Publications

Transactions - NOVEMBER 21, 2022

To read this full article you need to be subscribed to Newsline.

Sign in Sign up for a FREE subscription

Bally’s partners with private investor for $500m sale leaseback for future site of Bally’s Chicago

by Andrea Zander

Bally’s Corp. has closed a transaction with one of Chicago’s real estate private equity firms to acquire for $200 million the Tribune Publishing Center site where Bally’s Chicago will be built.

Under the terms of the agreement, Bally’s entered into a ground lease to lease back the site.

The ground lease includes an initial 99-year term, followed by 10 separate 20-year renewals at Bally’s option. As part of the transaction, as specified construction milestones are completed, at Bally’s request, an additional $300 million will be funded for Bally’s Chicago’s development through the ground-lease structure.

“This transaction is an important step in our development plan for Bally’s Chicago as we continue to work toward opening the temporary casino in mid-2023. With this new real estate partnership, Bally’s has ample liquidity on hand to fund Bally’s Chicago without needing to access the capital markets,” said Bobby Lavan, CFO of Bally’s.

Forgot your username or password?