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Bally’s Chicago Casino Update: Commitment Reaffirmed Amid VGT Dispute, New York Funding Secured

By jili tutorial · September 16, 2026

Bally’s Chicago Casino Update: Commitment Reaffirmed Amid VGT Dispute, New York Funding Secured

Overview: A Brief but Significant Conference Call

On Monday, Bally’s Corp. held an eight-minute conference call with stakeholders to provide an update on the permanent Chicago casino project. Chairman Soo Kim and Wanda Wilson, chair of the Bally’s Chicago board, addressed recent media reports and reaffirmed the company’s dedication to the development. The call came roughly one month after Bally’s announced it was “resetting the pace of construction” on non-gaming elements, a move triggered by Chicago’s legalization of video gaming terminals (VGTs) earlier this year.

Kim emphasized that the purpose of the call was to “reiterate our deep commitment to Bally’s Chicago” and to correct “inaccurate reports” suggesting construction had stopped or slowed. He stated that approximately 1,000 skilled tradespeople are working daily on the permanent resort, and the project remains on schedule for an early 2027 opening.

Bally’s Chicago: Construction Status and Commitment

“Construction Continues Every Day”

Kim made it clear that work has not halted. The company has only changed how it “sequences certain elements of the development.” According to Kim, Bally’s is actually “over-delivering” on its commitments under the Host Community Agreement. He noted that investors and shareholders will soon be invited to tour the construction site.

“Investors should view our actions through a straightforward lens: We are protecting the value of significant investments we’re making in Chicago while faithfully executing our contractual obligations.” – Soo Kim

What’s Being Built and When

In a separate appearance before the Chicago City Council’s License Committee the previous week, Bally’s president and interim CFO George Papanier provided more detail. He confirmed that by early 2027, Bally’s will deliver:

The full hotel plan calls for a total of 500 rooms, but the company is reevaluating about 12% of the project’s other planned amenities. This reevaluation is a direct response to the potential revenue impact from legalized VGTs.

The VGT Dispute: How Video Gaming Terminals Threaten Bally’s Revenue

Chicago Legalizes VGTs

In January, the Chicago City Council included VGT legalization in its latest budget. Mayor Brandon Johnson opposed the move but was overruled by a council majority. The issue has been contentious all year and remains largely unresolved.

The Illinois Gaming Board has since approved 65 VGT license applications in Chicago. VGTs are the highest-grossing gaming vertical in Illinois, generating substantially more revenue and tax dollars than land-based casinos.

Bally’s Warning: Up to 50% Revenue Impact

Papanier told the License Committee that the components being “reset and re-contemplated” are “all in conjunction with the proliferation of VGTs.” He warned that if VGTs become widespread, the impact could be a “30% to 50% impact on top-line revenue” for Bally’s Chicago. He called it “irresponsible” to continue full-speed construction “until we understand what the landscape looks like.”

This is the core of the dispute: Bally’s argues that the city’s decision to allow VGTs undermines the economic viability of the casino it licensed, and the company is adjusting its investment accordingly.

Timeline and Delays: A Rocky Road Since 2022

A History of Setbacks

Bally’s won Chicago’s sole casino license in 2022, but the path has been anything but smooth:

Extensions and the Temporary Casino

Bally’s has received multiple extensions for the permanent project. State law allows two-year temporary licenses, but the Illinois Gaming Board extended that to three years in 2023, pushing the deadline to September 2024. However, through language in the state’s omnibus revenue bill passed in June, Bally’s received an additional year’s extension.

Without this extension, Bally’s would have had to close its temporary casino at Medinah Temple until the permanent venue opened, resulting in months of zero revenue in the Chicago market. In April, Kim told iGB at the East Coast Gaming Congress that a closure “was not the end of the world.”

Current Status and Stock Movement

Bally’s stock jumped 7% on Monday to $9.84, recovering some ground after a 30% decline over the previous month. That sell-off was driven by uncertainty about Chicago and warnings in the company’s Q2 earnings report about its ability to continue as a growing concern. Additionally, former CFO Mira Mircheva resigned on September 4, prompting Papanier to assume the role on an interim basis.

New York Funding: Bally’s Bronx Moves Forward

$560 Million from WhiteHawk Capital Partners

While Chicago has faced headwinds, Bally’s is pressing ahead with an even larger project: the $4 billion Bally’s Bronx resort in New York City. Bally’s was one of three NYC license winners last year, alongside Resorts World New York City and Hard Rock’s Metropolitan Park.

On Monday, Bally’s announced it secured $560 million in financing from WhiteHawk Capital Partners to fund “further development of the Bally’s Bronx project and general corporate purposes.” The funding is expected to close this quarter.

Pre-Construction and Timeline

Chairman Soo Kim said the financing “allows us to progress the pre-construction planning process so that we are ready to complete the remainder of the capital raise and remain on schedule.” Bob Louzan, managing partner at WhiteHawk, added that the firm structures flexible capital solutions for complex transactions.

In its New York application, Bally’s stated it would begin construction “eight to nine months” after securing a license, which would mean starting this month. The project envisions a single-phase opening around 2030 if timelines hold.

Conclusion: Two Fronts, One Company

Bally’s is simultaneously managing a difficult relationship with Chicago, where VGT legalization has forced a strategic pause on certain amenities, and pushing forward in New York with a massive pre-development financing deal. The company’s commitment to Chicago remains strong on paper, but the VGT dispute will likely continue to shape the final scope of the permanent casino. Meanwhile, the Bronx resort represents a $4 billion bet on New York’s market, with funding now secured to move ahead.