Published on: August 15, 2025, at 11:26 AM
Updated on: August 15, 2025, at 11:44 AM.
- Regional Casino Operator Finalizes IPO in Chicago
- Majority of Investors Are Local Residents
Bally’s has successfully completed its Chicago initial public offering (IPO), marking the first in a series of fundraising efforts aimed at financing the operator’s ambitious $1.7 billion casino hotel project in the city.
The Rhode Island-based casino operator reports that 1,800 investors participated in the offering, with nearly 1,600 coming from Illinois. The IPO was accessible to a wider market, including nonaccredited investors, in line with the gaming company’s commitment to its host city agreement.
“With nearly 1,800 distinct shareholders, including 1,007 residents of Chicago and 1,573 from Illinois, we are fulfilling our commitment to the City of Chicago,” the company stated in a press release.
Bally’s recently announced its aim to finalize the Chicago IPO this month, initially looking to raise $250 million, although some reports indicate the target was adjusted to $190 million. The exact amount raised has not been disclosed. Loop Capital, a Chicago-based investment bank, managed the offering.
Bally’s Chicago IPO: Initial Controversies Addressed
According to the host city agreement (HCA), Bally’s sought to sell a 25% stake in the first gaming venue located within Chicago’s city limits. Initially, this offering restricted participation to minorities and women, generating both interest and legal challenges regarding its discriminatory nature.
Bally’s anticipated prolonged legal disputes and costs but eventually reached a settlement with Illinois regulators in response to two lawsuits, including one from the Liberty Justice Center. This lawsuit was filed by potential investors who claimed exclusion based on their race and gender.
These factors contributed to delays in the Chicago sale, as the Securities and Exchange Commission (SEC) had not yet declared the IPO effective by March. The company later expanded the IPO to a wider investor demographic, allowing it to proceed, though it has not shared details on the gender or racial demographics of those who purchased shares in the completed offering.
Bally’s has been operating a temporary gaming venue in Chicago’s Medinah Temple neighborhood since 2023, with plans for a permanent integrated resort to launch next year in the River West area.
Potential Future Equity Sales Imminent
Looking ahead, Bally’s may explore offering additional equity stakes in the Chicago casino; however, no specific timelines for these offerings have been communicated.
Bally’s paves the way for innovative public-private partnerships,” as mentioned in the press release. “This is just the first of what Bally’s Chicago, Inc. envisions as multiple funding rounds.”
The company has also committed to executing a similar share offering in New York should it secure a casino license for a property in the Bronx currently functioning as a golf course.