After the Chicago City Council passed a budget plan to raise the sports betting tax by 10.25% in 2026, the Sports Betting Alliance (SBA) filed a lawsuit to stop the...
Bally’s Chicago makes final effort to secure investors
Bally’s Chicago tries to finalize its $250 million initial public offering (IPO), secure investors, and complete the offering within the next few weeks.
Eight months after launching the initial offering, Bally’s refiled the IPO on July 15 with the Securities and Exchange Commission to update its financial information.
Chris Jewett, Senior Vice President of Corporate Development at Bally’s, shared:
“It’s still under review by the SEC. But we feel like we are hopefully closer to being able to launch.”
The offer initially opened in January and was limited to women and minority investors. It was expanded in April to all potential investors following lawsuits that challenged its original eligibility criteria. The revision maintains “preferential allocations” for Illinois and Chicago residents.
Loop Capital Markets, based in Chicago, is the lead placement agent for the IPO. The offering creates 10,000 Class A shares featuring four classes of stock ranging from $250 to $25,000.
The most delay was caused by legal challenges. A federal lawsuit brought by Wilmette resident Mark Glennon alleging discrimination was dismissed in April, while another case filed by the American Alliance for Equal Rights was settled in June.
The investments will help fund the company’s planned $1.7 billion entertainment complex in River West. The project includes a 500-room hotel, a 3,000-seat theater, an exhibition hall, 10 restaurants, and 4,000 gaming positions. The company currently operates a temporary casino at Medinah Temple, but the construction of a permanent site continues despite setbacks.
Jewett further added:
“The temporary served a purpose. It was to start generating tax revenue, creating jobs, and really building up to what the permanent is. It was never meant to be the permanent in itself. It’s a good experience, beautiful building, good location, but it’s not the permanent.”
The permanent casino is set to open in September 2026.
The Chicago City Council has passed the city’s 2026 budget plan, which will include a 10.25% tax on gambling revenue and is expected to take effect on January 1, 2026.On...
