Bally’s Corporation announced important news that it is working with a real estate private equity firm in Chicago to build a Bally’s Chicago casino.
The investor acquired the approximately 30-acre Tribune Publishing Center site for $200 million. Bali will lease the land to build a new casino.
The contract includes a 99-year contract period, which can be renewed 10 times in 20 years, and the milestone of the construction will be completed and the investor will provide an additional $300 million to the casino.
In the case of rent rates, investors will initially receive 8.5% of annual capital, and if the casino receives development rights and game approval, it will be reduced to 7.0%, and rent changes can also be made due to rising CPI. 경마사이트
“We are excited to partner with one of Chicago’s leading real estate private equity firms in the process of building our flagship $1.7 billion property in the Chicago market,” said Su Kim, chairman of Bali’s board of directors. We continue to demonstrate our commitment to delivering world-class entertainment facilities that support Chicago’s economy and community.”
Bobby Lavan, Chief Financial Officer of Bally’s, also commented on the partnership. “The deal is an important step in Bally’s Chicago’s development plans as we continue to work to open temporary casinos in mid-2023. With this new real estate partnership, there is ample liquidity to fund Bally’s Chicago without having to access the capital market.”
There is a possibility that casinos will buy land investors. It will be possible in four to eight years at a fixed capital ratio. In addition, if Bali fails to achieve the milestone, investors may demand that the land be reacquired at a different price.
Chicago in Bali is a long-anticipated casino worth $1.7 billion. Visitors will be able to find various kinds of entertainment including art, culture, sports, and food in the building. The building will also serve as a hotel.
Players and customers will be able to find many different amenities and features at this fantastic casino. The company plans to include 3,400 slots, 170 table games, 10 food and drink, a rooftop bar, and an outdoor music venue. But that’s not all. Athletes will be able to enjoy an outdoor green space with a 3,000-seat entertainment center, 20,000-square-foot exhibition and a river trail with water taxi stops to be deployed over 65,000 square feet. And a 500-room hotel will be built for those who want to spend the night in this building.
Bali will gain special rights to temporary casinos that run for up to three years, by which time the permanent casino building will be completed.