Bally’s Corporation has announced important news – the company is partnering up with a real estate private equity firm from Chicago to build Bally’s Chicago casino.
The investor has acquired the Tribune Publishing Center site, which extends to approximately 30 acres, for $200 million. Bally’s will lease this land in order to build its new casino.
The major agreement:
The deal includes a 99-year term, with a chance to renew it ten times for additional 20 years. The construction’s milestones are completed, and the investor will fund the casino with an additional $300 million.
When it comes to the rental rate, the partners decided that the investor will get an 8.5% annual capitalization rate at the beginning, reducing it to 7.0% when the casino gets development entitlements and gaming approvals. The rent also can be changed due to CPI increases.
Soo Kim, Chairman of the Board of Bally’s, said: “We are excited to be partnering with one of Chicago’s leading real estate private equity firm as we progress with building our $1.7 billion flagship property in the Chicago market. We continue to demonstrate our commitment to delivering a world-class entertainment facility that supports Chicago’s economy and community.”
Bobby Lavan, Chief Financial Officer of Bally’s, also commented on this partnership: “This transaction is an important step in our development plan for Bally’s Chicago as we continue to work towards opening the temporary casino in mid-2023. With this new real estate partnership, Bally’s has ample liquidity on hand to fund Bally’s Chicago without needing to access the capital markets.”
There is a possibility for the casino to buy the land from the investor. It would be possible, at a fixed capitalization rate, in four to eight years. Also, if Bally’s doesn’t achieve the milestones, the investor can demand reacquiring of the land at a different price.
The long-expected casino:
Bally’s Chicago is the long-expected casino that is worth $1.7 billion. The visitors will be able to find different kinds of entertainment in the building, including art, culture, sports, and food. The building will also serve as a hotel.
In this fantastic casino, players and customers will be able to find many different amenities and features. The company plans to include 3,400 slots, 170 table games, 10 food and beverage venues, a rooftop bar, and an outdoor music venue. But that’s not everything – the players will be able to enjoy a 3.000-seat entertainment center which will be placed across 65,000 square feet, 20,000 square foot exhibition, outdoor green space with a riverwalk with a water taxi stop – and for the ones who will want to stay the night in the building, there will be a 500-room hotel.
Bally’s will gain a special right for a temporary casino that will last up to three years, and by then, the permanent casino building will be finished.
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