In a setback to its fundraising efforts and inclusive equity obligations to the city, the $250 million Bally’s Chicago initial public offering for minority investors failed to close as planned in February after it stalled at the Securities and Exchange Commission.
Despite generating interest from thousands of minority applicants who opened and funded accounts to buy shares in the city’s first casino, the SEC did not declare the IPO registration effective before the prospectus financials became outdated and “went stale,” essentially shutting it down, the company said.
The casino is refunding those initial deposits and will go back to the drawing board to recruit women and minority participants for an updated offering, Bally’s Chairman Soo Kim told the Tribune.
