Bally’s said it is targeting an August 2025 IPO to raise $250 million for its Chicago casino resort project, subject to approval of its SEC filing. The company told prospective investors it aimed to close the IPO and a second tranche of a concurrent private placement in early August.
The proposed IPO would raise capital linked to Bally’s Chicago casino development, subject to SEC approval.
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Gaming & Leisure Properties executives said the slowdown in construction at Bally’s Chicago casino had not changed GLPI’s outlook on the project during its third-quarter earnings call. They said the $1.7bn resort was roughly two-thirds complete and that its hotel and casino were expected to be weather-tight by December. GLPI said project delays could affect Bally’s repayment timing and financial position, while its own credit risk had not changed.
MGM Excavating filed liens in July against Bally’s Chicago and the Chicago Community Builders Collective. The contractor alleges unpaid work through March and seeks more than $3.8m, including sums for two subcontractors. It was reported that Bally’s Chicago had not responded to the filings.
Gaming & Leisure Properties reported second-quarter 2025 revenue of $394.4m, up from $380.6m a year earlier. CEO Peter Carlino said the company was satisfied with its position despite questions about Bally’s Chicago casino project, while executives said its economic terms had not changed.
Reportedly, Bally’s closed $560m in financing for its proposed casino resort at Ferry Point in the Bronx. WhiteHawk Capital Partners led the package, comprising $400m in term loans and $160m in delayed-draw commitments. The funding supports planning and pre-construction, while Bally’s still needs additional capital for the roughly $4bn development.
Bally’s told investors in a filing with the US Securities and Exchange Commission that it is considering capital-raising options, including asset sales and equity offerings. The company said there is substantial doubt about its ability to continue as a going concern without such alternatives; a sale of its Las Vegas Strip development rights was raised as a possibility by an analyst, not confirmed by Bally’s.