Crane erected at Bally's casino-hotel construction site in Chicago
**Bally's Chicago Casino Construction Reaches Milestone with Crane Installation**
The much-anticipated Bally's Chicago Casino is moving forward with construction, with a significant milestone recently achieved. **The installation of a tower crane**, which will be instrumental in the construction of the casino and hotel, was completed last week [1].
The new casino and hotel complex is set to rise on the former site of the Chicago Tribune Freedom Center in River West. The casino will be situated at the north end of the construction site, while a 34-story, 500-room hotel will be constructed at the south end [1].
According to recent updates, the construction project is progressing according to schedule, with the permanent casino and hotel complex slated to open in September 2026 [1][4]. The crane's installation marks a significant step forward, signaling that the project is transitioning from planning to active construction.
In July 2025, Bally's announced that they had amended their lease with GLP Capital, securing up to **$940 million** for construction costs. In exchange, Bally's will pay increased rent, and the deal includes various operational and financial covenants [2][5]. Gaming and Leisure Properties (GLPI) now own the land for the Chicago project and will fund the construction. A 15-year lease with Bally's corporate guarantees is in place, and the construction funding is structured at an 8.5% yield [5].
To help finance the project, Bally's is pushing to finalize a **$250 million initial public offering** (IPO), despite some delays [4]. Once open, the permanent casino is expected to generate around **$200 million annually in revenue** for the state, with significant local tax contributions [1].
Chicago's CFO has expressed concerns that potential legalization of video gaming terminals (VGTs) in the city could undercut casino slot revenue, but Bally's project remains central to the city's gaming revenue strategy [1].
The expansion is progressing, with steel delivery, crane installation, and concrete work signaling that the hotel and casino are moving from planning to active construction. Daniel Schell, from Chicago YIMBY, has shared updates about the progress of the construction at the new Bally's Chicago Casino.
| Aspect | Current Status | |-------------------------------|----------------------------------------------------------------------------------------------| | Permanent Casino Opening | On track for September 2026[1][4] | | Hotel (34 stories) | Part of the permanent project; construction underway[1] | | Temporary Casino | Open since September 2023[1] | | Construction Funding | Up to $940 million advanced by GLP; increased rent paid by Bally's[2][5] | | Land Ownership | GLPI owns the land and funds construction[5] | | Financing | $250 million IPO in progress[4] | | Projected State Revenue | ~$200 million annually once open[1] |
The installation of a tower crane marks a significant step in the construction of Bally's Chicago Casino, which is expected to rise in River West, nestled among industries like finance and entertainment, and embodying casino-culture. The construction project, financed with up to $940 million and a potential $250 million initial public offering, aims to generate around $200 million annually in revenue for the state once open.
