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Bally's is waiting for encouragement from the city's planning department to complete plans to build a 500-room hotel that has been moved from the north side of the casino to the south side to avoid damage to the city's water mains along the Chicago River. (HKS)

Robert Channick | rchannick@chicagotribune. com | Chicago Tribune Updated: August 8, 2024 1:38 PM

A week after Bally bought the Freedom Center printing plant, the company has secured a major financing deal to build a $1. 7 billion casino complex on 30 acres of Riverwest land.

On Friday, Bally's announced a deal with Gaming and Leisure Properties, a Pennsylvania-based real estate investment trust, to provide $940 million in financing to build a permanent casino.

Additionally, Bally's is awaiting encouragement from the city's planning department to complete plans for a 500-room hotel tower that has been moved from the north side of the casino to the south side to avoid damage to the city's water mains along the Chicago River.

"We are actively working on the restoration of the Bally's Chicago Casino's absolute hotel tower and are committed to meeting our planned September 2026 opening date," George Papanier, president of Bally's Corp., said in a press release on Friday. "We remain pleased to announce that Gaming & amp; amp; Leisure-Properties, Inc. has finally agreed to fund the entire plan in one lump sum to more effectively execute the plan."

This funding package and revised development plan should ease concerns among experts, merchants and the city itself that Bally's does not have the financial capacity to build a permanent casino.

In 2022, Rhode Island-based Bally's won a fierce competition to build Chicago's first casino. The extravagant offering included an exhibition hall, a 500-room hotel, a 3, 000-seat arena, 10 restaurants and 4, 000 gaming rooms overlooking the Chicago River.

In September, Bally's Chicago opened a temporary casino at Medina Temple, with plans to open a permanent one by September 2026. But with each passing month this year, it seems more likely that the casino ensemble will be built as planned.

Then, in January, Bally's announced that it would have to move the hotel tower from a designated area in the northern part of the site after it was discovered that the penetration of caissons into the ground could damage the city's water mains.

The first project called for a 100-room hotel near the Chicago River, followed five years later by a glittering 400-room tower and an unmodified casino on top.

The new project by HKS Design Company would change the layout of the casino and move the 500-room hotel tower to the south side of the entertainment ensemble.

Sue Kim, chairman of Bally's board of directors and partner at New York head fund Standard General, a major shareholder, told print publication Tribune on Friday that the Chicago project's implementation level of financing and leasing of its properties had actually been in the cards for a long time.

"We're actually raising the capital we need, and in a much larger amount than we originally anticipated," she said. "This is a sign of confidence that we're raising the capital to build more significant projects in one fell swoop."

Gaming & Leisure Properties has 65 properties in its bag in 20 states, including a number of Bally's properties. Its business model is to buy, finance and own territory, then lease it to gaming operators.

Terrence Antonio James/Chicago Tribune Casino Bally's Chicago, located in the historic building of the former Medinah Temple, see long exposure during vehicle movement on Dec. 8, 2023.

Slot machines sparkle in the window of the temporary Bally's Casino in Medinah Temple, Chicago, on April 11, 2024. (Chris Sweda/Chicago Tribune)

Bally's Casino in Medinah Temple, Chicago, on April 11, 2024. (Chris Sweda/Chicago Tribune)

Slot machines are seen from the main entrance of Bally's Casino in Medinah Temple, Chicago, on Sept. 8, 2023. The casino opened one day later.

Antonio Peres/Chicago Tribune Slot machines are seen from outside, followed by a ribbon-cutting ceremony for Bally's Casino on Oct. 3, 2023.

A rendering of the proposed $1. 74 billion Bally's Chicago casino, hotel and entertainment ensemble in the Chicago Tribune Freedom Center space at the corner of Chicago Avenue and Holstede Street. Lorne Bally's/SCB

Trent Sprague/Chicago Tribune - Bally's Chicago Casino sign is seen in the former Medina Temple space in the River Note area, shown on July 18, 2023.

