Transformative Casino Resort Develops in Chicago’s River West
Overview of the Chicago Casino Resort Project
In a bold move to reshape the entertainment landscape, Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) has teamed up with Bally's Corporation to develop a remarkable integrated casino resort in Chicago's River West neighborhood. This project, set to occupy the historic site of the former Chicago Tribune, promises to be a game changer in the region's hospitality and entertainment offerings.
Key Features of the Casino Resort
The proposed casino resort is set to be an extraordinary entertainment venue. Envisioned as a world-class destination, it will include a spacious 178,000 square-foot casino equipped with over 3,300 slot machines and 170 table games. Beyond gaming, the resort will boast a luxurious 500-room hotel traditionally designed to cater to guests seeking comfort and premium service.
Dining and nightlife enthusiasts can look forward to vibrant restaurants and bars, while extensive event spaces will accommodate conferences, social events, and live performances. Additionally, a beautifully designed riverwalk and green spaces will enhance the area's community feel, blending leisure with urban nature.
Investment Commitment and Timeline
GLPI's significant investment in the project, totaling $1.19 billion, reflects its steadfast commitment to fostering growth and innovation among its tenants. This investment includes a $250 million acquisition of the site, supporting the transformation of the River West neighborhood into a thriving entertainment hub. Bally's aims to launch the casino resort by the end of 2026, which further emphasizes the ambitious timeline set for this exciting venture.
Current Progress Update
As the project progresses, several critical milestones have already been achieved. Notable accomplishments include the completion of demolition of the existing Tribune buildings and the installation of caissons, essential for the structural foundation of the resort.
Further developments include trench excavations and the construction of a concrete pad connected to the hotel core. A waterproofing membrane has also been implemented across various project areas, ensuring the durability and sustainability of the structures.
As of now, current activities are centered around ongoing concrete pours, which are vital for the shallow foundation walls, columns, and grade beams. Additionally, rebar cage and formwork installations are underway at multiple points in the construction process.
Critical infrastructural developments include underground electrical and plumbing work and structural wall construction along Chicago Avenue, which is aimed at advancing the vertical construction of both the hotel and casino.
Upcoming Construction Activities
Looking ahead, construction activities will ramp up with continued vertical development of both the hotel and casino structures. The installation of a hotel curtainwall system is also underway, reflecting the project’s progressive trajectory.
About Gaming and Leisure Properties
GLPI specializes in acquiring, financing, and managing properties leased to gaming operators under triple-net lease agreements. This model places the responsibility for maintenance, insurance, taxes, and utilities on the tenant, allowing GLPI to focus on expanding its property portfolio and enhancing shareholder value.
About Bally's Corporation
Bally's Corporation is a leading global casino entertainment company with a diverse presence across the United States. Currently, it operates 15 casinos in 10 states and engages in various gaming ventures, including a golf course and horse racetrack. Bally's also owns Bally's Interactive International, a prominent online gaming operator, and the Bally's Casino and Sports Betting platforms.
With a workforce of over 10,600 employees, Bally's operations encompass approximately 15,300 slot machines and 580 table games, positioning the company for significant growth in the near future.
Frequently Asked Questions
What is the total investment for the casino project?
The total investment for the casino project is $1.19 billion.
When is the new casino resort expected to open?
Bally's aims to open the property in the fourth quarter of 2026.
What are some key features of the casino resort?
The resort will feature a 178,000 square-foot casino, a 500-room hotel, dining options, event spaces, and a riverwalk.
Who are the main partners in this project?
The project is a partnership between Gaming and Leisure Properties, Inc. and Bally's Corporation.
Where is the casino resort being developed?
The casino resort is being developed at the former site of the Chicago Tribune in the River West neighborhood.
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