After long-standing debates and numerous failed proposals, the city of Chicago will finally embrace the opening of its first casino, which is set to launch at the historic Medinah Temple in River North this weekend. According to the Chicago Tribune, Bally's Chicago has gained approval from the Illinois Gaming Board and is ready to welcome gamblers at this unique temporary location.
Embracing a rich architectural history, the landmark Medinah Temple has journeyed from hosting the annual Shrine Circus to being a vacant furniture store. Now, the 130,000-square-foot venue will introduce an opportunity for the city to generate new revenue, draw tourists downtown, and pave the way for a future permanent casino complex. As had been reported by the Chicago Sun-Times, the temporary casino will operate within Medinah Temple for up to three years while the permanent facility waits in the wings with a projected 2026 opening.
Illinois initially passed the Riverboat Gambling Act in 1990, setting off a 30-year chase for Chicago to establish its own casino and entertainment complex. The long quest led the city through several attempts, such as then-Mayor Richard M. Daley's publicly-owned land-based casino, which eventually fell through due to lack of support in Springfield. However, former Mayor Lori Lightfoot found success in leveraging the state's 2019 gambling expansion bill, lobbying for a reduced "onerous" tax structure in order to make a Chicago casino a viable undertaking for developers. The result is now finally set to materialize this weekend.
According to the Tribune article, Bally's Chicago's temporary casino will house more than 750 slot machines and 50 gaming tables, along with modern amenities, two restaurants, and a coffee shop. The historic features of Medinah Temple remain, offering visitors a chance to experience the fusion of past and present within the ornate rotunda adorned with stained glass windows.
However, the temporary facility is merely the precursor to the main event. Bally's won a competitive race last year to build a $1.74 billion casino at the Tribune Publishing's Freedom Center printing plant site in River West. The winning proposal for an entertainment complex boasts plans for an exhibition hall, a 500-room hotel, a 3,000-seat theater, and 10 restaurants. With 4,000 gaming positions on the horizon, it will undoubtedly become the largest casino in the state.
The opening of Bally's Chicago's temporary casino is expected to generate over $100 million in adjusted gross receipts this year alone. As the Sun-Times stated, the city anticipates receiving nearly $70 million from the casino in 2023, including a one-time $40 million upfront payment from Bally's.
