The mayor of Chicago, Lori Lightfoot, appears to be focused on the success of Bally’s following a recent license approval for the casino operator. Last Thursday, the mayor picked the East Coast gambling company leaving out two other applicants for the same approval. This would be her choice for a brand that would be tasked with running Chicago’s casino which stands along the busy River West site.
The house of chance definitely needs an experienced and reputable operator that will ensure profits from the first day of business. The mayor’s decision, which was revealed by the Chicago Sun-times, is the culmination of an upset for Bally’s business. The success of Bally’s can be easily gauged from its performance in the stock exchange.
A large proportion of the 14 casinos which Bally’s owns have been acquired from other operators in the industry. Even though the giant Illinois online casino brand boasts of some massive premises, none of its existing properties measures up in size to the $1.7 billion casino-resort seated along the Chicago River.
Other than the casino property, Bally’s interest in Halsted Street and Chicago Avenue comprise of a food hall, cafes, six restaurants, fitness center and sun deck, terrace with a large pool spa, an outdoor music venue, an outdoor park and a pedestrian bridge. This means that guests are not only invited to the premises to gamble their money away but also to enjoy the fine purchases of life. The management of Bally’s will also be offering a 3,000-seat theater to the public once the new casino has been completed. Being an extension of the river-walk, the theatre has enough room for every caliber of performance.
According to the mayor, the city requires the handling of such a massive project to be entrusted to an experienced gaming services provider. At the time of its construction, it is estimated that over 3,000 workers will be engaged and a further 3,000 employed once the project is launched. All this will be possible if all the plans laid out by the city council go on as per their schedule.
It is expected that the state regulators and members of the city council will be flagging off the project plan with the necessary approvals. The next big event after what is happening now is that in a period of 12 months, the inaugural bet of the first legal gambling destination in Chicago will be wagered. This will be at a temporary betting establishment at the Medinah Temple on 600 N. Wabash Ave. The actual project will be under construction with plans to have its doors open in 2025.
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Picking Bally’s from a sea of bids
Bally’s caught the attention of Lightfoot even though the mayor had some other two bids for the same project. The other shortlisted bidders were worldwide gaming behemoth Hard Rock International and hometown favorite Rush Street Gaming. It did not help that the latter is chaired by billionaire Rivers Casino Des Plaines mogul Neil Bluhm. According to Lightfoot, Bally’s was outstanding because of its financial support to the city so far.
The mayor must have made projections to the effect that the casino was already helping the city to grow and would therefore do more with a direct and worthy investment. Speaking at a news conference that had been held at the Mid-America Carpenters Regional Council headquarters, mayor Lightfoot made an observation that Bally’s did not have a competitor in Chicago. She also noted that this was the only bidder that had made effort at negotiating a labor peace agreement. To the city council of Chicago, this was a key and essential requirement in the continuation of this project.
It is important to note that Bally’s already has political backing in matters of labor agreement through its consultation with the Chicago Federation of Labor. This is a vital achievement that has the power to influence which casino brand gets picked out of a lineup.
Speaking after it had been announced that mayor Lightfoot had picked Bally’s proposal, the Chairman of Bally’s, Soo Kim, reiterated the brand’s commitment to improving the lives of people in the locations they establish operations. Under the terms of the agreement, the betting operator will be committing 60% of its wage bill to minority hires. As part of the commitment, the casino is going to come up with a program that is targeted at improving the job situation in various neighborhoods. The focus of the project will be on areas where income and employment levels are significantly low.
Soo Kim revealed that his company would be upholding the responsibilities which they took up at the time of bidding for the project. It has been Bally’s dream to set up a casino operation in Chicago but the management is mesmerized at the magnitude of the project ahead of them. It has been decades since Bally’s first opened its door to the US gambling market and that is how old their aspirations for expansion have been.
Even though the mayor has placed the weight of her office behind the Bally’s project, there is still the huddle of passing the motion through the city council. It will be by no means be a small feat because the neighboring alderpersons as well as residents from the river north are strongly opposed to the setting up of a casino in that location. Their argument is that the area is already congested and nothing major can be developed at that intersection.
Final Thoughts
Getting through the mayor level is going to earn points for Bally’s because the mayor will be supporting her decision with tangible evidence. If this is what is going to be presented at the proposal stage, the mayor’s arguments will have council representatives split into the opposition and the supporters. The Governor of New Jersey did a great job in influencing the implementation of a gambling law in the state and Lightfoot should use a similar approach.
