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Bally's Chicago casino remains on track for 2027 opening despite financial concerns
Although it's dealing with significant debt, lower cash flow, and battles with city officials, Bally's insists its Chicago casino resort will still open on time. See the details on the company's issues below.
Bally's expects its downtown Chicago casino to open on schedule in early 2027, despite facing financial pressures and a dispute with city officials over video gaming terminals. A top company executive has assured the press that the $1.7 billion downtown project will be completed on time. This assurance comes within the same week that the company warned investors about its debt-to-cash ratio problems.
The company is struggling to cover its debts
The biggest concern surrounding Bally's Chicago is the overall balance sheet. The company has accumulated $4.9 billion in debt while simultaneously funding major development projects.
Bally's temporary casino at Chicago's historic Medinah Temple site isn't helping matters after losing $56.4 million in the first half of 2026. This deficit brings up concerns that the permanent downtown venue won't be profitable once it launches next year.
The Rhode Island-based company's current financial situation triggered a warning to investors that it might not have enough cash to cover its mounting debts.
Fitch Ratings revised its outlook on Bally's to Negative with a B- rating. It cited the company's "elevated leverage ratios of the restricted group, projected near-term free cash flow (FCF) deficits, and uncertainty around funding new developments."
Even with a negative future outlook, Bally's Vice President and Chief Legal Counsel Kim Barker told NBC 5 Chicago that the downtown Chicago casino will finish and open on schedule.
"Bally's continues to be in a strong position to deliver the integrated casino and resort," she said. "That is without question, we do have the funding, and we will complete it on time."
VGTs further complicate the matter
The Bally's Chicago casino will house over 3,400 slot machines, 170 table games, and 500 hotel rooms. It figures to be a major player in the local gambling scene once finished. However, the resort will face immediate competition from video gaming terminals.
Chicago recently lifted its ban on VGTs, allowing licensed local businesses to offer these gambling machines. The Windy City reversed its ban on VGTs to help shore up its budget.
This decision hasn't sat well with Bally's, which agreed to build a downtown casino in 2022. It recently slowed construction on the Chicago resort while arguing with the city.
This decision drew criticism from city council members, who believe that Bally's used the VGTs as an excuse to slow construction while it deals with significant debts. Chicago officials are preparing hearings to determine the status of the project.
Despite the controversy surrounding VGTs, Bally's maintains it's on target to finish the project and has the financing to do so.
Bally's could gain from legal Illinois online casinos
With Pennsylvania, Rhode Island, and New Jersey online casinos, Bally's is well ingrained in the regulated iGaming space. However, it could benefit even further from online gaming if Illinois were to enter the mix.
The Prairie State has made several attempts to legalize casino games online, including introducing HB 4797 and SB 3723 in 2026. Both were entitled the Internet Gaming Act, and neither piece of legislation advanced beyond the committee level.
While Illinois has failed to regulate real money online slots dating back to 2021, it consistently produces legislative efforts. Additionally, the Illinois Gaming Board is actively combating offshore gaming, issuing over 60 cease-and-desist letters to unlicensed operators in recent years.
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Written by Jeremy Olson
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