Chicago Mayor Johnson Supports Bally’s Amid Brewing Controversies
Chicago Mayor Brandon Andrew Johnson (D) is supporting Bally’s (NYSE: BALY) yet as the regional cassino operator contends with headwinds that could jeopardize its $1.1 one million million structured resort hotel project in the third-largest US city.
In a statement to Crain’s Chicago Business, Johnson’s office staff said it expects Bally’s to conform to through and through on its committal to establish a lasting cassino hotel at the former Tribune printing process set inward the River Benjamin West plane section of the city. The gaming companion currently runs a temporary gambling casino at Medinah Temple inward River North.
Last month, Bally’s executives told the Nevada Gaming Control Board (NGCB) they’re attempting to closely a funding shortfall of $800 million to make out the Windy City project. That endeavor could suit to a greater extent difficult next the spate of recent credit downgrades endured by Bally’s.
Bally’s has indicated that it is on caterpillar track to begin expression this yr and opened the lasting cassino inward 2026,” according to the statement from the mayor’s office.
Lori Lightfoot (D) was the city manager of Chicago when Bally’s was selected as the winning bidder for the city’s lone casino license.
Takeover Offer Could Cloud Bally’s Windy City Plans
Some Chicagoans, including policymakers, are banking on the lasting Bally’s gambling casino to follow a jobs creator and revenue source for the city, but are interested that a recent acquisition bid by Standard General, if accepted, could jeopardize the project.
The hedge fund, which is controlled by Bally’s managing director Soo Kim, has pledged to complete the Windy City casino hotel if it acquires Bally’s, but some investors and local residents are interested around the fate of the contrive should the regional casino turn private.
In a alphabetic character to Bally’s gameboard on Tuesday, California-based money manager K&F Growth Capital, which owns 1% of the gaming company’s shares, said the gaming companion has bitten cancelled to a greater extent than it canful chaw with “moon dig bets” on large cassino projects, including Chicago.
K&F encouraged Bally’s to seek a partner in Chicago to de-risk its exposure while also notification the table it should sell the operating rights to Tropicana Las Vegas to wage increase cash and abandon attempts to secure a New House of York City gambling casino license. Johnson’s power said it’s non getting mired inward the K&F/Standard General rift.
“The city doesn’t weigh inward on disagreements between investors in any consideration but looks forrad to this project forward-moving and will preserve to supervise its progress,” according to the statement provided to Crain’s.
Chicago Has Options
Bally’s hasn’t said that it’s searching for a partner in Chicago, but such a move could turn out practical inward terms of minimizing financial exposure at a clip when investors are concerned virtually the operator’s credit profile.
For now, the rife speculation among analysts is that Bally’s will scorn Standard General’s takeover tender and continue with completing the Windy City project — the gaming company’s most expensive to date.
Should that non happen, Chicago has options because Hard Rock International and homegrown Benjamin Rush Street also chased the certify finally won by Bally’s. Still, the more efficacious and likely more worthy choice for the urban center is for Bally’s to work well(p) on its promises.
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