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Posting date: 4 April 2024 at 04:25h
Updated on April 4, 2024 at 04:25h
Chicago’s Mayor Brandon Johnson is standing up for Bally’s, even though the regional casino operator has to contend with challenges that may threaten the $1.1 billion integrated project of the city’s third biggest.
A statement is a way to Crain’s Chicago Business Johnson’s office stated that they expect Bally’s, to fulfill its commitment of building a permanent hotel casino at the old Tribune printing facility in River West. Gaming company operates a temporary Casino at Medinah Temple, River North.
Bally’s told Nevada Gaming Control Board last month that they are trying to close. Unfunded funding needs of up to $800 Million The Chicago project must be completed. The recent spate of terrorist attacks could make it more challenging to complete the Chicago project. Downgrades of credit Bally’s has suffered a lot.
Bally’s indicated it was on schedule to start construction this year, and to open the permanent Casino in 2026″, according to a statement by the Mayor’s Office.
Lori Lightfoot was Chicago’s mayor at the time Bally’s Casino was chosen as the winner of the city’s one casino license.
Bally’s Chicago Plans may be affected by an offer to buy the company
Chicagoans are counting on the Bally’s Casino to create jobs and generate revenue for the city. But, some are afraid that Standard General’s recent offer of acquisition could put the project at risk.
Soo Kim Bally, the Bally director, controls the hedge fund. The pledge to complete The Chicago Casino Hotel if Bally’s is acquired, however some local investors are worried about what will happen to the project if the regional casino goes private.
You can also find out more about the following: A letter sent to Bally’s Board on Tuesday, California-based money manager K&F Growth Capital, which owns 1% of the gaming company’s shares, said the gaming company has bitten off more than it can chew with “moon shot bets” on large casino projects, including Chicago.
K&F encouraged Bally’s to seek a partner in Chicago to de-risk its exposure while also telling the board it should sell the operating rights to Tropicana Las Vegas to raise cash and abandon attempts to procure a New York City casino license. Johnson’s office said it’s not getting involved in the K&F/Standard General rift.
The statement reads: “The City does not weigh in on disputes between investors under any circumstances but is looking forward to seeing this project progress and will continue monitoring its progress.” Crain’s.
Chicago Offers Options
Bally’s hasn’t said that it’s searching for a partner in Chicago, but such a move could prove practical in terms of minimizing financial exposure at a time when investors are concerned about the operator’s credit profile.
For now, the prevailing speculation among analysts is that Bally’s will reject Standard General’s takeover offer and proceed with completing the Chicago plan — the gaming company’s most expensive to date.
If that doesn’t happen, Chicago still has other options. Hard Rock International as well as Rush Street from Chicago also sought the Bally’s license. Bally’s fulfilling its promises is still the best and most effective solution for the city.
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