Bally’s Chicago Ready to Complete $250M Casino IPO

After months of setbacks, Bally’s Chicago is pushing to complete its $250 million initial public offering (IPO), aiming to finalize the deal in the coming weeks. 

The casino project, tied to the construction of a $1.7 billion entertainment complex in River West, has faced regulatory hurdles and legal pushback since the IPO was first launched in January.

“We Are Hopefully Closer” to Launch

The company that introduces itself as the “premier provider of land-based gaming and online entertainment in the U.S.” recently refiled the offering with the Securities and Exchange Commission (SEC) on July 15, updating its financial disclosures for a second time. 

According to a notice sent to investors this week, Bally’s is hoping for SEC approval and a completed offering by early August.

“It’s still under review by the SEC,” said Chris Jewett, Bally’s senior vice president of corporate development. “But we feel like we are hopefully closer to being able to launch.”

Originally, Bally’s structured the IPO to offer a 25% stake in the Chicago casino exclusively to women and minorities, fulfilling a city diversity pledge. 

However, in April, that focus widened to include all investors, with a preference given to residents of Chicago and Illinois. The changes arrived amid two federal lawsuits that accused the plan of discriminating against white men. 

One of those suits was dismissed in April, while the other was settled in June.

Loop Capital Markets, a Chicago-based investment firm, is leading the IPO, which includes 10,000 shares across four stock classes ranging from $250 to $25,000. Bally’s is also offering loans to help underrepresented groups participate.

“There is definitely (investor) interest, for sure,” Jewett said.

“The Tower Crane Just Went Up”

Bally’s Chicago began operating a temporary casino at Medinah Temple last fall. 

Progress on the permanent site has also had its share of issues, including debris spilled into the river during demolition in December, and a two-week construction pause in May followed the discovery of an unapproved waste hauler tied to organized crime. 

Both issues have since been resolved, and the project is back on track for a September 2026 opening.

“The tower crane just went up, steel is starting to get delivered,” Jewett said.

Meanwhile, the Illinois casino market continues to boom, with tax revenue reaching a new record in 2024 mostly due to sports betting, traditional casinos, and the rise in online gambling and the number of video gaming terminals.

. Wind Creek and Hard Rock have surged in revenue, while Bally’s, currently ranking fifth, hopes its permanent facility will elevate its standing.

The temporary casino fulfilled the purpose of “generating tax revenue, creating jobs and really building up to what the permanent is”, explained Jewett, adding “it was never meant to be the permanent in itself.”

At the end of April, Bally’s announced a binding term sheet with Star Entertainment Group, preparing to take the reins of the company and help it fix its financial troubles.