Bally’s Casino In Chicago Underwhelms Since Opening

Chicago’s Bally’s Casino, which opened its doors nearly three months ago, has failed to meet the high expectations set during its grand opening. Despite being the second most visited casino in Illinois, according to the latest data released by the Illinois Gaming Board, Bally’s Casino has experienced stagnant attendance and revenue.

In November, Bally’s Chicago recorded a total of 86,459 patrons, making it the second most visited casino in the state. However, this figure only translates to an average of 2,882 visitors per day, which is a marginal increase from October’s average of 2,681 visitors. Notably, it marks a significant drop of nearly 14% from the casino’s inaugural month, where it welcomed an average of 3,347 visitors per day.

Surprisingly, the Grand Victoria Casino in Elgin, a 29-year-old establishment, came close to Bally’s attendance numbers, falling short by only 831 patrons in November. This demonstrates the stiff competition in the Illinois casino market.

When analyzing Bally’s Chicago’s revenue, it becomes evident that it has struggled to maintain its initial success. In November, the casino’s “win” amounted to $7.6 million, which is consistent with October’s figures but represents a decline from its opening days in September. On a daily basis, Bally’s Chicago earned an average of $253,604 in November, similar to October’s daily earnings of $245,446. However, this figure reflects a nearly 9% decline from September’s daily revenue of $278,268.

In a statewide comparison, Bally’s November earnings ranked fourth, behind Rivers, Grand Victoria, and Harrah’s Joliet. Additionally, Hollywood Casinos in Joliet and Aurora, as well as the temporary American Place casino in Waukegan, closely followed Bally’s earnings. These rankings highlight the fierce competition and the challenges Bally’s Casino faces in the Illinois market.

Looking beyond Illinois, the upcoming revenue report from the Indiana Gaming Commission suggests that casinos in Hammond, East Chicago, Gary, and Michigan City are likely to report higher gains than Bally’s Chicago. This indicates that Bally’s Casino might struggle to compete not only within Illinois but also in neighbouring states.

The underwhelming performance of Bally’s Casino raises concerns regarding its ability to meet the ambitious revenue targets set by the city. Initially, the city projected annual tax revenues of $50 million during the casino’s operations at Medinah Temple. Furthermore, the opening of a permanent $1.7 billion casino complex in River West was expected to generate $200 million annually by 2026. However, Bally’s paid just $779,000 in casino taxes to Chicago’s police and firefighter pension funds in November, significantly lower than the projected figures.

These lower-than-expected tax contributions highlight the need for Bally’s Casino to attract more visitors and increase its overall revenue to meet the city’s financial expectations.