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Bally’s $1.7B Chicago Casino Gains Site Approval
Bally’s Corp. recently cleared a major construction hurdle for its Chicago location following the formal approval of its site plans by the city’s Department of Planning and Development.
Plans call for a 500-room, 34-story hotel tower at the 30-acre former Chicago Tribune printing site downtown. The approval comes after Bally’s changed the original design and relocated its planned hotel tower to avoid damaging city water pipes, reported the Chicago Business Journal.
The project’s backer, Pennsylvania-based Gaming and Leisure Properties, will finance the entire development in a single phase. Bally’s and Gaming and Leisure Properties entered into a binding term sheet for a $940 million construction funding facility for the Chicago project, along with other financing transactions totaling approximately $2 billion.
The project also includes a 3,000-seat theater, restaurants, a food hall, and a two-acre public park. The new property will connect to the lower riverbank with an approximately 2,000-foot-long extension of the riverwalk.
