Written by :
Published on :
CHICAGO, Ill (Gambling911.com) - News broke this week that Bally's had all but stopped construction of its casino project in Chicago.
Bally’s Chicago issued a reset notice Saturday to the Chicago Community Builders Collective, a general contracting partnership overseeing the casino complex construction, putting everything from the 34-story hotel and events center to a number of planned restaurants on hold, citing the advent of Video Gaming Terminals as a violation of its agreement with the city.
This move prompted 27 city aldermen to issue a demand letter to the casino company Wednesday calling for a public hearing and the resumption of the full development project.
“Chicago did not enter into an agreement for a casino floor alone,” the aldermen wrote. “It entered into an agreement for the complete development Bally’s promised to build. The Council expects Bally’s to deliver that project and expects the administration to enforce that commitment.”
Then Bally's released their financials.
Bally’s is reporting a 20.5% increase in revenue for the second quarter of 2026 as construction stops on its permanent Chicago casino.
Then things start going down hill a bit.
The company also reported a $163.98 million quarterly net loss and warned investors about its ability to meet certain financial obligations without securing additional financing.
And then there was this: Bally’s had approximately $4.5 billion in debt as of June 30 and reported roughly $265.9 million in negative operating cash flow during the first six months of the year.
Ald. Brian Hopkins of the 2nd Ward, in particular, is raising concerns over Bally's financial health.
"I think they're probably looking ahead to litigation," Hopkins told Fox 32. "The future for Bally’s right now is very much in question as a company."
From Fox 32:
According to Hopkins, the Bally’s name had a long history in Chicago and the gaming industry, but he said the company that acquired the brand did not have the same track record of managing major casino and hotel developments. His concern at the time, Hopkins said, was that Bally’s was "way out over their skis" and might not be able to follow through on the commitments made in the city's host agreement.
- Aaron Goldstein, Gambling911.com
