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Chicago & Midwest  + Downtown  + Hospitality  | 
Bally's Corporation has entered into a ground lease on the site of its future Bally's Chicago casino development

Bally’s Strikes $200M Deal for Ground Lease on Chicago Casino Site

Bally’s Corporation has closed a transaction with one of Chicago’s leading real estate private equity firms, identified in published reports as Oak Street Capital, to sell for $200 million the approximately 30-acre Tribune Publishing Center site on which Bally’s Chicago will be built. The gaming giant entered into a 99-year ground lease with the investor to lease back the land. 

As specified construction milestones are completed, the investor will fund up to an additional $300 million for Bally’s Chicago’s development through the ground lease structure, Bally’s said.   

Bobby Lavan, CFO of Bally’s, said, “With this new real estate partnership, Bally’s has ample liquidity on hand to fund Bally’s Chicago without needing to access the capital markets.” 

Bally’s has the option to repurchase the casino site’s land from the investor at a fixed capitalization rate during years four through eight of the lease term.  


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Bally's Chicago

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Development