Bally's confirmed its massive $1.7 billion casino and hotel project on the Chicago River will open in 2027, even after the company warned investors about its own finances and halted construction on the tower.
Kim Barker, Bally's executive vice president and chief legal counsel, recently told NBC 5 Chicago that the company has the money to finish the job. The luxury resort is supposed to include a 500-room hotel and a 3,000-seat theater along a prime stretch of the Chicago River. Bally's now says the property will be available to the public in 2027, with an opening slated for early next year.
That timeline would be reassuring, if not for what happened in the weeks before Barker's statement.
Earlier in August, Bally's issued a warning to its investors about its finances and debt. The company did not detail the specific shortfalls publicly, but the warning was serious enough to raise questions about whether Chicago would end up with an unfinished hulk on its riverfront skyline.
Then came a separate blow. A recent decision to legalize video gaming terminals across Chicago gave residents more places to gamble, and undercut one of the central selling points of a standalone destination casino. Bally's responded by halting work on the casino tower itself.
So the sequence runs like this: warn investors about debt, watch the city expand gambling competition, stop building the tower, and then send a top lawyer to tell reporters the project is fully funded and on schedule.
Barker's statement was direct:
"That is, without question, we do have the funding, and we will complete it on time."
She also said Bally's remains in a strong position to deliver the integrated casino and resort, The U.S. Sun reported. The outlet contacted Bally's for additional comment; no response was noted.
Several basic facts remain unclear. No one has publicly identified which governing body legalized video gaming terminals in Chicago or when that decision took effect. The specific debt levels that triggered the investor warning have not been disclosed. And whether Bally's has actually resumed construction on the tower, or simply plans to, is an open question.
The gap between "early next year" and "2027" also raises a practical question. Bally's has used both phrases to describe the opening. Whether those refer to two separate phases, a partial opening followed by full public access, or a single date described two different ways has not been clarified.
Bally's is simultaneously pursuing a large casino project in New York, spreading its resources across two enormous developments in two of the country's most expensive markets.
Chicago taxpayers and city leaders have reason to pay close attention. A $1.7 billion project that stalls mid-construction does not just cost the developer money. It saddles the city with a half-built landmark, lost tax revenue, and a cautionary tale about the gap between a company's promises and its balance sheet. When a firm warns its own investors about debt and then tells the public not to worry, the public ought to ask which audience got the straight answer.