Share 
Bonus TL;DR
- Bally’s rephased its Chicago casino development due to video gaming terminal legalization, while keeping a 2027 opening target.
- Bally’s secured $560 million in financing to advance pre-construction planning for its land-based casino in the Bronx.
Bally’s, a major land-based and online casino operator said it rephased parts of its Chicago casino development in August after the city legalized video gaming terminals, while maintaining that construction is continuing and the project is still on track to open in early 2027.
The change matters because Bally’s has said Chicago’s VGT legalization altered the economic assumptions behind its host community agreement with the city. Even so, the company said the move was a reset in sequencing, not a halt to the core casino build.
Soo Kim said on an investor call that reports suggesting the project had stopped were inaccurate.
> “There have been inaccurate reports suggesting that construction has stopped or paused. It has not. Construction continues every day, and there are approximately 1,000 skilled trade people working on the construction of the permanent Bally’s Chicago resort.”
Kim also said: “This reset is not a pause or a stoppage. We are aligning the sequencing of our investments and development with requirements and timelines established under the HCA. We’re committed to opening in early 2027.”
Bally’s says rephasing is meant to protect Chicago investment
According to Bally’s, the rephasing affects some non-gaming elements of the Chicago development. The company said it had already told the city it believed the VGT change violated the economic assumptions and terms underpinning the host community agreement.
Bally’s said the revised sequencing is intended to protect the value of its investment while still meeting its contractual obligations to Chicago.
The source report did not specify whether the dispute will lead to formal legal action or whether the city will challenge Bally’s revised timetable for parts of the project.
Bronx project lands $560 million in new financing
Separately, Bally’s said it secured an additional $560 million in financing for its land-based casino project in the Bronx.
The financing, led by WhiteHawk Capital Partners, includes:
- $400 million in closing date term loan commitments
- $160 million in delayed draw term loan commitments
Bally’s said the financing is expected to close in Q3 2026, subject to regulatory approval and other closing conditions.
Kim said the funding will help the company continue pre-construction planning while it works to complete the rest of the capital raise.
Bally’s won approval for a downstate New York license in December of last year. In March this year, it acquired a nearly 20-acre site at Ferry Point Park and must begin construction within 18 months.
The planned Bronx complex includes 3,500 slot machines, 210 table games, 40 poker tables, 500 hotel rooms and a 2,000-seat event center, along with a nightclub, spa, food and beverage venues, and retail shops.
Source: As reported by Rob Fletcher.
