{"id":272727,"date":"2023-05-09T14:49:24","date_gmt":"2023-05-09T19:49:24","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=272727"},"modified":"2023-05-10T12:26:14","modified_gmt":"2023-05-10T17:26:14","slug":"ballys-plans-ipo-for-chicago-casino-for-local-residents","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ballys-plans-ipo-for-chicago-casino-for-local-residents\/","title":{"rendered":"Bally\u2019s Plans IPO of Chicago Casino Aimed at Residents, Minorities"},"content":{"rendered":"

Bally\u2019s (NYSE: BALY) has confidentially filed a Form S-1 with the Securities and Exchange Commission (SEC) for an initial public offering (IPO) of shares in its planned Chicago casino.<\/p>\n

\"Bally's
Bally’s Atlantic City. The operator will sell a 25% stake in its Chicago casino to select local investors. (Image: AP News<\/em>)<\/figcaption><\/figure>\n

The offering relates to the Host Community Agreement reached between the gaming company and the city, and provides for stakes in the integrated resort to be sold to select Chicagoans.<\/p>\n

The number of ownership interests to be offered, the terms thereof and the price range for the proposed offering have not yet been determined. The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions,\u201d<\/strong> according to a statement issued by Rhode Island-based Bally\u2019s.<\/p><\/blockquote>\n

The size of the proposed offering and other financial terms weren\u2019t revealed. The $1.7 billion casino hotel will be the first within Chicago\u2019s city limits<\/a> and Bally\u2019s priciest project to date.<\/p>\n

Bally\u2019s Looking to Generate Goodwill<\/h2>\n

Outgoing Mayor Lori Lightfoot (D) signed off on Bally\u2019s plan<\/a> to bring a casino to the third-largest US city, though the concept wasn\u2019t without controversy.<\/p>\n

An avenue for Bally\u2019s to allay locals\u2019 concerns regarding a new gaming venue is to show it\u2019s actively planning to be a good steward in the community. That includes allowing select locals to participate in the potential economic upside accrued by the integrated resort.<\/p>\n

\n

While details of eligibility for participation in the Chicago casino offering are currently scant, it\u2019s widely expected Bally\u2019s will target minority investors, among others. On the operator\u2019s first-quarter earnings conference call earlier Tuesday, outgoing CFO Robert Lavan told analysts he couldn\u2019t go into detail regarding the Chicago IPO.<\/p>\n<\/div>\n

The gaming company will sell up to a 25% stake in the project to investors, including “philanthropists, business owners, sports stars, celebrities, and everyday Chicagoans from the Black and Latino communities, as well as other ethnic and gender representation,” according to Bally’s website.<\/p>\n

Bally\u2019s Chicago Casino Focus On Small Businesses<\/h2>\n

A familiar refrain by casino opponents is that new gaming venues will hurt, not help, small local businesses. In Chicago, Bally\u2019s is looking to allay those concerns by leveraging its customer loyalty platform to benefit area small businesses, a tactic other operators<\/a> are trying in other cities.<\/p>\n

The casino offers a viable rewards program and local Chicago businesses win from patronage generated by the program. It should be noted that the reward redemption that occurs is not the only benefit. Additional advertising and awareness will be generated and built around the customer basis,\u201d<\/strong> according to the Host Community Agreement. \u201cThis is an expense that the small business could not spend on their own and now they are in front of thousands of Bally\u2019s customers.\u201d<\/strong><\/p><\/blockquote>\n

As for the readiness of the venue<\/a> and an upcoming temporary casino at the Medinah Temple, Bally\u2019s said it\u2019s on schedule and on budget.<\/p>\n

\u201cWe look forward to the opening of the Chicago temporary casino in late summer 2023, which is on track and on budget. We are also advancing the full build of our Bally’s Chicago permanent facility, which is slightly ahead of schedule and on budget for opening in the summer of 2026,\u201d said Bally\u2019s President George Papanier in a statement.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bally\u2019s (NYSE: BALY) has confidentially filed a Form S-1 with the Securities and Exchange Commission (SEC) for an initial public offering (IPO) of shares in its planned Chicago casino. The offering relates to the Host Community Agreement reached between the gaming company and the city, and provides for stakes in the integrated resort to be […]<\/p>\n","protected":false},"author":46,"featured_media":224864,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,33810],"tags":[81897,81903,81898],"acf":[],"yoast_head":"\nBally's Plans IPO For Chicago Casino For Local Residents<\/title>\n<meta name=\"description\" content=\"Bally's will sell 25% stake in Chicago casino to local investors, including minorities.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/ballys-plans-ipo-for-chicago-casino-for-local-residents\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bally's Plans IPO For Chicago Casino For Local Residents\" \/>\n<meta property=\"og:description\" content=\"Bally's will sell 25% stake in Chicago casino to local investors, including minorities.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/ballys-plans-ipo-for-chicago-casino-for-local-residents\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-09T19:49:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-10T17:26:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/bally2-scaled.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1920\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-plans-ipo-for-chicago-casino-for-local-residents\/\",\"url\":\"https:\/\/www.casino.org\/news\/ballys-plans-ipo-for-chicago-casino-for-local-residents\/\",\"name\":\"Bally's Plans IPO For Chicago Casino For Local Residents\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-plans-ipo-for-chicago-casino-for-local-residents\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-plans-ipo-for-chicago-casino-for-local-residents\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/bally2-scaled.jpeg\",\"datePublished\":\"2023-05-09T19:49:24+00:00\",\"dateModified\":\"2023-05-10T17:26:14+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Bally's will sell 25% stake in Chicago casino to local investors, including minorities.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-plans-ipo-for-chicago-casino-for-local-residents\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/ballys-plans-ipo-for-chicago-casino-for-local-residents\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-plans-ipo-for-chicago-casino-for-local-residents\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/bally2-scaled.jpeg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/bally2-scaled.jpeg\",\"width\":2560,\"height\":1920,\"caption\":\"Bally's Atlantic City. 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