The city of Chicago has received an initial $40 million payment from Bally's Corporation as part of the group's plan to build its $1.7 billion casino, helping the plan move to the next step.
Currently, the company's casino plan is sitting in front of the Illinois Gaming Control Board, who is expected to grant final approval for the site in the River West neighborhood. The project received previous approval from Chicago's City Council with a 41-7 margin. A temporary site is expected to open next year, with the full casino slated to open in 2025 or 2026.
When it opens, the casino will have 170 table games, 3,400 slots, 6 restaurants, 3 bars, 500 hotel rooms, and a 3,000 seat entertainment theater.
Regarding the payment, Chicago mayor Lori Lightfoot said, "This is the first down payment from the casino on the future of Chicago's pensions and a clear indication of the City's commitment to its hard-working public safety professionals."