Bally's Chicago casino, having set up shop temporarily at the historic Medinah Temple, is facing a bit of a financial headwind, seeing its first month-over-month decline since its grand opening last September. According to the latest figures from the Illinois Gaming Board, Bally's Chicago's adjusted gross receipts in April dipped 7% to around $10.4 million. Visits to the casino didn't fare much better, dropping over 4% to 112,751 guests in the same month, as detailed by the Chicago Tribune.
The broader state of Illinois wasn't looking much brighter, with the statewide casino haul taking a stumble too. Revenue across all gambling halls in the Prairie State tumbled by 10% to $137 million, a stark contrast to the more robust $152 million recorded in March. But it's not all doom and gloom for Bally's. Despite the slump, the casino is trying to confidently spin the story. “April was our second highest revenue per day and second highest admissions since opening, outpacing the Illinois market, including our major competitors who have more games,” Bally’s Chicago's VP and GM Mark Wong is reported to have said in a statement obtained by the Chicago Tribune.
Against the backdrop of these financial disappointments, Bally's Chicago seems to be pinning its hopes on soon-to-launch additions like valet parking and a swanky new VIP Lounge to give its numbers a much-needed boost. "We are pleased with the month’s performance and are confident in our trajectory going into the summer," Mark Wong went on to add, as per the Chicago Tribune. Notably, the permanent casino planned at the Chicago Tribune's old stomping grounds on River West is pacing to meet its 2026 opening deadline, with demolition and site prep ready to kick off this July.
The revenue slowdown dip comes amid other uncertainties for Bally's—they've got a buyout offer on the table from their largest shareholder and an $800 million funding hurdle to leap over for their permanent casino vision. Bally's financial stability, with $169 million in cash versus a $3.6 billion debt mountain as of the first quarter, seems to add another layer of unpredictability to their Chicago quest. As reported by the Chicago Sun-Times, even the city's ambitious revenue and tax goals from the casino's operations this year may now be in jeopardy, with Bally's struggling to catch the pace needed.
