In just the first three weeks of operation, Bally’s temporary casino at Medinah Temple has netted nearly $7 million bringing in over 80,000 visitors. These figures, released by the Illinois Gaming Board, have placed the riverfront gambling establishment within the top rank of Illinois casinos.
Despite opening its doors slightly below initial city revenue projections, Bally’s is already gathering momentum. In a matter of weeks, the fledgling establishment has recorded over 80,000 entry admissions – a promising show of visitor numbers that could make it a hefty contender for the state’s most frequented gambling venue.
From its inaugural ribbon-cutting on the 9th of September through to the end of the month, Bally’s registered a revenue of about $6.7 million. This earnings tally, derived from the company’s adjusted gross revenue and tracking money held after winners’ payouts, has already outstripped a good portion of other competitors in the local market.
Bally’s $6.7 million earnings in September made it the eighth most profitable venture amongst the state’s 16 casinos. Despite such promising initial numbers, the top spot is still held by Rivers Casino in Des Plaines, which generated approximately $41.5 million in the same month.
In its first few weeks of operation, Bally’s had 80,330 admissions, setting it second in the state only to Rivers Casino’ with over 260,000 visits. This impressive guest count, coupled with the striking profit numbers, have already generated a considerable tax revenue for Bally’s new Chicago operation.
These earnings have been contributing significantly to bolstering the city tax revenue, elements of which are earmarked for the city’s underfunded police and firefighter pensions. Although the casino’s earnings need to increase significantly to meet the city’s lofty revenue anticipations, Bally’s has already made a substantial impact with a previously made $40 million upfront payment.
However, setbacks are inevitable and Bally’s chairman Soo Kim acknowledged at the opening ceremony that the business was still working on ironing out kinks. Nevertheless, he remained positive about the future of Bally’s. He noted the unique crowd it attracts, young professionals who live and work in the River North neighborhood, which is promising for the casino’s future.
With 16 casinos across the state, Illinois’s gambling landscape is becoming more vibrant and lucrative. In September alone, these establishments collectively attracted more than a million visitors and raked in over $132 million.
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