Bally's says its massive $1.7 billion casino and hotel tower on the Chicago River will open to the public in 2027, weeks after the company warned investors about its own finances and debt.
Kim Barker, Bally's executive vice president and chief legal counsel, dismissed concerns about the project's future, insisting the gambling giant has the money to finish the job. Her statement, reported by The U.S. Sun, came as the company faced pointed questions about whether it can deliver on one of the largest casino developments in the country.
The project, a 500-room hotel, a 3,000-seat theater, and a full-scale casino on a prime stretch of the Chicago River, has been dogged by financial uncertainty for weeks. Earlier in August, Bally's issued a warning to investors about its finances and debt. Then Chicago moved to legalize video gaming terminals across the city, a decision widely seen as a direct threat to the casino's customer base. Bally's responded by halting work on the casino tower entirely.
That work stoppage raised an uncomfortable question for Chicago: would the city end up with a half-finished tower scarring its skyline? The concern was not abstract. Construction had stopped. The company's own investor warning acknowledged financial strain. And a new wave of competition, legalized video gaming terminals, stood to siphon off the very gamblers the casino needs to survive.
Against that backdrop, Barker told NBC 5 Chicago that the project remains on track. She said Bally's continues to be in a strong position to deliver the integrated casino and resort.
Her direct assurance went further. As our earlier coverage noted, the financial doubts surrounding this project have been mounting for some time.
"That is, without question, we do have the funding, and we will complete it on time."
No specific opening date has been announced. Bally's said only that the casino will be available to the public "early next year", leaving a wide window and no firm deadline to hold the company to.
The decision to legalize video gaming terminals in Chicago created a new competitive landscape for Bally's before its casino even opened a single door. The terminals give gamblers convenient, low-stakes options at bars, restaurants, and other establishments across the city. For a $1.7 billion resort banking on drawing foot traffic to one location on the river, that is a material problem.
The governing body behind that legalization decision is not identified in current reporting. But the effect was immediate: Bally's stopped building. The company did not say publicly how long the halt lasted or whether construction has fully resumed.
The casino industry across the country is in a period of aggressive reshuffling. Penn Entertainment recently announced plans to shutter Boomtown Casino in favor of a $195 million replacement project in New Orleans, a sign that older gambling operations are being replaced, not just expanded.
Bally's is also pursuing a large casino project in New York, though details on that effort remain thin. Running two massive developments simultaneously while warning investors about debt is a combination that invites scrutiny.
The numbers attached to the Chicago project are eye-catching: $1.7 billion in total cost, 500 hotel rooms, a 3,000-seat entertainment venue. If completed, it would be one of the signature developments on the Chicago River. Renderings from HKS Architects show a luxury resort designed to anchor a stretch of prime riverfront real estate.
But promises and renderings are not finished buildings. Bally's has offered a single direct quote from a corporate lawyer, not a construction update, not a financial disclosure, not a timeline with milestones. The U.S. Sun contacted Bally's for additional comment; the company's response was not reported.
Regulatory uncertainty continues to shape the broader gambling industry. A rival tribe recently sued to block a $725 million California casino just weeks before its planned opening, illustrating how quickly legal and political obstacles can derail even advanced projects.
And the regulatory environment is shifting at the federal level, too. The Interior Department reversed course on a California tribe's $700 million casino approval after just one week, a reminder that government decisions in the gambling space can change overnight.
Several basic questions remain unanswered. What exactly did Bally's August investor warning disclose? Has construction resumed in full? When, precisely, will the doors open? And can a single riverfront casino compete with video gaming terminals scattered across an entire city?
Chicago taxpayers and city leaders deserve more than a corporate lawyer's assurance that the check is in the mail. A $1.7 billion hole in the skyline would be a lot harder to explain than a tough quarterly earnings call.