DOWNTOWN — Bally’s has received the green light to open a permanent gaming facility in Chicago after over a year of waiting.
On Wednesday, the Illinois Gaming Board voted to allow Bally’s to convert its temporary operating permit into a full casino license. This means the gaming company will be allowed to operate its yet-to-be-built mega casino complex along the Chicago River at 700 W. Chicago Ave.
Ball’s won the city’s bid to be Chicago’s only casino last year, opening its temporary facility in Medinah Temple, 600 N. Wabash Ave., last month with 750 slot machines, 55 table games, two restaurants and a cafe.
In addition to greenlighting Bally’s casino license, the gaming board voted to allow Bally’s to extend its lease at Medinah Temple by an a year. This means Medinah Temple will remain a temporary casino until 2026, giving Bally’s another year to complete its permanent site.
By state statute, the Illinois Gaming Board limits the operation of a temporary facility to two years, with an option to extend for an additional 12 months. Now Bally’s will officially be able to use the maximum time allotted for a temporary site.
Bally’s in Medinah Temple is open 8-4 a.m. daily.
The $1.7 billion permanent casino site will be built on the current Tribune Publishing site. It will double as a resort with 3,400 slots and 173 table games in addition to an exhibition hall, 500-room hotel, a 3,000-seat theater and 11 restaurants.
Tribune Publishing has agreed to leave the building by July 2024, paving the way for construction to start next year and be completed in 2026.
The city tax revenue from the temporary and permanent sites are earmarked for its underfunded police and firefighter pensions. The city expects to receive about $35 million in tax revenue from Medinah Temple in 2024. This amount will swell to upwards of $200 million with the opening of the permanent casino, city officials have said.
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