Bally’s Corp is actively managing its major casino projects in Chicago, Las Vegas, and New York, confronting regulatory issues and development schedules.
Key Takeaways
* Bally’s Chicago casino project faces new competition from video gaming terminals (VGTs) within city limits.
* The timeline for Bally’s Las Vegas development is under scrutiny, with the casino portion not expected to align with the 2028 stadium opening.
* Construction for the $4 billion New York integrated resort is anticipated to begin in the coming months.
Chicago Casino Navigates VGT Challenge
In Chicago, Bally’s secured an extension for its temporary casino license before the state legislature adjourned on June 1. This development supports the ongoing construction of its $1.8 billion permanent casino. However, the introduction of video gaming within city limits presents a new dynamic for the market.
Late last year, Chicago Mayor Brandon Johnson’s budget was overruled by an alternative from the city council, which lifted the city’s ban on VGTs. The approved budget allocated $6.8 million in VGT licensing revenue, based on an assumption that approximately 80% of the 3,300 eligible liquor licensees would apply. According to the Chicago Sun-Times, nearly 300 venues have already applied to offer these machines.
The issue remains a point of discussion among city officials. A city council committee meeting on the subject recently adjourned without a resolution. During the discussion, Bally’s proposed installing slot lounges at O’Hare and Midway airports. Christopher Jewett, Bally’s senior vice president of corporate development, stated, per the Sun-Times, that “one lounge can generate approximately $5 million in actual gaming and admission taxes, which go directly to the city.” He added, “This alone can replace the revenue in question.”
Bally’s has indicated that if the VGT ban is not reinstated, the financial impact could be substantial. The company estimates that city-wide VGTs would reduce yearly revenue by nearly $75 million and eliminate approximately 1,000 jobs from its temporary and permanent casino operations. To secure the Chicago license, Bally’s entered a host community agreement with specific stipulations, including a yearly $4 million payment to the city. The legalization of VGTs could affect these agreements and potentially lead to litigation.
Illinois Gaming Board data for 2026 shows Illinois casinos generated $889.5 million in total adjusted gross receipts and $53.6 million in local taxes. In contrast, VGTs generated $1.4 billion in net terminal income and $68.5 million in local taxes. Over 1,100 municipalities across the state have adopted VGTs, with Chicago being a notable exception until this budget cycle.
Jewett informed the council this week, per the Sun-Times, “Had we known that, within just a few years, this body would reverse course and allow an alternative form of gambling that breaches the agreement, we would never agree to the numerous commitments, all of which we’ve held up.” Currently, only two US airports feature slot machines, both in Nevada: Harry Reid International Airport in Las Vegas and Reno-Tahoe International Airport in Reno. Harry Reid features over 1,000 machines, generating approximately $40 million in annual revenue for the airport, while Reno-Tahoe’s generate about $1 million per year.
Las Vegas Project Faces Scrutiny
In Las Vegas, Bally’s faces questions regarding its $1.2 billion mixed-use Strip development. Construction continues on the Athletics’ neighboring MLB stadium, which is scheduled to open in spring 2028. While the ballpark’s timeline appears consistent, the development pace of Bally’s portion of the shared site is under review. An Athletic report earlier this month suggested the team might develop some of its own infrastructure if Bally’s cannot advance its project quickly enough, potentially adding $100 million to construction costs.
Steve Hill, president and CEO of the Las Vegas Convention and Visitors Authority, told The Athletic that Bally’s “[doesn’t] have the financing” for the project. The LVCVA has requested a future plan from the operator by August, according to the report. Bally’s indicated to the outlet that it is “unlikely” the casino will be ready by 2028, a point reiterated this week.
On Thursday, Bally’s CFO Mira Mircheva and attorney Dan Reaser informed the Nevada Gaming Commission that the 2028 deadline applies solely to the stadium. They stated Bally’s did not commit to opening the hotel and casino portions of the site by then, and it is probable that only a retail and entertainment section will be completed within that timeframe.
Reaser told commissioners, “To make the record clear, the April deadline of 2028 is for the stadium to open and for the baseball season to proceed.” He clarified, “The April 2028 timeline is for the retail district, parking garage, utilities and plaza, but not the towers that come at a later date.”
Bally’s Bronx Integrated Resort Advances
Amidst these developments, a larger project is planned in New York. Bally’s secured a downstate New York casino license last winter and intends to build a $4 billion integrated resort at a golf course it owns in the Bronx. This project carries a cost similar to the combined estimates for its Chicago and Las Vegas developments.
While most application details for Bally’s Bronx are not publicly available, one timeline indicates construction will commence “approximately eight to nine months” after licensure. With licenses awarded in December, this timeline suggests a start in August or September. Bally’s informed iGB in February it has “every motivation to get started as quickly as this fall on our NYC project.”
Bally’s has been active in acquisitions in recent years, including Intralot, Evoke, and a majority interest in Star Entertainment since the start of 2025. The operator concluded Q1 with $559 million in cash, against long-term net debt exceeding $4.3 billion and $2.2 billion in lease liabilities. Its stock has seen an increase of approximately 50% in the last year as the company accumulates assets, though momentum has slowed, with shares down 15% in the last six months.
I remember the first time I saw Kai Tak, Hong Kong’s gambling city, I thought I was in a fairy tale. All the lights blinking, the music and the monumental buildings, what 9-year-old wouldn’t think they’ve come to a magical place? It was my father who brought me, dragging me along and when inside I was hit by the smell of frying duck. As soon as I hit 21 I returned to Kai Tak, A bit nervous to see if my mind had embellished the memory, but it hadn’t. Kai Tak was still a magical place. I decided I wanted to spend as much time as I could at this place, so I did.
