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Edited by Samiksha at 26-12-2023 12:59 PM
According to estimates, this temporary casino is expected to operate until 2026, generating an anticipated revenue of $15 million to $25 million this year.
Situated in the historic Bally's Temple of Medinah Chicago casino, which emerged in the bustling North Side community of the city, has made an impressive debut. Despite being open for only three weeks, the casino has attracted over 80,000 visitors, generating around $6.7 million. According to released data from the Illinois Gaming Board, Bally's Chicago becomes the second busiest casino in the state.
While these figures are promising, Bally's Chicago reported a substantial revenue of $41.5 million in September, trailing behind the Rivers Casino in Des Plaines. However, Bally's revenue ranks in the middle among the 15 casinos in the state, demonstrating significant growth potential.
Bally's Chicago opened its doors on September 9, transforming the historic Medinah Temple into a vibrant gambling destination featuring 800 slot machines, 56 gaming tables, a central bar, two restaurants, and a coffee shop. Chicago Mayor Brandon Johnson and other city officials attended the casino's trial run, marking the ribbon-cutting ceremony.
Despite facing some initial challenges, as stated by Soo Kim, Chairman of Bally's Corporation, in a statement to the Chicago Tribune, he remains optimistic about the casino's future. He acknowledged that it is still early, and they are in the problem-solving phase, admitting that "whisper service" and downtown traffic disruptions were challenges during the casino's first month.
Notably, the surprising aspect of Bally's Chicago's opening is the participation of younger individuals at the gaming tables, indicating a demographic shift compared to other Bally's properties. Soo Kim expressed enthusiasm for bringing gaming to downtown Chicago to alter the perception of the area as an entertainment venue.
Bally's temporary casino in Chicago is on the rise, promising profitable returns in the future. According to projections, the temporary casino will continue until 2026, targeting a revenue range of $15 million to $25 million. In September alone, Bally's Chicago contributed approximately $868,000 in state taxes and $695,000 in local taxes. The city anticipates total casino revenue of nearly $70 million in 2023, including a $40 million upfront payment made by Bally's. Looking ahead, Bally's Chicago has ambitious plans. The Rhode Island-based company won the bid last year and plans to construct a permanent casino worth $1.74 billion on the west side of the river by 2026, according to the Chicago Tribune. Mayor Brandon Johnson expressed confidence that, with the location in Medinah and an annual $200 million from the permanent site, Bally's can achieve its long-term plan of contributing $50 million in annual taxes. |
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Post time 20-11-2023 13:57:59