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Bally’s Corporation, a Rhode Island-based gaming company, is offering a 25% equity stake in its $1.7 billion Chicago casino and resort development. Operating under the name Bally’s Chicago, Inc., the company announced an initial public offering (IPO) to attract investors. However, the opportunity is exclusively available to women and minority individuals or entities controlled by these groups.
The eligible minority groups include Black, Indian, Asian, Hispanic, Arab, and others identified by the City of Chicago as “socially disadvantaged” due to racial, ethnic, or cultural bias. Bally’s aims to raise $250 million by offering stakes ranging from $250 to $25,000.
The project is currently in the demolition phase at the former Freedom Center printing facility, located at Chicago Avenue and Halsted Street in the River West neighborhood. Bally’s purchased the site in November 2022 for $200 million and expects to open the casino resort by September 2026.
Commitment to Minority Ownership
The focus on minority and female investors is part of an agreement Bally’s made with the City of Chicago when it secured approval for the casino project. As stipulated in the Host Community Agreement (HCA), Bally’s pledged to ensure that at least 25% of the project’s equity would be owned by women and minority individuals or businesses.
“The developer commits that 25% of the project equity will be owned by minority individuals and minority-owned and controlled businesses,” the agreement states. Bally’s also committed to making “commercially reasonable efforts” to locate qualified investors from these groups.
While the company may distribute quarterly dividends, it has emphasized the speculative and high-risk nature of the investment. Prospective investors are cautioned to only participate if they can afford to lose their entire investment.
Supporting Chicago’s Pension Fund
The City of Chicago plans to allocate tax revenue from the Bally’s casino to support its pension program for first responders. City officials estimate that the casino will generate approximately $200 million annually once fully operational.
Currently, Bally’s operates a temporary casino at the historic Medinah Temple, located at 600 N. Wabash Avenue. This facility will remain operational until the permanent resort is ready in 2026.
Commitment to Workforce Diversity
Beyond ensuring minority ownership, Bally’s has also promised to prioritize diversity in its workforce. The company, controlled by Soo Kim’s Standard General, has committed to hiring women, minorities, and underrepresented groups for positions at the Chicago casino.
According to the HCA, minorities will occupy 60% of the jobs at the casino, and at least 45% of the workforce will be women. Additionally, 10% of the positions will be reserved for veterans and individuals with disabilities.
To achieve these goals, Bally’s plans to collaborate with several local workforce development organizations. These include Skills for Chicagoland’s Future, Women Employed, the Washington Heights Workforce Center, and the Chicago Urban League, among others.
A Bold Vision for the Windy City
The Bally’s Chicago project represents a significant step forward for both the city and the gaming company. While the investment opportunity focuses on equity for women and minorities, the development also aims to create a more inclusive workforce and contribute to Chicago’s economy.
With an expected annual tax benefit of $200 million and a targeted opening date of September 2026, the casino resort is poised to become a key component of Chicago’s financial and cultural landscape.
Bally’s decision to offer minority and women-focused investment opportunities underscores its commitment to diversity, equity, and inclusion—values that align with the goals of city officials and community stakeholders.
As the project progresses, Bally’s Chicago is set to become more than just a casino; it aims to serve as a model for economic empowerment and social progress in the gaming industry.