The Latest Breaking News from Bally

Bally's Corp (NYSE:BALY) has launched a modified "Dutch auction" tender offer to purchase its common shares for cash at not less than $19.25/share and not more than $22/share, with a maximum purchase price of $190 million. The tender offer begins today and will end on July 22, 2022. Bally's determined to pursue the…

CHICAGO — Bally’s, the casino operator chosen to bring a gambling mecca to Chicago’s River West neighborhood, has made its initial $40 million payment to the city — money that is earmarked to help fill massive pension holes in future budgets.

The organization’s request possibly hints at a broader issue: That the casino site could prove to be a potential time bomb of hidden public infrastructure costs.

The River North Residents Association issued a wish list divided into eight categories. The most costly asks are infrastructure projects — led by the proposed Jefferson Street extension and construction of entrance and exit ramps off the Ontario-Ohio feeder.

As part of the Bally’s casino plan, the wholesale adoption of outdoor entertainment venues on a large scale flies in the face of well-thought-out guidelines concerning Chicago River development.

Today’s update is a 5-minute read that will brief you on the day’s biggest stories.

The plan for a casino along the Chicago River passed 41-7, but not before a screaming match between Mayor Lori Lightfoot and Ald. Byron Sigcho-Lopez, who accused her of being “more worried about campaign contributions than doing the right thing for the city of Chicago.”

Bally’s is not contractually obligated to meet its own revenue projections. The Lightfoot administration agreeing to this reeks to us of haste and desperation.

Thanks to a push from organized labor, a special City Council committee approved an ordinance authorizing Bally’s to build a $1.7 billion permanent casino in River West, preceded by a temporary home at Medinah Temple.

It’s an unusual timeline for any legislation to move through the council, and unnecessary at that, said Ald. Brian Hopkins (2nd), who vehemently opposes Bally’s proposal to break ground at Chicago Avenue and Halsted Street.

With crime among the top concerns of a vocal contingent of neighbors vehemently opposed to the development, the $2 million is meant to bolster security around the temporary site at a River North intersection that already has entrenched crime issues, opposing Ald. Brendan Reilly (42nd) has said.