Published on: May 1, 2026, 02:03h.
Updated on: May 1, 2026, 02:03h.
- Bally’s announces the topping off of its permanent casino hotel in Chicago
- Regional casino operator confirms venue is set to open in spring 2027
- The $1.7 billion investment marks the company’s most significant project to date
Bally’s Chicago casino, which has faced criticism and controversy, is making strides as a topping off ceremony for the permanent venue was conducted on Thursday.
In construction terminology, a “topping off” ceremony signifies the completion of the final steel beam or the top floor of a building. This ceremony typically includes the raising of an American flag and placement of a symbolic evergreen tree at the highest point.
The $1.7 billion development is part of a 30-acre redevelopment project at the former Chicago Tribune Freedom Center, which aims to transform the area into a riverfront destination that reconnects River West and the Near West Side to the Chicago River, enhances public access, and revitalizes the riverfront,” as stated by the Rhode Island-based casino operator.
Bally’s confirmed that its permanent Chicago casino hotel is on track to open in spring 2027. In January, the gaming company informed city officials of the need for extended preparation time, resulting in the postponement of the initially anticipated September 2026 opening.
Significant Progress at Bally’s Chicago
Before securing a license for a $4 billion gaming establishment in The Bronx, NY, the Chicago project was Bally’s most expensive development, representing a critical venture for both the operator and the city.
Since acquiring the rights for Chicago’s first and only casino, concerns about Bally’s financial capabilities for the project have surfaced. Funding gaps led Bally’s to engage in a transaction with Gaming and Leisure Properties (NASDAQ: GLPI) in 2024, one of the largest owners of gaming real estate, to address these issues.
This agreement was valued at $2.07 billion, which included the transfer of the Chicago casino’s real estate to a real estate investment trust (REIT). In the nation’s third-largest city, Bally’s will pay GLPI an annual rent of $20 million at an 8.5% cap rate.
This project is crucial for the city as it is positioned as a potential revenue source to help alleviate Chicago’s staggering $37.2 billion public employee pension debt—a liability that is reported to exceed all but four states.
Insights on Bally’s Chicago
Although Bally’s Chicago alone may not resolve the city’s pension crisis, it is projected to generate 3,000 permanent job opportunities, contributing additional revenue for the city and state through income taxes.
The casino hotel will feature 500 guest rooms and a rooftop bar, while the gaming floor will include 173 table games and 3,400 slot machines. Moreover, the venue will house 10 dining and beverage options and a 3,000-seat event center.