Bally’s is yet to close its deal on the site for its casino in River West and time is running out fast. The deadline for Bally’s to close the deal on its new location is set for October 25th. Bally’s is expected to purchase the site on the Freedom Centre Printing Plant.
Bally’s filed its application to join the Illinois betting market with the Board earlier this year in August. Bally’s is proposing to construct a new casino facility in River West worth an estimated $1.74 billion. This casino is expected to open its doors in 2026 pending all approvals from the state.
Before the permanent facility can open its doors, Bally’s hopes to set up a temporary casino facility at the historic Medina Temple, which is located downtown. But the operator is yet to receive license approvals from the state. Bally’s has proposed to set up a casino boasting 3400 slots, a massive 3000-seat entertainment center, a music venue, an exhibition space, a museum, as well as a hotel facility capable of accommodating at least 500 guests.
Bally’s fought hard for a seat at the table after months of intense competition from some of the biggest casino operators in the country. The mayor of Chicago Lori Lightfoot fast tracked Bally’s efforts to introduce its new casino in the River West District because Bally’s offered to pay $40 million upfront, which was used to stand against a pre-election property tax rise in the city.
The cash that was received from Bally’s was also used to keep the police and fire pensions in the state solvent for at least 12 months. As mentioned earlier, Bally’s permanent facility will not be ready to welcome guests until at least 2026 so the temporary casino will have to cater to its new customers in the meantime.
The temporary location for the casino at Medina Temple, which is situated between Ontario and Ohio Streets appears to be ideal for Bally’s. However, it has also been faced with several issues including traffic concerns that have caused a delay in the temporary casino licensing process. The good news though is that both Bally’s and City are hoping to have the temporary casino up and running by 2023.
The truth is that constructing a new casino, whether temporary or permanent, is a massive undertaking. Several things could cause delays in the project, which is expected to cost approximately $1.7 billion. Major construction projects of this nature are no stranger to delays, especially when they are scheduled in a busy region like River West.
Plus, it is also worth noting that Bally’s has yet to undertake a project of this magnitude. Typically, Bally’s has a history of buying and investing in casino properties in various states that are turnkey ready. As such, this is the brand’s first massive casino project and even though it is a worthwhile investment, it will no doubt face its fair share of challenges.
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Competition to intensify from casinos in Wisconsin
Illinois must also prepare for the tough competition that it is about to receive from Wisconsin. Lawmakers in Wisconsin authorized the legalization of sports betting in 2021. At present, there are 6 federally recognized tribes in the state that are authorized or are pending authorization for legal sports betting.
Currently, Oneida Casino is the only facility in the state that is allowed to offer legal sports betting. However, the Oneida Nation tribe has been planning to permit betting in additional casino properties before the end of the year.
The good news for punters in the state is that the number of options for legal sports betting is expected to keep growing in the future after new gaming agreements were recently struck with Native American tribes in the state. According to a notice from the Federal Registrar’s office dated October 5th, a gaming compact between the state and the Menominee Indian Tribe of Wisconsin will see punters in the state have more sports betting variety.
As a result of the newly amended law, the Keshena, Wisconsin-based Menominee Tribe is expected to start offering legal sports betting at the start of next year. The Menominee Tribe already operates the Menominee Casino Resort. The tribe also announced that it would be teaming up with an established Hard Rock casino to open a new facility in Kenosha.
Previously, the Menominee Tribe had attempted to open a facility in Kenosha. The tribe successfully managed to receive approvals from the county, city, and federal governments in 2015. However, the attempts to set up this facility were shut down by then-Governor Scott Walker.
Thankfully though, the current Governor of Wisconsin Tony Evers sees the value of legal sports betting and has struck several gaming agreements, similar to the one the state has with Menominee, with additional tribes in Wisconsin. This new compact will now allow more tribes in the state to offer in-person, as well as online sports betting in the region which should help Wisconsin to compete against the much more established Illinois sports betting market.
The most recent deal made by Governor Evers was with the Sokaogon Chippewa Community of northern Wisconsin. Once the amendment is approved, it will pave the way for the Sokaogon Chippewa to start offering sports betting at its Mole Lake Casino & Lodge. The same amendment will allow the company to start offering mobile sports betting to punters located within the reservation.
The Wisconsin Department of Administration will be responsible for overseeing the facility, which has been regulating the casino betting offered by Wisconsin’s 11 recognized tribes. Not only will this agreement give punters in Wisconsin more betting options, but it will also allow the state to keep punters in the region, thus limiting the intense competition that the state has been receiving from Illinois’ casinos.
Final Thoughts
Wisconsin is already surrounded by sports betting states including Minnesota to the West and is the only state that has yet to legalize its sports betting market despite continued efforts by local administrators. In the meantime, the 6 federally recognized tribes will cater to the needs of punters in the Badger State.
