Chicago Could Get Its First Casino Within Weeks

Article by : Erik Gibbs Aug 26, 2023

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If all scheduled practice gaming sessions and details follow the plan outlined by the administration, Bally’s temporary Medinah Temple casino could soon open. The casino operator expects to inaugurate its temporary gaming facility right after Labor Day and establish Chicago’s first casino.

Inspectors from the Illinois Gaming Board will visit the site during the first week of September. Marcus Fruchter’s approval is the one Bally’s must obtain to get the green light to open. Fruchter currently holds the title of administrator of the Illinois Gaming Board.

Bally’s casino agreement in Chicago was negotiated by a company that has set its eye on future casino deals in the city. The potential success of similar future operations will be measured by the success of the Medinah Temple, according to Beth Kaufman, a spokeswoman for the gaming board.

The casino might be open by September 9 based on the timeframes other casinos have followed for their openings in Illinois. During a quarterly earnings call earlier this month, executives of the publicly traded Rhode Island company indicated they were aiming for a September grand opening.

Initially, former mayor Lori Lightfoot wanted the temporary casino to start operations within the year’s first six months. She specifically chose Bally’s from a list of four bidders for the project and pushed it through the Chicago City Council in the spring of 2022.

The company will bring in specific benefits for the state. The cash-strapped police and firefighter pension funds will all be fed a tax revenue generated by the gaming activities held at Temple Hall.
According to Bally’s management, the casino is expected to generate between $3.5 million and $5 million monthly. That has set the stage for an ultimate goal of $60 million once the operation tracks an entire year.

Land-based casino operations in the state are expected to drive approximately $200 million per year in tax revenue. The optimistic forecasts have, therefore, led operators to think about expansion in the short to mid-term.

By 2028, it is anticipated that the 3,400-slot permanent gaming facility will alone generate over $800 million annually. Bally’s anticipates the capacity to employ a staff of 700 workers for the opening at Medinah.

Bally’s unexpected decision to pick the historic building last year instead of the other two contenders shocked and surprised a significant portion of the public. Bally’s had initially been thought about a location in River West. However, the historic landmark sure became a topic of discussion.