Bally’s Corporation faces downgrade from Fitch Ratings
Fitch Ratings downgraded Bally's Corporation from ‘B’ to ‘B-’, citing its heavy debt load and risks tied to its $1.7 billion Chicago casino project.Currently, Bally’s has...
Bally’s Chicago casino construction paused by regulators
Construction on Bally’s $1.7 billion Chicago casino has been paused after Illinois regulators discovered an unapproved contractor with past connections to organized crime.
Back in 2024, Bally’s Corporation received $940M in funding from Gaming & Leisure Properties in order to develop Bally’s Chicago, a $1.7B casino complex on the Freedom Center site in River West, Chicago.
However, the construction keeps facing delays. Bally’s has already faced design changes, funding challenges, and environmental delays, including a prior three-week pause after debris spilled into the Chicago River. With the casino legally required to open by September 2026, any further delays could extend the timeline.
IGB stated:
“The Illinois Gaming Board (IGB) issued an order to cease construction work on the Bally’s Chicago permanent casino in connection with a pending IGB investigation into the use of undisclosed and unapproved vendors at the construction site…. IGB staff learned earlier this week that D&P is providing or provided waste removal services at the permanent casino construction site. However, D&P was not disclosed to the IGB and the IGB did not approve D&P.”
Bally’s responded by saying it was informed of the issue by the IGB and immediately complied with the stop-work notice. A spokesperson added that the company is working closely with regulators and drafting a new contractor vetting plan. Construction can only resume once the IGB reviews and approves it.
Currently, Bally’s operates a temporary casino in the city, which has brought in $29 million.
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