Demolition at the Freedom Center in the River West area of Chicago, home of Bally’s permanent casino hotel, commenced earlier on Tuesday. The regional casino operator had finalized a $200 million sale-leaseback deal for the location, previously the Chicago Tribune’s printing facility, in November 2022. The newspaper vacated the premises in May, and since then, Rhode Island-based Bally’s has been running a temporary gaming venue at Medinah Temple at 600 N. Wabash Ave.
The demolition process is expected to last five months, with crews working 12-hour days, seven days a week. Specific restrictions must be adhered to during the teardown. For instance, no explosives will be used, excavators are limited to a 10-mile-per-hour speed limit, and in certain scenarios, hand excavation will be employed. Health monitors, appointed by the city of Chicago, will be present daily to ensure that excessive dust levels are not generated.
To abide by the city’s noise regulations, demolition activities will be limited to the hours of 8 a.m. to 8 p.m. each day. Bally’s has repeatedly communicated that the permanent Chicago casino resort is scheduled to open in September 2026, and this timeline remains unchanged.
Demolition began approximately six weeks after Bally’s announced it had secured the necessary financing for what is its most expensive project to date. Last month, the gaming company engaged in a series of transactions with the real estate investment trust Gaming and Leisure Properties amounting to $2.07 billion. This series of deals enabled Bally’s to bridge an $800 million funding gap in Chicago. An affiliate of the REIT acquired the property assets connected to Bally’s Chicago and will finance up to $940 million in construction costs.
The Chicago-based venue, which will be the only casino within city limits, is planned to include a 500-room hotel, six restaurants, a 3,000-seat theater, and a two-acre public park. The gaming area will house 3,300 slot machines and 173 table games. The hotel will now be built on the southern portion of the property, a change from the original plan to place it at the northern end, which was found to risk damaging underground infrastructure.
In addition, Bally’s recently accepted an $18.25 per share takeover offer from Standard General, the hedge fund led by Soo Kim, Bally’s chairman. Kim had indicated earlier this year that the acceptance of the bid would not impact Bally’s Chicago plans, committing to bringing the project to fruition. This stance continues, and Bally’s has assured local press that the transaction will not affect its Chicago endeavors. The Illinois Gaming Board has acknowledged awareness of the deal and is keeping tabs on it.
