Bally’s is lacking the funds it needs to build a casino in Chicago. [Image: Shutterstock.com]

Bally’s Corporation has signed an agreement to build a permanent casino in Chicago with construction costs totaling around $1.1bn. However, the company has now confirmed that it has a funding gap of $800m for that project, meaning it has just $300m of the funds.

they hope to close that gap through a new financing partner

Speaking with the Nevada Gaming Control Board on Wednesday, Bally’s executives explained that they hope to close that gap through a new financing partner. Chief Financial Officer Marcus Glover said execs “feel pretty good” about the conversations they are having with a potential partner, and will hopefully have the situation resolved by “summer of this year.”

If those conversations don’t lead anywhere, Bally’s does own the real estate on which its other casinos reside. It has shown a willingness in the past to sell some of these property holdings to raise cash if needed.

Nevertheless, the news has provided even more ammo for those critical of the Chicago project, which was confirmed in May 2022. Both federal and local departments have conducted an investigation into how the license was secured, with some claiming Mayor Lori Lightfoot and other officials did not give all bidders fair consideration.

Part of this investigation has centered on claims that Bally’s never had the financing for such a project. City alderman Brian Hopkins, one of the project’s main critics, believes that the process hasn’t been fully transparent and that Bally’s intends to delay construction for as long as possible due to a lack of cash flow.