Illinois Bill Could Give Bally’s Extension On Chicago Casino
Bally’s turns to state legislator for an extension of up to 12 months as it continues to build its River West casino in Chicago
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Illinois State Rep. Kam Buckner filed legislation Thursday to amend the Illinois Gambling Act and give Bally’s up to an additional year to complete construction of its $1.7 billion casino in the River West neighborhood of Chicago.
The Chicago Tribune was first to report that HB 4437 contains specific wording to amend language related only to the Chicago casino licensee. Buckner proposed amending the bill for Bally’s, so “the Board shall extend the period during which the licensee may conduct gaming at a temporary facility by up to 18 months, and the Board may authorize no more than 2 additional 3-month extensions.”
The Illinois Gambling Act as currently written allows licensees who open temporary casinos to request a 12-month extension for the opening of the permanent venue, after providing a showing of “good cause” to the Illinois Gaming Board (IGB). That gives a licensee a total of three years to open the permanent casino.
Bally’s, which opened its temporary casino in nearby River North neighborhood at Medinah Temple on Sept. 9, 2023, had its request for a 12-month extension approved by the IGB less than seven weeks later, moving the projected opening date to Sept. 9 of this year. If Buckner’s bill passes, the date would then move to September 2027.
The gaming company, though, has dealt with a myriad of logistical issues almost from the moment it was approved as the city’s preferred operator. Bally’s Vice President and General Manager Mark Wong told the IGB at the time the extension was granted that Bally’s felt “very confident” it could meet that September 2026 deadline, but said it would probably need “every bit of the two, two-and-a-half years we are required to deliver first.”
More grousing likely from city government
The legislation filed by Buckner, whose district includes Chicago, is sure to rankle City Council members considering Bally’s underachieving when it comes to generating revenue. Mayor Brandon Johnson budgeted $35 million in tax revenue from Bally’s in both 2024 and 2025; Bally’s generated $16.1 million in receipts in 2024 and $15.9 million last year at the River North location.
At full maturity at the River West casino, Bally’s was projected to generate $200 million in annual revenue for the city. That money would go directly to the city’s underfunded police and fire pension funds.
Bally’s is also currently at odds with the City Council after aldermen wrested control of the budget process from Johnson and included legalizing video gaming terminals (VGTs) in the city as part of the 2026 budget.
Bally’s has already fired warning shots at both the City Council and Mayor Brandon Johnson’s office that the legalization of VGTs would likely compel the company to re-open the Host Community Agreement the two sides signed in 2022. Bally’s signaled it will likely forego a $4 million annual payment to the city, which Chicago Alderperson Anthony Beale anticipated in estimating the VGTs would generate $6.8 million in revenue, solely from licensing fees, in 2026.
As the bill could make its way around the chambers in Springfield, Bally’s is racing to meet a state-mandated September opening. It has overcome a series of logistical hurdles that included a delay in taking control of the parcel of land on which it is building the casino and construction issues with its initial plans.
Is Bally’s stretching itself too thin?
Bally’s push for this extension for up to 12 months to finish the River West venue again raises questions about whether the rebranded Twin River gaming company has spread itself too thin with multibillion dollar projects. Bally’s is funded up to $2.1 billion for its Chicago casino, but its initial public offering underperformed with a total valuation of $96.7 million — well short of its $195 million target.
Last September, Bally’s announced plans to build a $1.5 billion casino in Las Vegas on the grounds of the former Tropicana as part of a $3 billion integrated resort plan that also includes a baseball stadium. Bally’s closed out last year by winning one of the three coveted downstate New York casino licenses with its proposal to build a $4 billion casino in the Ferry Point section of the Bronx.
That venue, which required Bally’s to pay a $500 million license fee before the start of the new year, also prompted the company to secure $1.1 billion in initial and delayed term loans in late December.
