Bally’s Corp. announced the commencement of its offering of a 25% equity stake in its Chicago casino and resort project. Bally’s Chicago has begun marketing the initial public offering and concurrent private placement of its equity ownership interests.
Monies raised will support the funding for Bally’s planned permanent casino and resort in Chicago
According to the news release, Loop Capital Markets is acting as the sole placement agent in the offering. The monies raised are intended to support the funding for Bally’s planned permanent casino and resort, located at the former Tribune Publishing site in Chicago.
The monies raised are also a key component of the Host Community Agreement (HCA) between Bally’s Chicago and the City of Chicago. Qualified Investors, under the terms of the HCA, can participate as equity investors in a project that intends to provide world-class entertainment and generate significant economic impact for the region.
Furthermore, a public offering of securities can be made only through a prospectus declared effective by the Securities and Exchange Commission. However, accredited investors participating in the private placement can only do so via a confidential information memorandum.
A registration statement, including a prospectus, relating to the proposed initial public offering has been filed with the U.S. Securities and Exchange Commission but has not yet become effective.
Casino-resort will include a 3,000-seat theater, six restaurants, casino games, and a 500-room hotel tower
Additionally, the securities to be offered in the proposed initial public offering may not be sold, and offers to buy will also not be accepted prior to the time the registration statement becomes effective.
Bally’s Chicago casino and resort will provide guests with stunning views of the Chicago riverfront site, located at 777 W. Chicago Avenue. Construction plans include development of a 3,000-seat theater, a 2-acre public park and open outdoor spaces, six restaurants, cafés, and a food hall.
The lower riverbank will be connected to the property with a 2,000-foot extension of the riverwalk. The casino is being designed to offer space for approximately 3,400 slots, 173 table games, and VIP gaming areas.
Meanwhile, the hotel tower will feature a large pool spa, fitness center and sun deck, along with a rooftop restaurant bar for guests to enjoy the Chicago skyline. The planned 500-room hotel tower will be located on the south end of the sit.
