Bally's Chicago hits record $11.7M in May revenues

Bally’s Chicago hits record $11.7M in May revenues

Added: June 11, 2024

Category: iGaming, Industry News, Operator News

Bally’s Chicago hits record $11.7M in May revenues

Based on data from the Illinois Gaming Board, Bally’s Chicago had a huge comeback in May, recording record adjusted gross receipts of $11.7 million.

The temporary casino’s first month-over-month decline since its opening at Medinah Temple in September has been reversed with this 13% increase from April. Admissions to the temporary casino increased as well; in May, there were about 119,000 guests, a 5% increase from April. As a result, Bally’s Chicago is now the second-most popular casino in the state in terms of admissions, after only Rivers Casino Des Plaines. Bally’s Chicago’s stats continue to fall short of city predictions even with recent gains. The casino’s long-term expansion is dependent upon its intended permanent location at the site of the soon-to-be-demolished Freedom Center printing facility in River West.

As the company gets closer to breaking ground on its permanent establishment, Mark Wong, vice president and general manager of Bally’s Chicago, attributed the record performance to increased enrollment in the casino’s loyalty program.

In May, gaming revenue in Illinois climbed by 5% to around $144 million, with over a million visitors to the state’s 15 casinos. Bally’s Chicago has delivered $52.4 million in adjusted gross receipts and over $5.5 million in local tax income in the first five months of 2024, according to year-to-date results. Bally’s is expected to bring in $243 million in adjusted gross receipts and $35 million in local gaming taxes this year, according to the city’s much higher predictions.

The major shareholder of Rhode Island-based Bally’s Corporation, Standard General, made a buyout offer in March. Bally’s is valued at about $648 million. The New York hedge fund, which owns a 23% stake in the company, suggested paying $15 per share to buy out the remaining owners. The Bally’s board has appointed Macquarie Capital as a financial adviser and established a special committee to assess the offer and explore other strategic options. As of late, there have been no updates on the buyout offer.

Bally’s and the city are making significant investments to ensure the anticipated permanent casino facility succeeds. The new complex will be the biggest in the state and feature an exposition hall, a 500-room hotel, a theater with 3,000 seats, 10 restaurants, and 4,000 gaming positions. In exchange for leaving the Freedom Center by July 5th, Bally’s has agreed to pay Tribune Publishing $150 million. The new facility is expected to open in September 2026.

Ballys, Illinois