Bally’s temporary Chicago casino at Medinah Temple rakes in nearly $7 million in first three weeks
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Bally’s temporary casino at the Medinah Temple, Chicago has reported its figures for its soft launch period, from its Sept. 9 opening through Sept. 30, amassing close to $7 million in revenue during its initial three weeks of operation.
The Illinois Gaming Boardreleased the figures, providing insights into how the River North casino performed during its soft launch phase. From September 9th through September 30th, Bally’s accumulated approximately $6.7 millionin adjusted gross revenue, which represents the funds retained by the casino after paying out winners. The official ribbon-cutting ceremony was held later, on October 3.
This revenue comprises roughly $4.3 million generated from its 800 slot machines and $2.4 million from the 56 table games within the temporary casino located at 600 N. Wabash Ave. The temporary facility is expected to continue operating until 2026, while a permanent venue is constructed at Chicago Avenue and Halsted Street.
Bally's $6.7 million monthly profit ranks eighth among the state’s 16 casinos, with Rivers Casino in Des Plaines maintaining a substantial lead. Rivers Casino, the state’s most prosperous gambling hall since its inception in 2011, reported revenue of about $41.5 million in September.
Regarding foot traffic,Bally's logged 80,330 admissions in its first few weeksat Medinah Temple, ranking second in the state, only surpassed by Rivers Casino with over 260,000 casino visits.
The casinopaid nearly $1.6 million in taxes for its Chicago operation. This translates to approximately $695,000 in city tax revenue, earmarked for the city's underfunded police and firefighter pensions; and $868,000 for the state, contributing to Governor J.B. Pritzker's $45 billion capital infrastructure plan.
However, Bally’s still has some ground to cover to meet the ambitious revenue projections set by former Mayor Lori Lightfoot, who selected Bally’s as the casino operator over three other bidders last year.
Her mid-year budget forecast, released before her departure from office, predicted $12.8 million in city casino tax revenue by the end of 2023. Notably, Bally's had previously made a $40 million upfront payment to the city.
At the casino’s recent ribbon-cutting ceremony, Mayor Brandon Johnson expressedconfidence in Bally’s ability to achieve its long-term projections. These forecasts envision $50 million in annual tax revenue from Medinah and a substantial $200 million per year from the permanent casino site. Mayor Johnson is scheduled to present his 2024 budget proposal next week.
Soo Kim, Chairman of Bally's, stated at the ribbon-cutting event that thecasino is still fine-tuning its operations but expressed optimism about its launch. He also noted that the casino has attracted a somewhat different demographic compared to Bally's other properties, with a younger crowd reflecting the local River North community.
Overall, the state’s 16 casinos reported a combined revenue of over $132 million and more than one million admissions in September, marking modest increases from the previous month.
