Bally’s revealed the details of its plan to sell a 25% stake in Chicago’s first casino to women and minorities. [Image: Shutterstock.com]

Bally’s Corporation is building Chicago’s first-ever casino and to help manage the costs it’s planning to sell a 25% stake to investors who are women or minorities as per its original agreement with the city.

prospectus warns that any return on investment could take three to five years

The casino company announced the terms for the investment opportunity on Monday. It hopes to raise about $250m to cover the $1.34bn in development costs. People can commit as little as $250 and up to $25,000, but the prospectus warns that any return on investment could take three to five years.

Bally’s presentation explained that investors are eligible if the city deems them as “socially disadvantaged by having suffered racial or ethnic prejudice or cultural bias within American society.”

Work is already underway at the site of the former Chicago Tribune printing center, with demolition work ongoing. Financing issues reared their head in the spring, though Bally’s eventually secured private financing to deal with an $800m shortfall.

The plan is to open the casino in September 2026. The property’s revenue is expected to be $1bn annually, which would generate about $200m in taxes for the city. Lawmakers have earmarked this money for struggling firefighters and police pension funds.

A temporary casino is up and running nearby until the permanent facility is ready to go.