Antonio Peres/Chicago Tribune A man during a ceremonial ribbon-cutting ceremony for Bally's Casino on Oct. 3, 2023.

CHRIS OFFICE / CHICAGO TRIBUNE Pass through the historic Medina Temple, 600 N. Wabash Ave. February 23, 2023, Chicago. This building will be available in a temporary casino for Ballies to open this summer.

Friedman Properties workers have a copper dome attached to one of the corners of Medina Temple. The building was once from the Friedman Properties, and the tenant was a Bloomingale department store near the North Area.

Antonio Peres / CHICAGO TRIBUNE Medina temple in the North North Chicago area.

John JOHN J. KIM / CHICAGO TRIBUN E-Store Bloomingdale's Shop, Located in the historic buildings owned by Friedman Properties near the North Area, it can be seen in Chicago on June 13, 2019.

ABEL URIST / CHICAGO TRIBUN E-February 27, 2018, people walking near the historic buildings Medina Temple and the Old Blooming Deres store.

Antonio Peres / CHICAGO TRIBUNE A morning transport car moving on Ojio Street near Medina Temple in Chicago on September 30, 2022.

Antonio Peres / CHICAGO TRIBUNE On September 30, 2022, a man riding a bicycle near Medina Temple near Chicago.

At CHRIS NASVRI / CHICAGO TRIBUNE Medina Temple, 600 N. Wabash Ave. Chicago

It looks like Chris Office / Chicago Tribune History Temple Medina, 600 N. Wabash Ave. River North District on February 23, 2023. Bally's wants to open a temporary casino this summer.

On October 3, 2023, Mayor Brandon Johnson and Chairman Sue Kim Barry, who attended the casino cutting ceremony.

Antonio Peres/CHICAGO TRIBUNE October 3, 2023, at BALLY'S Casino in Chicago, at the historic Medinah Temple Building.

VAL MAZZGA/CHICAGO TRIBUNE, a Dilian Temple held on February 2, 1983 on the Medina Temple on North Vavash Street in Chicago, a local prosecutor Richard Daily and his wife Maggie at the time. 。

John J. KIM / CHICAGO TRIBUN E-June 13, 2013, you can see the Bloomingdale's store in the North Area, Chicago, once in the Medina Temple of the Friedman Properties.

Medina temple of Friedman Properties. The building was once from the Friedman Properties, and the tenant was a Bloomingale department store in the North Area District.

John JOHN J. KIM / CHICAGO TRIBUN E-Store Bloomingdale's Shop, Located in the historic buildings owned by Friedman Properties near the North Area, it can be seen in Chicago on June 13, 2019.

Antonio Peres / Chicago Tribune Chicago's Medina Sanctuary, Sept. 30, 2022.

Antonio Peres / Chicago Tribune Chicago's historic Medina Sanctuary is prominent on Sept. 30, 2022. The city releases a study on the traffic impacts of installing a temporary casino in the space (costs paid for by the casino, developer by the city).

Chris Oblya / Chicago Tribune - Feb. 23, 2023. A poster on how Bally's Casino will operate is installed on the exterior door of Medina Temple.

An artist's rendering shows the alleged ensemble of casino, hotel and REST Bally's Chicago in the space of the print publication Chicago Tribune's Center for Freedom, located at the corner of Chicago Avenue and Halsted Street.

Workers collect election results in the basement of Medina Temple, Nov. 3, 1964.

Jerry South/Chicago Tribune, Nov. 3, 1964: Workers collect election results in the basement of Medina Temple. Among the workers are Northwestern Institute students, NBC television employees, Young Women's Moore Labor Service employees, and Northwestern Institute employees.

John Irwin/Chicago Tribune, Vaughty, Jan. 4, 1990, Medina Sanctuary.

Nancy Stone/Chicago Tribune, March 4, 1999: Two Sabah chimpanzees cling to their owner, Pamela Rozelle Zoppe, on stage at Medina Temple.

Karl Wagner/Chicago Tribune, 1999 photo of the 42, 000-space auditorium inside Medina Temple.

