Bally's Chicago Receives Critical Support From City Council

Rhea-AI Summary

Bally's Corporation (NYSE: BALY) has achieved a significant milestone with the Chicago City Council's approval of an amendment for the Bally's Chicago Casino, a $1.7 billion development. This project will include a 1 million square foot casino complex, a 500-room hotel, and a 3,000-person event space, generating 3,000 construction and permanent jobs along with substantial annual tax revenues. The development aims to transform an underutilized site into a major economic hub, enhancing the city's offerings in entertainment, dining, and culture.

Positive

• City Council approval for the $1.7 billion Bally's Chicago Casino project.
• Expected creation of 3,000 construction and permanent jobs.
• Generates millions in annual tax revenue for Chicago.

Negative

• None.

Plan Commission, Committee on Zoning, and City Council approve next steps for the development of the world-class entertainment center

CHICAGO, Dec. 14, 2022 /PRNewswire/ -- Bally's Corporation (NYSE: BALY) today garnered a major victory after Chicago's City Council voted to approve an amendment to Planned Development No. 1426, authorizing zoning for the construction of Bally's Chicago Casino – a $1.7 billion flagship entertainment destination. The first phase of this project will include the one million square foot casino building, 500-room hotel, 3,000-person event space, dozens of infrastructure improvements in the surrounding area, and a significant amount of public open space. Chicago Aldermen also approved the ordinance, making way for 3,000 construction jobs, 3,000 permanent jobs, and millions of dollars in tax revenue that the casino will generate annually.

"This is a significant achievement and another critical step forward in the process of developing Bally's Chicago," said Bally's Chairman, Soo Kim. "We are confident that the casino will bring numerous long-term, positive economic benefits, including good-paying, union jobs, to this great city."

The support comes after the Plan Commission and Committee on Zoning recommended approval of the project to the Chicago City Council earlier this week. During the vote, members of the development team described the benefits and resources that the riverfront casino is expected to bring, such as its ambitious and industry-leading vendor contracting, workforce development, and equity ownership opportunities for minorities and women.

About Bally's Chicago

Bally's Chicago is a $1.7 billion destination casino, entertainment and hotel offering that will showcase "The Best of Chicago" arts and culture, food and sports, and curated dining and entertainment experiences. Located on the 30-acre Chicago Tribune Publishing Center at the intersection of Chicago Avenue and Halsted Street, Bally's Chicago will transform this currently underutilized site into a major economic driver for the city.

Among other features and amenities, Bally's Chicago will include 3,400 slots, 170 table games, 10 food and beverage venues, a 500-room hotel tower with rooftop bar, a 3,000 seat / 65,000 square foot entertainment center, a 20,000 square foot exhibition, outdoor music venue, and outdoor green space including an expansive public riverwalk with a water taxi stop. The project also provides Bally's with the exclusive right to operate a temporary casino for up to three years while the permanent casino resort is constructed.

For more information on Bally's Chicago, visit www.ballyschicago.com.

About Bally's Corporation

Bally's Corporation is a global casino-entertainment company with a growing omni-channel presence of Online Sports Betting and iGaming offerings. It currently owns and manages 15 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 18 states. It also owns Bally's Interactive International, formerly Gamesys Group, a leading, global, online gaming operator, Bally Bet, a first-in-class sports betting platform and Bally Casino, a growing iCasino platform.

With 10,500 employees, Bally's casino operations include approximately 15,000 slot machines, 600 table games and 5,300 hotel rooms. Upon completing the construction of a temporary casino facility in Chicago, IL and a land-based casino near the Nittany Mall in State College, PA, Bally's will own and manage 17 casinos across 11 states. Its shares trade on the New York Stock Exchange under the ticker symbol "BALY".

Investor Contact
Robert Lavan
Chief Financial Officer
401-475-8564
InvestorRelations@ballys.com

Media Contact
Richard Goldman
Kekst CNC
646-847-6102
BallysMediaInquiries@kekstcnc.com

BALY-CAS

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SOURCE Bally's Corporation

FAQ

What is the significance of the Chicago City Council's approval for Bally's Corporation (BALY)?

The approval allows Bally's Corporation to proceed with the $1.7 billion Bally's Chicago Casino project, expected to boost the local economy.

What features will be included in the Bally's Chicago Casino development?

The development will feature a 1 million square foot casino, a 500-room hotel, a 3,000-person event space, and extensive public infrastructure improvements.

How many jobs will the Bally's Chicago Casino project create?

The project is expected to create 3,000 construction jobs and 3,000 permanent jobs.

What is the total investment for the Bally's Chicago Casino project?

The total investment for the Bally's Chicago Casino project is $1.7 billion.