Red flags are swirling around Bally’s, which has promised the city a world-class casino.
The Bally's Chicago casino, in the former historic Medinah Temple, is seen in a long exposure as traffic flows on Dec. 8, 2023.Gaming machines are visible through the main entrance to the Bally's casino at Medinah Temple, Sept. 8, 2023, in Chicago. The casino opened a day later.Slots are seen from outside following Bally's casino ribbon-cutting ceremony, Oct. 3, 2023.
The Medinah Temple at 600 N. Wabash Ave., March 14, 2023, in Chicago. The building is scheduled to be the home of a temporary casino that Bally's hopes to open this summer.
In light of increasing concerns about just what kind of facility Chicago ultimately will get, something needs now to be said loud and clear: A casino that’s merely a shed for slots, a casino that is nothing more than a repository for gambling, as distinct from an attraction with all manner of lovely things, is worse than no casino at all.
Just last Wednesday, Bally’s was in front of the Nevada Gaming Control Board, disclosing it still lacked $800 million of the $1.
So, the share of Bally’s not owned by Standard General in two years has gone from a perceived value of $2.1 billion to $684 million. Market values rise and fall, and the new, lower bid obviously needs only to be attractive to those holding stock that was about $10 a share before news broke of Kim’s intentions in order to be successful. Still, this decline doesn’t inspire confidence. Chicago made a deal with a public company, not a potentially private one.
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