Phil Greer/Chicago Tribune A 1998 exterior photo of Medina Temple.

John J. Kim / Chicago Tribune A bartender works at the Ivy Room at Tree Studios, owned by Friedman Properties, in nearby North Region, in Chicago, on June 13, 2019.

Antonio Peres / Chicago Tribune A passerby walks past Medina Temple on the way to Vabash Street in Chicago, on September 30, 2022.

Rick Musakkio / Chicago Tribune Artist and political activist Ed Asner presents the Mondale Ferraro symbol during a rally at Medina Temple in Chicago, October 30, 1984.

Scott Ruzzante / Chicago Tribune A photo of the atrium and elevators above Bloomingdale's Home Shops taken from the top floor from inside Medina Temple in Chicago, January 2003.

John J. Kim/Chicago Tribune is on display at the Bloomingdale's store in the historic Medin Temple Building owned by Freedman Properties on June 13, 2019, in Chicago's North North neighborhood.

John J. KIM / CHICAGO TRIBUNE, Real Estate Developer El Friedman is familiar with stained glass, a historical building owned by Friedman Properties on Chicago's Northern North Side, Blooming Dale in Medina Temple. I arranged stained glass for the shop.

As you can see in this no n-split photo, Medina Temple once had a property owned by Friedman. The building was once owned by Friedman Properties, and the tenant was a Bloomingale restaurant in the North North area.

John JOHN J. KIMA / CHICAGO TRIBUNE is installed in a blooming dale furniture store in the historic Medina Temple Building in the North North District, Chicago.

Antonio Perez / Chicago Tribune Pape r-September 30, 2022, people walking and riding a cave near the Medina Temple at the intersection of Vavash Street and Ontario Street. The room, built in 1912, has four shrines in the Mauritanian Gothic style, was from the Chicago branch of the ancient Arab noble Schriper family. The building with a spherical dome once had 4, 200 rooms, from political conferences to circus. The building was restored, and in 2003 a Blooming Dale product shop opened.

Christ Swede / CHICAGO TRIBUNE historic Medina Sanctuary is characterized by a spherical dome taken on February 23, 2023.

Armando L. SANSCHO / CHICAGO TRIBUNE March 14, 2023, the sanctuary of the Medina located on 600 locations on the North Wavash Street in Chicago.

Armando L. SANSCHO / CHICAGO TRIBUNE SANSCHO / CHICAGO SANSCHO / CHICAGO TRIBUNE SANSCHO / CHICAGO TRIBUNE SANSCHO / CHICAGO TRIBUNE SANSCHO / CHICAGO TRIBUNE SANSCHO / CHICAGO TRIBUNE SANSCHO / CHICAGO TRIBUNE SANSCHO / CHICAGO TRIBUNE SANSCHO / CHICAGO TRIBUNE SANSCHO / CHICAGO TRIBUNE SANSCHO / CHICAGO TRIBUNE SANSCHO / CHICAGO TICAGO TICAGO TRI, Chicago wavash street on March 14, 2023. The building is planned for a temporary casino that Bally's discovered by this summer.

Signature display Telence Antonio James/ Chicago Triwn

BALLY'S CHICAGO CASINO, located in the old historical Medina Temple building, see a long exposure while the vehicle is on December 8, 2023.

Bally's states that BALLY'S KANSAS CIS CITY ARAND and BALLY'S SHREVIEWS are planning to save more than $ 2 billion by transactions, including games and leisure facilities, including selling $ 395 million. 。 Gaming and leisure facilities include the option to purchase Bally's Lincoln Casino Resort on the previously announced Round Island, which is a short cost of $ 735 million.

In November 2022, after a certain number of days, the Freedom Center-site purchased for $ 200 million, and Ballyz sells Chicago's company oak streagal esthetic capital and sells to build a certain casino. For interest to 100 million dollars.

As part of the transaction, games and leisure properties also buy the Freedom Center for $ 25 billion before the construction begins.

