Bally’s Chicago completes its $250M IPO, falls short of fundraising target Bally’s Chicago announced Friday it has completed its $250 million initial public offering, adding 1,800 individual investors to the project, but falling short of its fundraising goals. The company created 10,000 Class A shares valued at $25,000 each, but sold only 2,551 shares to public investors, according to a filing Thursday with the Securities and Exchange Commission. That puts the value of the IPO at $96.7 million, including Class A investments, private placement and Bally’s funding to support the individual investors, according to the company. The gross proceeds to the company from the initial public offering were $5.5 million, according to the filing. Bally’s Chicago is now shifting its emphasis to round out the private placement of shares to accredited investors and institutions in order to fulfill its obligations to the host community agreement with Chicago. At the same time, Bally’s Chicago will continue to offer private placement of the Class A interests, the company said. “It just was a long journey to get that through the federal government, but we were able to do it, and now there’s going to be 1,800 more investors in the Bally’s Chicago project,” Bally’s Chairman Soo Kim told the Tribune Friday. “It’s not huge dollars, but it’s an opportunity to let people participate with us, and also absolutely helps us achieve the goals of the host community agreement.”

The IPO has navigated lawsuits and regulatory delays since launching in January. It was refiled for a second time July 15 with the SEC to update the company’s financials during the eight-month process. The $250 million IPO was initially an exclusive opportunity for women and minorities to buy a 25% equity stake in the casino, looking to fulfill a commitment to the city and raise money for the construction of its planned $1.7 billion entertainment complex in River West. In April, Bally’s refiled and expanded the IPO to include any potential investors, with “prefential allocations” to Chicago and Illinois residents. The elimination of the minority requirements in the IPO came as Bally’s and the city faced two lawsuits in Chicago federal court alleging the investment opportunity discriminated against white men. Both lawsuits were settled, according to court filings. The IPO created 10,000 Class A shares featuring four classes of stock ranging from $250 to $25,000, supplemented by loans from Bally’s Chicago to enable “underrepresented communities” to participate. The final tally allocated 2,076 shares at $250 each, 173 shares at $2,500 each, 148 shares at $5,000 each and154 shares at $25,000 each, according to the filing.

Chicago-based Loop Capital Markets served as the lead placement agent for the IPO. In May 2022, Rhode Island-based Bally’s was selected by the city to build the Chicago casino with a proposal that includes an exhibition hall, a 500-room hotel, a 3,000-seat theater, 10 restaurants and 4,000 gaming positions at the 30-acre site of the former Chicago Tribune printing plant. Bally’s Chicago has been operating a temporary casino at Medinah Temple in River North since September 2023. Meanwhile, several new permanent casinos have launched successfully since then, including Wind Creek Chicago Southland, Hard Rock Rockford and most recently, Hollywood Casino Joliet, which opened its new $185 million land-based casino Monday. While there have been some construction delays , Bally’s has begun building the steel and concrete entertainment complex, and has continued to target opening the permanent casino by September 2026. On Friday, Kim indicated construction delays may push the opening date back a few months, suggesting the fourth quarter of 2026 as a revised target. “We’re trying,” Kim said. “It’s just taken a long time to get the building going.”