Bally’s Corporation, located in Rhode Island, is providing a 25% equity share in its $1.7 billion integrated resort project in Chicago. 

Operating under the name Bally’s Chicago, Inc. in Illinois, the gaming firm announced on Monday that it has started an initial public offering to sell 25% of the company to investors. The IPO is limited to individual investors who are either female or belong to a minority group. Investment entities “must be governed by women or minorities.” 

Eligible minorities encompass investors who are Black, Indian, Asian, Hispanic, Arab, or any other group "determined by the City of Chicago to be socially disadvantaged due to experiencing racial or ethnic discrimination or cultural bias within American society," as detailed in the Bally’s Chicago presentation. 

The proposal features investment shares between $250 and $25K to accumulate $250 million. Bally's is in the process of demolishing the Freedom Center, which was the former printing plant for the Chicago Tribune and Chicago Sun-Times. In November 2022, Bally’s acquired the facility located at Chicago Avenue and Halsted Street in the River West area of the city for $200 million. 

Minority Sale Component of Host Agreement 

When Bally’s secured support from then-Mayor Lori Lightfoot (D) and the Chicago City Council, the regional gaming powerhouse committed to numerous promises and advantages for the Windy City. An important clause in the project’s Host Community Agreement (HCA) between Bally’s Chicago and the city is that the firm would incorporate a substantial minority and women ownership stake.

"Developer commits that 25% of the project equity will be owned by minority individuals and minority-owned and controlled businesses,” the HCA terms read. “[The] developer shall provide commercially reasonable efforts to locate qualified minority individuals or minority-owned and controlled businesses who wish to buy an interest.”

Bally’s states it "will be allowed but not obligated" to pay dividends, although the company plans to make quarterly distributions. Bally's is alerting prospective investors that putting money into the Chicago casino is "extremely hazardous and conjectural," and only individuals who can "bear the loss of their full investment" should engage. 

The City of Chicago intends to utilize the tax advantage from the permanent Bally’s Chicago site to assist in financing its pension system for first responders. Chicago officials anticipate receiving roughly $200 million each year from the casino once it is operational. 

Bally’s aims for a September 2026 launch for the Windy City resort. Currently, Bally’s is still running a temporary gaming venue within the Medinah Temple located at 600 N. Wabash Ave. 

Minority Labor Force 

Along with committing to a 25% ownership share for minorities and women in Bally’s Chicago, Soo Kim’s Standard General, which manages the company, has vowed to employ women, minorities, and underrepresented communities at the permanent site. 

The Bally's Chicago HCA indicates that the resort aims to employ minorities in 60% of its positions. At least 45% of the roles must be occupied by women. The casino will strive to guarantee that 10% of its workforce consists of veterans and individuals with disabilities. 

"The HCA states that Bally’s intends to collaborate with esteemed workforce development non-profits and community organizations in Chicago, including Skills for Chicagoland’s Future, Women Employed, Washington Heights Workforce Center, and Chicago Urban League, among others, to accomplish the specified employment objectives."