TLDR Bally’s secured a licence extension in Chicago but faces a potential $75M annual revenue hit if video gaming terminals are legalised city-wide The company proposed installing slot lounges at O’Hare and Midway airports to replace $6.8M in VGT licensing revenue Its $1.2B Las Vegas Strip project is under pressure, with financing questions and a 2028 deadline unlikely to be met for the casino Bally’s $4B Bronx resort is expected to break ground as early as fall 2026 The company carries $4.3B in long-term net debt and $2.2B in lease liabilities; shares are down 15% over the last six months
Bally’s Corp is juggling three major construction projects at once, and pressure is mounting on all fronts.
In Chicago, the company is building a $1.8 billion permanent casino but now faces a new threat. The city council approved a budget that lifted Chicago’s long-standing ban on video gaming terminals, or VGTs. If the ban is not reinstated, Bally’s says it could lose nearly $75 million in annual revenue and around 1,000 jobs.
Bally’s signed a host community agreement to win Chicago’s only casino licence. That deal included a $4 million yearly payment to the city. The company says legalising VGTs could void that agreement and lead to litigation.
To fight back, Bally’s proposed something unusual. Senior vice president Christopher Jewett told the city council the company would install slot lounges at O’Hare and Midway airports. He said a single lounge could generate around $5 million in gaming and admission taxes for the city, enough to replace the VGT licensing revenue.
A city council committee meeting on the issue ended without a resolution this week after tensions rose among members.
Las Vegas Project Under Financial Strain
Out west, Bally’s $1.2 billion Las Vegas Strip project is facing serious