Bally’s Chicago pushes to finalize $250 million IPO amid delays
Eight months after launching its $250 million initial public offering, Bally’s Chicago is making a final effort to secure investors and complete the long-delayed offering within the next few weeks.
The company refiled the IPO on July 15 with the Securities and Exchange Commission to update its financial information. “It’s still under review by the SEC,” said Chris Jewett, Bally’s senior vice president of corporate development, as per a Chicago Tribune report. “But we feel like we are hopefully closer to being able to launch.”
Initially opened in January and limited to women and minority investors, the offering was expanded in April to all potential investors following lawsuits that challenged its original eligibility criteria. The revision maintains “preferential allocations” for Illinois and Chicago residents.
Chicago-based Loop Capital Markets serves as the lead placement agent for the IPO. The offering creates 10,000 Class A shares featuring four classes of stock ranging from $250 to $25,000. Loans from Bally’s Chicago will help make participation accessible to underrepresented groups.
Legal challenges caused much of the delay. A federal lawsuit brought by Wilmette resident Mark Glennon alleging discrimination was dismissed in April, while another case filed by the American Alliance for Equal Rights was settled in June.
Jewett said he expects the IPO to be fully subscribed and to meet the city’s minority equity requirement. “There is definitely (investor) interest, for sure,” he said.
The proceeds will help fund the company’s planned $1.7 billion entertainment complex in River West. Bally’s was awarded the city’s sole casino license in 2022 with a project that includes a 500-room hotel, a 3,000-seat theater, an exhibition hall, 10 restaurants, and 4,000 gaming positions.
The company is currently operating a temporary casino at Medinah Temple, which opened in September 2023. Construction of the permanent site at the former Chicago Tribune printing plant continues despite setbacks, including a one-month demolition stoppage in December and a two-week halt in May due to a regulatory investigation into a subcontractor.
Jewett said the permanent casino remains on track to open in September 2026. “The tower crane just went up, steel is starting to get delivered,” he said.
Competition in Illinois has intensified with recent openings such as Wind Creek Chicago Southland and Hard Rock Rockford. Bally’s Chicago ranked fifth in revenue during the first half of 2025, bringing in $63 million and attracting 649,000 visitors.
“The temporary served a purpose,” Jewett said. “It was to start generating tax revenue, creating jobs and really building up to what the permanent is. It was never meant to be the permanent in itself. It’s a good experience, beautiful building, good location, but it’s not the permanent.”
https://www.yogonet.com/international/news/2025/07/25/112640-ballys-chicago-pushes-to-finalize-250-million-ipo-amid-delays