Delayed Bally's Chicago IPO Could Be Approved in August
After launching its $250 million initial public offering at the beginning of the year, Bally's Chicago is taking final steps to complete the delayed investment round. The company refiled its IPO with the Securities and Exchange Commission on July 15, aiming to update financial disclosures and secure regulatory clearance. According to a note sent to potential investors, Bally's hopes to receive SEC approval and close the offering by early August.
LISTEN TO THIS ARTICLE:Bally's SVP of Corporate Development, Chris Jewett, stated that the IPO remains under SEC review but indicated optimism that the process is nearing completion. The offering was initially launched in January 2025, targeting women and minority investors to acquire a 25% equity stake in the Chicago casino.
Related: Bally's Chicago Casino is Announced as the Preferred Bidder of the City of ChicagoThe structure was intended to fulfill the company's equity commitments to the City of Chicago and help finance the construction of a $1.7 billion entertainment complex in the River West neighborhood.
In April, the IPO was restructured to allow participation from all investors, while maintaining a focus on preferential allocations for Chicago and Illinois residents. The move followed legal challenges that alleged the original investor eligibility criteria were discriminatory.
Two lawsuits were filed in federal court, one by a Wilmette resident and another by the American Alliance for Equal Rights. The former was dismissed in April, while the latter was settled in June, clearing a path for the IPO to proceed without restrictions based on race or gender.
The IPO offers 10,000 Class A shares across four pricing tiers, ranging from $250 to $25,000. To promote inclusion, Bally's Chicago is providing financial assistance to investors from underrepresented communities. Jewett expressed confidence that the IPO would be fully subscribed and emphasized its importance in meeting the city's minority ownership expectations despite the widened eligibility criteria.
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Bally's Has Big Plans for Chicago
Loop Capital Markets, a Chicago-based firm, is serving as the lead placement agent for the IPO. The initiative remains central to Bally's broader financing plan for the Chicago development, which includes an exhibition hall, a hotel, a theater, almost a dozen restaurants and 4,000 gaming positions. Bally's was selected in May 2022 to build the casino, beating out bids from Hard Rock and Rivers Casino.
Bally's Chicago has operated a temporary casino at Medinah Temple for almost the past two years, but has encountered construction delays. In December, a one-month halt occurred after demolition debris from the Freedom Center building entered the Chicago River.
More recently, in May, the Illinois Gaming Board temporarily suspended construction for two weeks due to the use of an unauthorized subcontracted waste hauler. The contractor, previously alleged to have ties to organized crime, was removed, and Bally's implemented a new vendor screening process. The project resumed shortly afterward.
Despite these setbacks, the permanent casino remains on schedule for a September 2026 opening. Jewett confirmed that construction is progressing, with the tower crane now in place and steel deliveries underway. The facility's main structure will be composed of steel and concrete, and construction activity is expected to accelerate over the coming months.
The competitive landscape for Illinois casinos has intensified in recent months. In June, Rivers Casino Des Plaines had $40.3 million in adjusted gross receipts, with Wind Creek trailing in second at $16.8 million. Hard Rock Rockford reported $12.2 million and Grand Victoria in Elgin had $11.9 million. Bally's Chicago ranked fifth with $10.7 million.
Through the first half of 2025, Bally's has generated $63 million in revenue and attracted 649,000 visitors, placing it fourth in admissions statewide.
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