipating receiving $34 million in revenue from Medinah by the year 2024. The location of Medinah is at 600 N. Wabash Avenue and it has been inactive since the year 2020. It is projected that the three-year operation of Medinah will result in the creation of approximately 700 job opportunities.
In early October, Chicago Mayor Brandon Johnson officially opened the Medinah location and stated that it is more than just a place for entertainment. He believes that this project will ensure a financially stable and thriving future for Chicago.
The construction of a permanent casino in River West is expected to create thousands of jobs, and the city could potentially receive up to $200 million each year.
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