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The long wait for a casino complex in downtown Chicago has ended after Bally’s Corporation (NYSE:BALY) opened up its temporary casino at the historic Medinah Temple. The project saw years of political fighting before Bally’s (BALY) made it to the finish line, but now it sets up the casino operator to cash in when the final casino complex is finished.
Bally’s (BALY) temporary location at Medinah Temple features more than 750 slot machines and table games, three restaurants, including Medinah Bistro and Kitchen 888, and a sports betting area. Early reports indicated strong traffic to the temporary casino and very few operational issues.
Looking ahead, Bally’s Corporation (BALY) is building the permanent $1.7M casino complex in the downturn area at the corner of W. Chicago Avenue and N. Jefferson St on the Chicago River. The well-known site was the former location of the Chicago Tribune printing facility and is close to at least a dozen high-end hotels. Construction on the project is expected to begin in 2024 and be completed in 2026. The final complex will include a hotel, casino, theater, and a riverwalk area. Analysts forecast that the casino will bring hundreds of millions of dollars in revenue to Chicago, with some of the funds earmarked to support Chicago’s police and fire pension funds. Casinos in northern part of Indiana are expected to face competitive pressure from the Bally’s (BALY) casino in Chicago.
Bally’s Corporation (BALY) is down 14.5% on a year-to-date basis and sits below its 200-day moving average. The Seeking Alpha Quant Rating on the stock is Sell due to low marks for momentum and profitability.