TLDR
- Bally’s secured a licence extension in Chicago but faces a potential $75M annual revenue hit if video gaming terminals are legalised city-wide
- The company proposed installing slot lounges at O’Hare and Midway airports to replace $6.8M in VGT licensing revenue
- Its $1.2B Las Vegas Strip project is under pressure, with financing questions and a 2028 deadline unlikely to be met for the casino
- Bally’s $4B Bronx resort is expected to break ground as early as fall 2026
- The company carries $4.3B in long-term net debt and $2.2B in lease liabilities; shares are down 15% over the last six months
Bally’s Corp is juggling three major construction projects at once, and pressure is mounting on all fronts.
In Chicago, the company is building a $1.8 billion permanent casino but now faces a new threat. The city council approved a budget that lifted Chicago’s long-standing ban on video gaming terminals, or VGTs. If the ban is not reinstated, Bally’s says it could lose nearly $75 million in annual revenue and around 1,000 jobs.
Bally’s signed a host community agreement to win Chicago’s only casino licence. That deal included a $4 million yearly payment to the city. The company says legalising VGTs could void that agreement and lead to litigation.
To fight back, Bally’s proposed something unusual. Senior vice president Christopher Jewett told the city council the company would install slot lounges at O’Hare and Midway airports. He said a single lounge could generate around $5 million in gaming and admission taxes for the city, enough to replace the VGT licensing revenue.
A city council committee meeting on the issue ended without a resolution this week after tensions rose among members.
Las Vegas Project Under Financial Strain
Out west, Bally’s $1.2 billion Las Vegas Strip project is facing serious questions. It sits next to the new Oakland Athletics baseball stadium, which is on track to open in spring 2028.
Steve Hill, president and CEO of the Las Vegas Convention and Visitors Authority, said publicly that Bally’s does not have the financing to complete the project. The authority has asked Bally’s to present a plan by August.
Bally’s CFO and attorney told the Nevada Gaming Commission this week that the 2028 deadline only applies to the stadium. The company said only a retail and entertainment section of the site is likely to be ready by then, not the hotel or casino.
The Athletics may build their own infrastructure if Bally’s falls behind, which could add $100 million to construction costs.
New York Project Set to Begin
Even as Chicago and Las Vegas create headaches, Bally’s is preparing to start its biggest project yet. The company won a downstate New York casino licence in December 2025 and plans to build a $4 billion integrated resort at a golf course it owns in the Bronx.
Based on the licence timeline, construction could begin as early as August or September 2026. Bally’s said in February it has “every motivation to get started as quickly as this fall.”
The New York project alone carries a price tag roughly equal to the Chicago and Las Vegas projects combined.
Financial Position
Bally’s ended the first quarter with $559 million in cash. It carries more than $4.3 billion in long-term net debt and $2.2 billion in lease liabilities.
The company has been active in acquisitions, picking up Intralot, Evoke, and a majority stake in Star Entertainment since early 2025.
Its stock rose about 50% over the past year but has fallen 15% in the last six months.
