Mayor Lightfoot Picks Bally's Pitch To Develop Casino On Chicago River

CHICAGO — Mayor Lori Lightfoot is betting on Bally's.

On Thursday, Lightfoot announced plans to forward Bally's pitch to build Chicago's only casino on the Tribune printing press site along the Chicago River for City Council and Illinois Gaming Board approval.

"I am proud to announce that Bally's Corporation will create a world-class entertainment district in our city that will delight residents and tourists alike," Lightfoot said in a statement.

The proposed $1.7 billion casino will have 3,400 slot machines, 500 table games, a 3,000-seat theater, 500-room hotel, an exhibition hall, outdoor music venue and six restaurants.

Bally's was selected from a trio of finalists that included pitches to develop casinos near Soldier Field and along the South Branch of Chicago River. Bally’s Corporation expects the casino project will create 3,000 construction jobs and 3,000 permanent jobs in the casino.

Lightfoot said Bally's bid, which includes $40 million in upfront cash and $4 milllion-a-year after that, was the strongest financial offer. Bally's also had the only pitch that doesn't have a competitor in the Chicago region.

Bally's officials also negotiated a labor peace agreement, which includes a commitment to 60-percent minority hiring and creating a jobs program that targets low income neighborhoods with high levels of unemployment.

Those details were key to winning the mayor's support.

Lightfoot said the Bally's development at Chicago and Halsted on the Tribune Publishing Center site, "will shore-up the City’s pension funds, create thousands of good-paying jobs, and lead to a bright financial future for our city."

The proposal will be considered by a special committee of the City Council on Monday.

This is a developing story. Check back for updates.