Lance Vitanza, a senior analyst of TD Cowen Joint-Stock Study Group, called the fund procurement and Alilanda's position as "very good results."

"This should have almost removed concerns about Barry's assets, its linkage, and fluidity," said Bitanza on Friday. "The fact that GLPI actually came and has insurance for Barry's business plan is, at least, includes the real value for the casino inside."

Bally's owns and operates 15 casinos in 10 states. In June 2021, he participated in a bazaar in Illinois, won Rock Island $ CASINO and Jumer's Casino & Amp ;; AMP HOTEL;

Concerns about the cash flow in Chicago's casino plan appearing in February, and Bally's covers $ 800 million in order to cover the remaining costs for constructing an unchanged casino on Chicago. I had to do it.

Some experts hoped that the intense credit bazaar and Bally's balance had all the potential to postpone or shrink the unchanged casino construction in Chicago.

Even the mayor of Brandon Johnson Chicago has been doubting that the entertainment ensemble of $ 1. 7 billion of $ 1. 7 billion has been built last month.

The project took a big step toward this goal and announced funding on Friday.

"The key to belong to the hand and new loans are provided, the project project is better than the first one, and the demolition of the structure starts this summer, so that there is no hesitation, the Casino and the Virth Chicago Hotel. Papanya immediately rises along the Chicago River. "

On Friday afternoon, city authorities have issued a statement supporting these emotions in relation to the financing of Bally's funding and new development intentions.

"Mayor Johnson said," The city is satisfied with the progress of the Cycago Vary's Casino and the progress of measures related to construction. I am looking forward to it.

The construction of the main casino has the potential to freeze the decisive moment of the benefits of a good financial goal like a big city or Bally.

Later, in May, the preliminary Vryze Chicago casino, according to information from the Illinois Gamble Council, reached 11 % last month, reaching a 104 million dollar adjustment gross salvage.

However, in June, the popularity of Virth Chicago increased by 1 %, reached the second space of almost 120. 000 guests, and then the Rivers Casino Death Plane is most lively according to every monthly information. As it is, it generates a large profit between 15 casinos.

Last month, temporary institution Barry celebrated the 1 million guests and gave two cruises to two.

In June, the income of the state casino was about $ 138 million, almost 4 %, given to more than a million months, in line with the information of the Gambling Council.

According to the Gambling Council, Bally's Chicago brought 62, $ 8 million adjustment gross salvage and more than $ 60, 000 for more than $ 60, 000 for the first six months in 2024. 。

According to monitoring, BALLY'S will offer Chicago to Chicago for $ 35 million in the form of gross salvage and gambling tax after adjusting $ 243 million.

Last year, Barry paid $ 150 million to Tribune Publishing, which owns printed publications such as Chicago Tribune, and removed the 4 3-yea r-old Freedom Center by July 5, and built a new casino ensemble. I agreed to do it. In May, Tribune transferred a printing shop to a past conference room of a daily newspaper held in Shainberg, which was purchased at an unresolved cost.

Last week, Barry acquired the ownership of the real estate. Trucks, trailers, and Brandenburg Industrial Services have been involved in the demolition of the house, and previously launched the process of destroying the coolest newspaper printing shop in North America.

Meanwhile, this week, Chicago Tribune Publishing is the fourth editing house in six years since the tribune tower was kicked out in 2018, opened a personal new news room in Lupa.

Concerns to provide funds for the construction of a chicago casino are likely to be shot down on Friday, but we will draw some confusion from Barry over a continuous redemption proposal from its own major shareholders. 。

In March, the main fund, 26 % of Barry's promotion, sent offers to redemption of other shareholders for $ 15 per promotion, evaluating the company for about $ 648 million. The Bally's Board of Directors established a special committee, invited Macquelley Capital as money advisors to examine offer and strategic options.

Since March, Bally has little information about the status of repurchase proposals.

On Friday, the company's promotion rose more than 6 % and finished trading at $ 13 per promotion.